Unipro

What Unipro does

PJSC Unipro (ПАО «Юнипро») is one of Russia's largest dedicated thermal power generators, operating five state-district power stations (GRES) with combined installed capacity of 11,340 MW and a 2025 electricity output of 58.5 billion kWh alongside roughly 1,982 thousand Gcal of heat. The fleet comprises Surgutskaya GRES-2 (5,742 MW, gas-fired, the company's largest unit), Berezovskaya GRES (2,420 MW, coal-fired, fueled by the Berezovo brown-coal deposit), Shaturskaya GRES (1,500 MW), Yayvinskaya GRES (1,048 MW), and Smolenskaya GRES (630 MW). The company reports a 59.1% average capacity utilization rate across the fleet in 2025 and employs approximately 4,500 staff across its branch network. Headquartered in Surgut (Khanty-Mansi Autonomous Okrug – Yugra) with a representative office in Moscow, Unipro operates exclusively within the Russian Federation across five federal subjects.

The company monetizes generation through three streams: (1) wholesale electricity and capacity sales via Russia's ОрЭМ to grid operators and large industrial consumers, (2) thermal energy sales to district heating networks and direct industrial customers near its stations, and (3) decentralized cogeneration solutions — turnkey 1–250 MW plants delivered to industrial customers under 5–15 year operating leases, executed with partner ООО «Э.ОН Коннектинг Энерджис». Tariffs for electricity, capacity, and heat are regulated by the Russian Federal Tariff Service; Unipro is publicly listed on Moscow Exchange (ticker UPRO, ISIN RU000A0JNGA5) and maintains standard IR, procurement-via-TEK-Torg, and Interfax-CRKI disclosure infrastructure.

Unipro was registered on March 4, 2005 in Surgut during Russia's OGK-4 sector restructuring, operating initially as E.ON Russia before rebranding to Unipro in 2011 after parent E.ON's corporate restructuring. Under Presidential Decree No. 302 dated April 25, 2023, 83.73% of shares owned by German parent Uniper SE were transferred to temporary management of the Federal Agency for State Property Management (Rosimushchestvo); the European Commission subsequently acknowledged Uniper cannot divest the asset, leaving Unipro under de facto Russian state operational control while it remains nominally an Uniper SE subsidiary — the central structural feature of any investment analysis on the company.

Name

Unipro

Legal name

Публичное акционерное общество «Юнипро» (PJSC Unipro)

Website

https://unipro.energy

Company type

Public

Founded year

2005

Operating status

Operating

Short description

PJSC Unipro is a Russian thermal power generator operating five power stations with 11,340 MW combined installed capacity, supplying wholesale electricity and capacity, district heating, and decentralized cogeneration solutions to industrial customers in the Russian Federation.

Ownership category

akta.pro rank

Product category

Thermal Power Generation

NAICS

Electric Power Generation (22111), Fossil Fuel Electric Power Generation (221112), Electric Power Generation, Transmission and Distribution (2211)

SIC

Cogeneration Services & Small Power Producers (4991), Electric Services (4911)

akta.pro primary industry

Captive & Embedded Gas-Fired Power Generation (Industrial/Commercial CHP) (EUALALAB)

akta.pro secondary industries

DER Financing, Contracting & Program Management (PPAs, Shared Savings, Performance) (EUAFAHAL), Combined Cycle & Cogeneration (CHP) EPC (EUAEAAAB)

Keywords

• Thermal power generation
• Electricity production
• Cogeneration plants
• District heating supply
• Wholesale capacity sales

Headquarters

HQ city

Yugra

HQ country

Russia

HQ region

Europe

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D

Revenue model

1. Electricity and Capacity Sales: ПАО «Юнипро» generates the majority of its revenue from producing and selling electrical energy and generation capacity through Russia's wholesale electricity and capacity market (ОРЭМ). The company also sells electricity and heat directly to industrial and retail consumers. This is the primary revenue stream of Russia's largest thermal generation company.
2. Heat Energy Sales: Sale of thermal energy (heat) produced at power stations to district heating networks and direct industrial consumers. Heat sales are a secondary revenue stream alongside electricity and capacity.
3. Decentralized Generation / Operational Leasing: Construction and operational leasing of small and medium cogeneration plants (1–250 МВт) for industrial consumers. The company offers all-in-one solutions combining development, implementation, operation, and financing of cogeneration units under operating lease terms of 5 to 15 years. Revenue is generated through leasing payments from industrial customers.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Unipro (PJSC Unipro) is a Russian thermal power generation company that generates and sells electrical energy, generation capacity, and thermal energy from five thermal power stations (GRES) totaling 11,340 MW of installed capacity. The company sells electricity and capacity through the Russian wholesale electricity and capacity market (ORЭM) and directly to industrial consumers, and supplies heat through district heating networks. Unipro additionally builds and leases small and medium cogeneration plants (1–250 MW) to industrial customers under 5–15 year operational leases through its decentralized generation business.

Product overview

Unipro is a Russian thermal power generation company operating as a single integrated business with five power stations: Surgutskaya GRES-2 (5,722 MW), Berezovskaya GRES (2,420 MW), Shaturskaya GRES (1,500 MW), Smolenskaya GRES (630 MW), and Yayvinskaya GRES (1,048 MW). The company's core business is the production and sale of electricity and heat. Unipro also offers complementary services including decentralized generation (cogeneration plants for industrial consumers), procurement services for the energy sector, and property sales. In 2025, the company's stations generated 58.5 billion kWh of electricity.

Differentiator

Problem solved

Functional benefit

Products and services

• Electricity and Heat Production

Quantifiable outcome

• Electricity production of 58.5 billion kWh in 2025 from five thermal power stations
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature1 record

Partnerships

Four partnerships are on record, tiered minor and core.

• Educational and Industrial Enterprises of Smolensk Oblast (Energy Cluster Partnership)minorStrategic or Co-development Partner · 1 January 2026Smolenskaya GRÉS (a branch of ПАО «Юнипро») officially formalized partnerships with relevant educational organizations and industrial enterprises in Smolensk Oblast through a Letter of Intent to create an energy cluster in the region. The ceremony was attended by regional government representatives, directors of colleges, and leaders of major energy companies. The cluster aims to address three key tasks: replenishing personnel shortages at regional energy enterprises, modernizing educational programs and strengthening the material-technical base of colleges, and providing students with guaranteed employment.
• ООО «Э.ОН Коннектинг Энерджис» (E.ON Connecting Energies)coreStrategic or Co-development PartnerUnipro collaborates with E.ON Connecting Energies for the design, construction, and operation of decentralized (distributed) cogeneration plants for industrial consumers. The partner has extensive experience in Western Europe and develops solutions for thermal power plants (ТЭС) with capacities from 1 to 250 МВт. Together with European colleagues, Unipro offers energy-efficient and innovative solutions in distributed generation. Contact: Diana Kulikova, Presnenskaya nab. 10B, 23rd floor, Moscow.
• Telecommunications and Broadcasting Center 'Orpheus' (Телерадиоцентр «Орфей»)minorStrategic or Co-development PartnerSince 2014, Unipro has partnered with the classical music radio station Orpheus on the cultural charitable project 'Reviving the Heritage of Russian Composers' ('Возрождаем наследие русских композиторов'), aimed at restoring and preserving forgotten musical masterpieces. The project includes restoration of rare sheet music materials, recording of restored compositions, and organizing concerts. Partners have included Moscow Conservatory, Tretyakov Gallery, Bolshoi Theater, and Music Museum.
• Federal Customs Authority (Росаккредитация)minorOthersFederal Service for Accreditation issued an order confirming the competence of the chemical laboratory of the Smolenskaya GRÉS branch as an accredited testing laboratory. The laboratory successfully passed a competence confirmation procedure in 2026.

Scale indicators8 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• EL5-Energo (formerly Enel Russia): Russian thermal power company formerly controlled by Italy's Enel, with gas-fired CCGT stations. Direct peer in scale and technology; comparable as a Western-Russian thermal generator that has also undergone ownership restructuring under Russian sanctions pressure.
• RusHydro: Russia's largest hydroelectric generator with significant thermal assets. Comparable as a major Russian state-influenced power generator selling into the wholesale market, though with a generation mix tilted more toward hydro.
• OGK-2: Russian thermal power generation company also originating from the OGK sector restructuring (OGK-2, OGK-3, OGK-4, OGK-5, OGK-6). Direct peer given near-identical business model of large gas/coal thermal stations selling into ОРЭМ.
• Inter RAO: Russian state-controlled diversified power generator and trader with a large thermal and gas-fired generation fleet. Direct peer because both operate wholesale electricity generation in Russia under regulated capacity contracts, sell into ОРЭМ, and compete for industrial and municipal customers.
• T Plus: Russia's largest private-sector thermal generation and heat distribution group (formerly IES Holding / KES Holding). Comparable in cogeneration/CHP operations, district heating exposure, and wholesale electricity sales in Russia.
• Fortum Russia (now under Russian state management): Finnish utility Fortum's Russian thermal and renewable generation assets, similarly placed under temporary Russian state management after 2022/2023. Strongly comparable because both are Western-controlled Russian thermal generators under state administration with similar exit barriers.

Regional players

• DTEK: Ukraine's largest private energy company with thermal generation, distribution, and mining operations. Comparable in scale and coal-fired thermal generation, though operating in a different geography and a war-affected market.
• CEZ Group: Czech Republic integrated utility with significant coal and nuclear generation across Central Europe. Comparable as a regulated thermal generator with cogeneration/district heating exposure, though operating in a different EU/CEE geography rather than Russia.

Broad incumbents

• Rosseti: Russian state-controlled grid operator managing electricity transmission and distribution. Adjacent incumbent rather than direct generator, but operates within the same regulated Russian electricity ecosystem and is a key counterparty for Unipro's wholesale sales.
• Gazprom Energoholding: Power generation arm of Gazprom Group with large gas-fired thermal stations (Mosenergo, TGC-1). Broader incumbent with corporate parent (Gazprom) advantages, but same core activity of wholesale gas-fired electricity and heat production in Russia.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Unipro