EL5-Energo

What EL5-Energo does

EL5-Energo (ПАО «ЭЛ5-Энерго») is a publicly listed Russian power generation company majority-owned by PJSC LUKOIL, trading on Moscow Exchange under ticker ELFV. The company was founded in 2004 as part of Enel Russia, was rebranded to EL5-Energo in November 2022 following LUKOIL's acquisition of a majority stake from Enel S.p.A., and completed a major reorganization on April 1, 2026, through the merger of JSC VDK-Energo and LLC LUKOIL-Ekoenergo. Post-reorganization, the company operates 25 power stations with 9.5 GW of installed electrical capacity and 8.9 thousand Gcal/h of thermal capacity, employing 6,200 people across Central Russia, the Urals, North Caucasus, Southern Russia, and the Arctic region.

The company's core technology portfolio includes three thermal gas-fired power stations (Konakovskaya GRES at 2,520 MW, Sredneuralskaya GRES at 1,619 MW, Nevinnomysskaya GRES at 1,551.4 MW), two wind farms (Kola VES at 202 MW, the world's most powerful wind farm beyond the Arctic Circle, and Azov VES at 90 MW), and — following the April 2026 merger — 5 hydroelectric and 3 solar power plants. The company has invested in Arctic-specific wind technology including ice-prevention systems on turbine blades and vibration-dampening tower construction, and was the first Russian wind farm operator to achieve ISO 27001 and ISO 14001 certifications. The Skolkovo-based Innovation Center supports open innovation with startups and universities.

EL5-Energo's business model is built on regulated tariff electricity and heat sales to industrial enterprises and residential consumers through Russia's wholesale electricity and capacity market (ОРЭМ), complemented by long-term capacity payments under КОМ, ДПМ ВИЭ, and КОМмод programs. The company has begun monetizing ESG products through green energy certificates and verified carbon units (Azov VES being the first Russian renewable energy climate project registered in the national carbon units registry). Customer-named in disclosures include PAO Novatek for green energy supply. Q1 2026 revenue reached 27 billion rubles (up 24.5% YoY), with EBITDA of 5.86 billion rubles and net profit of 2.53 billion rubles; net debt was reduced 25.1% to 14.5 billion rubles, supporting an ruAA (stable) credit rating from Ekspert RA.

Name

EL5-Energo

Legal name

ПАО «ЭЛ5-Энерго»

Website

https://el5-energo.ru

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

1–10 employees

Short description

EL5-Energo is a Russian power generation company majority-owned by LUKOIL, operating 25 thermal, wind, hydro, and solar power stations with 9.5 GW total installed capacity across Russia, supplying electricity, heat, green certificates, and carbon units to industrial enterprises and residential consumers under regulated tariff frameworks.

Ownership category

akta.pro rank

Product category

Power Generation

NAICS

Electric Power Generation (22111), Wind Electric Power Generation (221115), Fossil Fuel Electric Power Generation (221112), Hydroelectric Power Generation (221111)

SIC

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

akta.pro primary industry

Wind Power Plant EPC (Onshore/Offshore) (EUAEAAAF)

akta.pro secondary industries

Repowering, Augmentation & Retrofit Integration (Capacity Expansion) (EUAEAEAL), Transmission Interconnection & Line Works (Gen-Tie Lines, Overhead/Underground Lines) (EUAMAFAF)

Keywords

• Thermal power generation
• Wind power generation
• Electricity and heat supply
• Green energy certificates
• Carbon units offset

Headquarters

HQ city

Moscow

HQ country

Russia

HQ region

Europe

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Electricity Sales: Sale of electricity generated at thermal power stations and wind farms through the wholesale electricity and capacity market (ОРЭМ) and regulated contracts. Revenue in Q1 2026 grew 30% year-on-year.
2. Heat Energy Sales: Sale of thermal energy for industrial and residential heating. Q1 2026 revenue increased 26% year-on-year, supported by increased sales volumes and regulated tariff indexing.
3. Power Capacity Sales: Revenue from capacity payments under КОМ, ДПМ ВИЭ, and КОММод programs, influenced by ОФЗ yields, inflation, and regulated tariff indexing.
4. Green Energy Certificates: Sale of certificates of origin for electricity generated from renewable sources, allowing customers to meet voluntary environmental commitments and reduce carbon footprint.
5. Carbon Units: Sale of carbon units from verified climate projects (Azov WPP), with units registered in the Russian carbon unit registry for companies to offset emissions.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

EL5-Energo is a Russian power generation company that generates and supplies electricity and heat from 25 power stations (thermal, wind, hydro) to industrial enterprises and residential consumers across Russia under regulated tariff frameworks. In addition to wholesale electricity, heat, and capacity sales, the company sells green energy certificates of origin from renewable sources and verified carbon units from registered climate projects to corporate customers seeking to meet sustainability and emissions offset commitments.

Product overview

EL5-Energo is a Russian power generation company majority-owned by LUKOIL. The company operates a diversified portfolio of power generation assets consisting of three thermal power stations (Konakovskaya GRES, Sredneuralskaya GRES, Nevinnomyssaya GRES) and two wind farms (Kola VES, Azov VES). The company provides electricity and heat to industrial enterprises and residential consumers across Russia. Services include green energy supply through certificates of origin, carbon unit sales from climate projects, connection to heating systems, and industrial tourism at the Kola VES facility. Following the 2026 reorganization adding VDK-Energo and LUKOIL-Ekoenergo, the company expanded to 25 power plants with total installed capacity of 9.5 GW electrical and 8.9 thousand Gcal/h thermal.

Differentiator

Problem solved

Functional benefit

Products and services

• Konakovskaya GRES (Конаковская ГРЭС) Thermal power station with installed electrical capacity of 2,520 MW and thermal capacity of 120 Gcal/hour. Provides electricity and heat to industrial enterprises and residential consumers.
• Sredneuralskaya GRES (Среднеуральская ГРЭС) Thermal power station with installed electrical capacity of 1,619 MW and thermal capacity of 1,117 Gcal/hour. Provides approximately 30% of thermal energy to Yekaterinburg.
• Nevinnomysskaya GRES (Невинномысская ГРЭС) Thermal power station with installed electrical capacity of 1,551.4 MW and thermal capacity of 585 Gcal/hour.
• Kola VES (Кольская ВЭС) Wind Farm Wind farm with 202 MW installed capacity located beyond the Arctic Circle. Can generate about 750 million kWh per year, preventing CO2 emissions. Wind farm is the first in Russia to receive ISO 27001 and ISO 14001 certifications.
• Azov VES (Азовская ВЭС) Wind Farm Wind farm with 90 MW installed capacity located on the coast of Taganrog Bay in Rostov Oblast. Can generate about 320 GWh per year. First Russian renewable energy project registered in the national carbon units registry.
• Green Energy Supply (Зеленая энергия) Supply of electricity produced from renewable energy sources through certificates of origin. Allows corporate customers to fulfill voluntary commitments to minimize environmental impact and reduce carbon footprint.
• Carbon Units (Углеродные единицы) Sale of verified carbon units from registered climate projects for corporate customers to offset CO2 emissions and meet mandatory or voluntary carbon quotas.
• Connection to Heating Systems (Подключение к системам теплоснабжения) Connection services to district heating systems for industrial and residential customers in regions where the company operates heat supply.
• Industrial Tourism at Kola VES (Промышленный туризм) Guided tours of the Kola VES wind farm where visitors can explore the Arctic construction project, learn about wind power generation technology, and visit the exhibition center with cafe and souvenir shop.

Quantifiable outcome

• Wind farm output reached 3 billion kWh cumulative as of April 2026
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators10 records

Recent moves6 records

Expansion highlights13 records

Broad incumbents

• EDF: France's largest utility with substantial thermal, hydro, and renewables generation. Comparable as a broad incumbent with similar regulated-tariff revenue dynamics and a diversified generation mix, including nuclear that anchors baseload.
• Enel S.p.A. Italian multinational utility that was EL5-Energo's previous parent (formerly PJSC Enel Russia). Highly comparable for asset mix and renewable strategy, but Enel is far broader in geography and scope, making it a broad incumbent reference rather than a direct competitor.
• Fortum: Nordic utility that historically operated Russian generation assets before divesting them. Comparable as a broad thermal-and-renewables utility with overlapping generation technology, though now operating in different geographies.

Direct peers

• Unipro: Russian thermal power generator (formerly E.ON Russia) operating large GRES stations under similar КОМ/КОМмод capacity-payment frameworks. Direct peer given identical business model of gas-fired thermal generation, regulated tariffs, and Russian industrial customers.
• RusHydro: Russia's largest hydroelectric generator, with renewable assets across the country. Directly comparable to EL5-Energo's renewable and capacity-payment business model, including ДПМ ВИЭ-style long-term contracts and similar regulatory exposure.
• Inter RAO: Russia's largest diversified power generator and importer/exporter of electricity. Comparable because both companies sell into the same Russian wholesale electricity and capacity market (ОРЭМ) under regulated frameworks and serve overlapping B2B industrial customers.
• TGC-1: Territorial Generating Company #1 operates thermal, hydro, and wind assets in northwestern Russia. Highly comparable diversified generation mix, regulated-tariff revenue model, and presence in Russian capacity markets overlapping with EL5-Energo's profile.

Emerging players

• Ørsted: Global leader in offshore wind and renewable energy. Comparable as a pure-play renewable generator monetizing green attributes; relevant peer for benchmarking EL5-Energo's wind asset base and carbon-unit monetization strategy.
• Iberdrola: Global renewables leader with strong onshore and offshore wind, hydro, and grids. Comparable for the wind and renewable-certificate monetization strategy that EL5-Energo is building with its Kola/Azov wind farms and green certificate business.
• EDP: Portuguese utility with significant wind, hydro, and solar generation across multiple geographies. Comparable as a renewables-heavy operator with regulated and merchant revenue streams, providing benchmark for EL5-Energo's renewable expansion strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UC5X8Q1xI8wZR9RjR0x8mZ5w

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries6 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 EL5-Energo