What Ogk-2 does

ПАО «ОГК-2» (OGK-2) is one of Russia's largest thermal power generation companies, operating a portfolio of 13 power stations — 10 State District Power Plants (ГРЭС) and 3 Thermal Power Plants (ТЭС) — across 12 regions spanning the North-West, Central, Southern, North-Caucasian, Ural, and Far Eastern federal districts. The company was established in 2005 during the restructuring of RAO UES (Unified Energy System of Russia) and is publicly traded on the Moscow Exchange under ticker OGKB. It is controlled by Gazprom Energoholding, itself owned by PAO Gazprom, giving OGK-2 integrated access to natural gas feedstock and group-level operational coordination. Primary fuel across the fleet is natural gas, with coal used at Kirishskaya and Troitskaya GRES.

OGK-2 generates revenue through two principal streams: (i) electricity generation sold into the Russian wholesale electricity market (OREM) administered by ATS JSC, and (ii) heat energy supplied to regional heating companies, municipal utilities, and industrial consumers adjacent to each station. Output is dispatched through regulated tariffs set by Russian federal authorities (FTS Russia). Some assets, notably the combined-cycle plant (ПГУ) at Serovskaya GRES, provide ancillary services including certified normalized primary frequency regulation for the System Operator. The fleet supports both grid baseload and balancing functions within the Russian Unified Energy System (UES).

OGK-2 is operationally active with 5,001–10,000 employees, ongoing modernization programs (e.g., new turbogenerator #4 at Kirishskaya GRES, capital repair of unit #8 at Stavropolskaya GRES), and corporate disclosures through an investor relations portal. The company ended its GDR program in December 2022 following sanctions-related restrictions, leaving only Moscow Exchange-listed shares outstanding. Per-disclosed revenue declined from a 2017 peak, fell sharply in 2020, and partially recovered in 2021.

Name

Ogk-2

Legal name

ПАО «ОГК-2»

Website

https://ogk2.ru

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

OGK-2 is a Russian thermal power generation company operating 13 power plants across 6 federal districts, generating electricity for the wholesale market and supplying heat to regional utilities and industrial consumers as a subsidiary of Gazprom Energoholding.

Ownership category

akta.pro rank

Product category

Power Generation

NAICS

Fossil Fuel Electric Power Generation (221112), Electric Power Generation (22111), Steam and Air-Conditioning Supply (22133)

SIC

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

akta.pro primary industry

Gas-Fired Steam Turbine (Boiler-Fired) Generation (EUACABAF)

akta.pro secondary industries

Gas-Fired Power Plant Development & IPP Ownership (Greenfield/Brownfield) (EUACABAI), Gas-Fired Power Plant O&M and Life-Extension/Repowering Services (EUACABAJ), Thermal Power Plant EPC (Gas/Coal/Oil) (EUAEAAAA)

Keywords

• Thermal power generation
• Electricity generation
• Heat supply
• Wholesale electricity market
• Combined heat and power

Headquarters

HQ city

Stavropol

HQ country

Russia

HQ region

Europe

Offices14 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Electricity Generation and Sales: The company generates electricity at its 13 thermal power stations and sells it on the wholesale electricity market (OREM) and through regulated contracts. This is the primary revenue stream.
2. Heat Supply: Production and sale of thermal energy (heat) to regional heating companies, municipal utilities, and industrial consumers in the areas surrounding the power stations.
3. Heat Energy Receivables: Outstanding receivables from consumers for heat energy supply. As of May 31, 2026, consumer debt to Pskov GRES exceeded 18.1 million rubles.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

OGK-2 generates and sells electricity from 13 thermal power plants (10 GRES and 3 TES) across 12 regions of Russia, primarily fueled by natural gas and coal, and sells electrical output to the Russian wholesale electricity market (OREM) managed by ATS JSC. The company also produces and sells thermal energy (heat) to regional heating companies, municipal utilities, and industrial consumers adjacent to its power stations, supplemented by ancillary grid services such as primary frequency regulation.

Product overview

ПАО «ОГК-2» is a Russian thermal power generation company operating a portfolio of 13 power plants (филиалов) across 12 regions in the North-West, Central, Southern, North Caucasus, Ural, and Far Eastern federal districts. The portfolio includes 10 State District Power Stations (ГРЭС) and 3 Thermal Power Stations (ТЭС). The company's primary business is the production and sale of electricity and heat, with natural gas as the main fuel. The portfolio includes combined-cycle plants (ПГУ) that have received certification for normalized primary frequency regulation, demonstrating technical sophistication in grid frequency management. The company also operates an energy sales division (энергосбытовая деятельность) that handles the commercial distribution of electricity and heat to end consumers.

Differentiator

Problem solved

Functional benefit

Brands

• Личный кабинет потребителя (Consumer Personal Account): Personal account for consumers — an online portal for electricity and heat consumers to manage accounts and payments.

Products and services

• Electricity generation and wholesale sales Generation and sale of electrical energy from 13 thermal power plants (10 GRES and 3 TES) to the Russian wholesale electricity market (OREM) administered by ATS JSC, with operations spanning six federal districts.
• Heat energy supply to regional and municipal consumers Production and sale of thermal energy (heat) to municipal heating companies, regional utilities, and industrial consumers in the areas surrounding OGK-2's power stations.
• Primary frequency regulation ancillary service (Serovskaya GRES PGU) Provision of normalized primary frequency regulation to the Russian power grid by the Serovskaya GRES combined-cycle (PGU) unit, enabling instant response to frequency deviations and supporting grid stability.
• Energy sales operations (energosbytovaya deyatel'nost') Commercial sale and distribution of electricity and heat generated by OGK-2's plants to industrial consumers and residential customers.

Quantifiable outcome

• Serov GRES PGU provides instant response to grid frequency deviations ensuring uninterrupted power supply quality
• +1 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators6 records

Recent moves1 record

Expansion highlights3 records

Direct peers

• RusHydro: RusHydro is Russia's largest hydropower generator and also operates thermal assets in the Far East. It is a direct peer to OGK-2 as a state-influenced Russian power generator selling into OREM, though its primary technology is hydro rather than thermal.
• Inter RAO: Inter RAO is a Russian diversified electricity generator and trader operating thermal, hydro, and cross-border power flows. It is directly comparable to OGK-2 as a major Russian power generator selling into the same wholesale electricity market (OREM), with overlapping generation technologies and customer base.
• Unipro (formerly E.ON Russia): Unipro operates a portfolio of thermal power plants in Russia, primarily gas-fired, and sells electricity and capacity into OREM. It is a direct peer to OGK-2 as a Russian thermal IPP with similar revenue model, fuel mix, and regulatory exposure.
• Mosenergo: Mosenergo is a Moscow-based thermal power generator and CHP operator, also controlled by Gazprom Energoholding. It is a direct peer and sister company to OGK-2, with similar technology mix, parent affiliation, and exposure to Russian regulated electricity and heat tariffs.
• T Plus Group: T Plus is one of Russia's largest private thermal power holding companies, operating combined heat and power (CHP) plants across multiple regions. It directly competes with OGK-2 in the Russian thermal generation and district heating markets with similar business model and customer base.

Broad incumbents

• Enel S.p.A. Enel is a major European integrated utility with thermal, renewable, and distribution operations across multiple geographies. It is comparable to OGK-2 as a broad incumbent power generator, though Enel's portfolio is far more diversified by geography and technology than OGK-2's Russia-focused thermal fleet.
• Fortum: Fortum is a Nordic-headquartered utility with thermal and nuclear generation across Europe and Russia (historically including Russian thermal assets). It is comparable to OGK-2 in thermal generation and CHP, though Fortum operates at a broader European scale and exited its Russian generation business in 2023.
• Iberdrola: Iberdrola is one of Europe's largest utilities with significant thermal and renewable generation globally. It is comparable as a broad incumbent in power generation, though its scale, technology mix, and geographic diversification far exceed OGK-2's.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries13 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 Ogk-2