About the company MosEnrg
Security pageMosenergo is Russia's largest territorial generating company and the main source of heat for Moscow. Its plants operate in combined generation mode: they produce electricity and heat for the city's heating system at the same time. The shares trade on the Moscow Exchange under the ticker MSNG.
What the company does
The company has 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 city, and the volume consumed is determined by the weather: a cold winter means more gigacalories supplied, a warm one means fewer.
Combined generation is a technical advantage: by burning fuel once, a plant obtains both electricity and heat, and its overall efficiency is higher than that of separate production.
The main cost item is gas, and its price is regulated separately from the company's tariffs. The result for the year therefore comes down to three variables, none of which the company controls: the temperature outside, the price of gas and the price on the wholesale electricity market.
Business lines
Electricity and capacity
Sale of output and of payments for plant availability on the wholesale market.
Heat energy
Supply of heat to Moscow's district heating system at a regulated tariff.
History
- 1887An electric lighting society is founded — the historical beginning of Moscow's power industry.
- 1992Transformation into a joint-stock company.
- 2005–2008Industry reform: generation is spun off from the vertically integrated company.
- 2007–2015Commissioning of new combined-cycle gas turbine units under the guaranteed capacity payment programme.
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 separate production of heat and electricity.
- An irreplaceable position in the capital's heat supply: there is no alternative source on this scale.
- New combined-cycle gas turbine units commissioned under the modernisation programme receive a higher capacity payment.
- It is part of a large energy group, which makes access to fuel and financing easier.
Weaknesses
- Heat revenue depends on the weather — a factor entirely beyond the company's control.
- The largest cost item is gas, the price of which is set by the regulator.
- The heat tariff is not required to cover rising costs and is approved by the city.
- A significant part of the equipment was commissioned decades ago and requires investment in extending its service life.
Opportunities
- Construction in the capital adds connected heat load every year.
- Cogeneration yields heat and electricity from the same volume of gas.
- Investment in modernising the units is recovered through capacity payments.
- The proximity of the plants to the consumer reduces transmission losses.
Threats
- The heat tariff in the capital is approved below the level requested.
- Gas is rising in price faster than the price of heat is indexed.
- The expiry of capacity supply agreements reduces a unit's revenue.
- A warm winter in Moscow cuts heat supply noticeably.
Frequently asked questions
What does Mosenergo do?
The company produces electricity and heat at its combined heat and power plants and supplies them to the Moscow power system. The heat goes into the city's heating and hot water supply system.
Why does the company's revenue depend on the weather?
Because a significant part of its income comes from heat supply, and the volume of that supply is determined by the temperature outdoors. A cold winter means more heating and more revenue, a warm one means less, and the company cannot influence this.
What is combined generation?
It is when a plant produces both electricity and heat at once from a single burning of fuel. A larger share of the fuel's energy is put to useful work than in separate production, which is why such plants are more economical.
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 7705035012. 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 1 security listed: 1 share class. 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 1. The level reflects how strict the disclosure, turnover and track-record requirements the issue meets are — not how attractive the investment is.
Dividend history
Between 2015 and 2026 the issuer made 13 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 0.27 ₽ per MSNG security (Full year 2025) with a record date of 14 July 2026. 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 289.38B ₽.
That is 10.5 % more than in 2024, when revenue was 261.96B ₽. 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 10.69B ₽.
Of every unit of revenue, 3.7 % 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 348.10B ₽ against total assets of 409.59B ₽. 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.