About the company TGK-14
Security pageTGC-14 is the generating company of Zabaykalsky Krai and Buryatia. It produces electricity and heat for Chita, Ulan-Ude and other cities of the region, where district heating is the only practical way to get through the winter. Its shares trade on the Moscow Exchange under the ticker TGKN.
What the company does
The company runs on coal — unlike the gas-fired plants of central Russia. Coal is cheaper than gas per unit of heat, but it requires storage yards, transportation and ash handling, while environmental requirements for coal-fired generation are getting stricter.
Revenue comes from sales of electricity and capacity on the wholesale market and from heat supplied at a regulated tariff. The heating season in Zabaykalsky Krai is long and bitterly cold, so the share of heat revenue here is higher than at generating companies further south.
The constraint is the same as for all territorial generating companies: the heat tariff is set by the regions, and it does not have to cover the full cost of production and delivery, while worn-out networks lose part of the heat along the way.
Business lines
Heat supply
Heat supplied to the district heating systems of the cities of Zabaykalsky Krai and Buryatia.
Electricity and capacity
Sales of generated electricity and of payments for plant availability on the wholesale market.
History
- 2004–2005The company was formed during the reform of the electricity sector from the generating assets of Zabaykalsky Krai and Buryatia.
- 2010-еProgrammes to modernise power plants and rebuild heat networks.
Business review
Strengths and weaknesses describe the business itself. Opportunities and threats describe what may happen around it.
Strengths
- A long and bitterly cold heating season ensures a high volume of heat supplied.
- Coal is mined nearby and is cheaper than gas per unit of heat produced.
- An irreplaceable position in the heat supply of the region's cities.
- Modernisation of generating units opens up the right to higher capacity payments.
Weaknesses
- The heat tariff is set by the regions, and it does not have to cover the full cost.
- Environmental requirements for coal-fired generation are being tightened steadily.
- Worn-out heat networks lose heat, and the company pays for the losses.
- A warm winter directly reduces revenue from heat supply.
Opportunities
- The heat supply concession in Chita provides long-term, predictable income.
- Growth in mining in Zabaykalsky Krai increases energy consumption.
- Modernisation of boiler equipment pays back through the capacity market.
- Switching private households from stoves to district heating expands the heat load.
Threats
- The heat tariff in Zabaykalsky Krai is approved below the economically justified level.
- Hauling coal to the plants gets more expensive along with the rail tariff.
- Plant equipment is worn out and due for replacement as it reaches the end of its service life.
- A warm winter reduces heat output.
Frequently asked questions
What does TGC-14 do?
The company produces electricity and heat at coal-fired plants in Zabaykalsky Krai and Buryatia and supplies heat to the cities of the region.
Why do the region's plants run on coal rather than gas?
Because there is practically no trunk pipeline gas in Zabaykalsky Krai and Buryatia, while coal is mined nearby. Historically, the region's power sector was built specifically around local fuel.
Why is the share of heat revenue higher here than in central Russia?
Because of the climate: the heating season is longer and colder, so more gigacalories are supplied. Heat carries a correspondingly larger weight in the revenue mix of such a company.
Issuer profile
What the company does
The company is classified under the «Power generation» sector, using the taxonomy we apply when comparing securities with one another.
The same sector holds 24 issuers on the platform, and their figures are computed by one method — so this company's revenue, profit and leverage can be compared with them directly.
The company is registered in Russia and identified in regulatory disclosure by tax number 7534018889. That number locates its statements in state registries regardless of how its name is spelled — and the spelling differs even between official documents.
Listed securities
The issuer has 7 securities listed: 1 share class, 6 bond issues. All are shown on this page, including those trading in different modes and different currencies.
Across Moscow Exchange quotation list levels the securities split as follows: 1 at level 2, 6 at level 3. The level reflects how strict the disclosure, turnover and track-record requirements the issue meets are — not how attractive the investment is.
Bond issues
The nearest issue matures on 7 June 2027 and the farthest on 23 May 2030. That spread means the issuer borrows both short and long, and the yields of these issues will differ for the simple reason that the money is lent for different terms.
The largest issue by face value is RU000A106MW0, with a face value of 1,000.00 ₽ per bond, maturing on 27 July 2027. Bond prices in the order book are quoted as a percentage of face value, so a quote of 98.4 means 98.4 % of that amount rather than an absolute price.
Dividend history
Between 2023 and 2025 the issuer made 5 payouts whose record date has already passed. A board recommendation or a forecast does not enter this history, because no money has been paid on them yet.
The most recent payout was 0.00 ₽ per security with a record date of 26 May 2025. That is the amount before tax: the broker withholds it on crediting, so less arrives in the account.
Financial statements
The most recent annual report we hold is for 2025 under RAS. The standard is named for a reason: IFRS and RAS compute the same quantities by different rules, disagree by design and are never averaged.
Revenue for 2025 was 21.33B ₽.
That is 11.6 % more than in 2024, when revenue was 19.12B ₽. The comparison stays within one reporting standard — otherwise the growth could turn out to be a change of accounting rules and nothing more.
Net income for 2025 was 460.94M ₽.
Of every unit of revenue, 2.2 % remained as net income. This is the ratio of two figures already named above rather than a separate line from the report: comparing it across companies is meaningful only within one sector and one reporting standard.
Equity stands at 8.23B ₽ against total assets of 37.81B ₽. The difference between the two is the company's liabilities, and the larger it is relative to equity, the more the business depends on borrowed money.
This section is assembled from our own data on the company's securities, dividends and financial statements. It is a description, not a recommendation.