About the company TGK-1
Security pageTGK-1 is a generating company in the North-West of Russia that supplies electricity and heat to Saint Petersburg, Karelia and the Murmansk Region. What sets it apart among the territorial generating companies is its significant share of hydroelectric plants. The shares trade on the Moscow Exchange under the ticker TGKA.
What the company does
The company combines two types of generation with entirely different economics. The thermal plants run on gas: their production cost is determined by the price of fuel, and part of their output goes into city heating systems at a regulated tariff. The hydro plants buy no fuel at all — their production cost is among the lowest, and their output depends on the amount of water in the rivers.
Hence the double sensitivity of the result: to the price of gas and to the water inflow of the year. A high-water year improves the result on its own, because cheap hydro output displaces expensive thermal output.
The northern location adds seasonality: the heating period is longer here, and so heat supply is higher as well.
Business lines
Thermal generation
Gas-fired plants producing electricity and heat for cities.
Hydro generation
Hydroelectric plants in Karelia and the Murmansk Region with minimal production cost.
Heat supply
Heat delivered into district heating systems at a regulated tariff.
History
- 2005The company was formed during the reform of the electricity sector out of the generating assets of the North-West.
- 2010-еCommissioning of new units under the capacity supply agreement programme and modernisation of the hydro plants.
Business review
Strengths and weaknesses describe the business itself. Opportunities and threats describe what may happen around it.
Strengths
- Hydro generation requires no fuel: its production cost is minimal and does not rise along with the price of gas.
- A high-water year improves the result on its own, replacing expensive output with cheap output.
- The long heating season of the North-West supports heat supply.
- An irreplaceable position in the heat supply of a major city.
Weaknesses
- Low water cuts cheap output — a factor entirely beyond the company's control.
- The price of gas is set by the regulator and is the main cost item of the thermal business.
- The heat tariff is approved by the regions and is not obliged to cover the growth in costs.
- The expiry of capacity supply agreements reduces revenue on a set schedule.
Opportunities
- Hydro plants run without fuel, and their share provides protection against gas prices.
- Switching boiler houses over to heat supplied by the plants expands the load.
- Modernisation of the units pays for itself through capacity payments.
- Growing consumption in Saint Petersburg increases the supply of heat and electricity.
Threats
- A low-water year reduces the output of the company's hydro plants.
- The heat tariff in the North-West is approved below the level requested.
- Worn-out heating networks require investment faster than revenue grows.
- A warm winter reduces heat supply.
Frequently asked questions
What does TGK-1 do?
The company produces electricity and heat at thermal and hydroelectric plants in Saint Petersburg, Karelia and the Murmansk Region, supplying them to the power system and to city heating networks.
Why is a hydro plant more profitable than a thermal one?
It buys no fuel: the energy comes from the flow of water. The production cost of its output is therefore several times lower, and it does not rise along with the price of gas. In exchange, another dependence appears — on the amount of water in the rivers.
What is the water inflow of a year and why does it matter?
It is how much water comes into the rivers over a year — from precipitation and snowmelt. In a high-water year the hydro plants generate more cheap energy, in a low-water year less, and it has to be replaced with expensive thermal energy.
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 7841312071. 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: 1 share class, 1 bond issue. 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 1. 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 single issue matures on 16 December 2027. On that date the bond stops trading and the face value is returned to the holder's brokerage account.
The largest issue by face value is RU000A105NB4, with a face value of 1,000.00 ₽ per bond, maturing on 16 December 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 2019 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 8 July 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 121.88B ₽.
That is 13.6 % more than in 2024, when revenue was 107.25B ₽. 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 4.19B ₽.
Of every unit of revenue, 3.4 % 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 146.00B ₽ against total assets of 213.72B ₽. 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.