Russia's electric power exports in 2021 increased by 89% year on year to 22.9bn kWh (or 2% of domestic production), with a total value of $1.3bn, according to the data from the Federal Customs Service.

As followed by bne IntelliNews, previously the outlook on state utility holding InterRAO had improved due to expanded exports to China. 

"As an effective monopoly in import/export, InterRAO is the prime beneficiary [of higher exports in 2021]," BCS Global Markets analysts commented on February 8. InterRAO doubled its exports in 4Q21 y/y.

"In terms of pricing, we think that the most valuable export was to Europe (Finland/Baltic States)," BCS GM analysts believe, reminding that InterRAO's results for 9M21 already mentioned some RUB19.5bn ($261mn) in EBITDA from export/import operations, surging 4-fold y/y.

All in all, higher exports should boost InterRAO’s 2021 financials, BCS GM argues, while affirming a Buy call on the company's shares.

Previously the analysts have questioned how the utility holding is going to use its massive cash pile. Involvement in large projects such as Vostok Oil also added uncertainty to dividends.

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