About the company TGK-2
Security pageTGK-2 is a territorial generating company that supplies electricity and heat to cities in the north-west and centre of Russia. A significant part of its work is heat supply, a business with a regulated tariff. Its ordinary and preferred shares trade under the tickers TGKB and TGKBP.
What the company does
The company sells two products with different economics. Electricity and capacity are sold on the wholesale market under market rules. Heat is sold at a tariff set by the regions, and that tariff has historically failed to cover the full cost of producing and delivering it.
The reason lies in the social nature of the service: heating cannot be switched off and cannot be made expensive, so the price for the consumer is held below the economically justified level. The gap falls on the company.
The condition of the heat networks adds to the burden: pipes laid decades ago lose heat along the way, and these losses are paid for not by the consumer but by the supplier. Replacing the networks requires investment that the tariff does not pay back.
Business lines
Heat supply
Delivery of heat into the district heating systems of cities.
Electricity and capacity
Sale of generated output and of payments for plant availability on the wholesale market.
History
- 2005The company was formed during the reform of the electricity sector out of generating assets in the north-west.
- 2010-еProgrammes to modernise plants and reconstruct heat networks.
Business review
Strengths and weaknesses describe the business itself. Opportunities and threats describe what may happen around it.
Strengths
- Combined generation is more efficient than producing heat and electricity separately.
- An irreplaceable position in the heat supply of the cities served.
- The long heating season of the northern regions secures the volume of heat deliveries.
- Modernisation of generating units opens the right to a higher capacity payment.
Weaknesses
- The heat tariff is held below the economically justified level, and the company bears the gap.
- Worn-out networks lose heat, and these losses are paid for by the supplier.
- A warm winter directly reduces revenue from heat supply.
- Replacing the networks requires investment that the tariff does not pay back.
Opportunities
- Modernisation of boilers and turbines pays back through the capacity market.
- Concessions in municipal heat supply provide long-term, predictable income.
- Replacing worn-out heat networks reduces losses and fuel consumption.
- Growth in housing construction expands the connected heat load.
Threats
- The heat tariff in the cities served is approved below the level requested.
- Fuel oil and coal rise in price faster than tariff indexation.
- The failure rate of worn-out heat networks requires unplanned spending.
- A warm winter reduces heat deliveries and revenue.
Frequently asked questions
What does TGK-2 do?
The company produces electricity and heat at its own plants and delivers heat into the district heating systems of cities in the north-west and centre of Russia.
Why is heat supply often loss-making?
Because the heat tariff is held below the economically justified level: heating is a socially important service, and the price for residents is not raised to the full cost. The supplier bears the difference.
Who pays for heat losses in the pipes?
The supplying company. Heat that has escaped into the ground through worn-out insulation has been produced and paid for in fuel, but it never reached the consumer and never appeared on the consumer's bill.
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 7606053324. 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 2 securities listed: 2 share classes. 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: 2 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.
Financial statements
The most recent annual report we hold is for 2025 under IFRS. 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 65.00B ₽.
That is 14.6 % more than in 2024, when revenue was 56.70B ₽. 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 3.58B ₽.
Of every unit of revenue, 5.5 % 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 20.60B ₽ against total assets of 67.50B ₽. 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.