PJSC Enel Russia reported earnings results for the full year ended December 31, 2018. For the period, the company has posted revenues of RUB 73,265 million against RUB 74,400 million a year ago. Revenues slightly declined, largely as a result of lower output by conventional gas units that was mostly driven by lower loading by the System Operator resulting from overcapacity in the system, as well as by a marginal reduction in electricity consumption in the Ural region; a decline in revenues from the capacity market due to lower government bond yields in 2018 that was one of the components for the calculation of the DPM tariff. Higher regulated sales with an increase in annual tariffs, as well as higher free capacity (KOM) prices resulting from its indexation for 2018, only partially offset the aforementioned drop in revenues. Net income was RUB 7,699 million against RUB 8,544 million a year ago. Net income reflected EBIT dynamics, partially offset by lower net financial charges, which were mainly due to the optimization of debt currency and cost structure, including the refinancing of RUB 10 billion of commercial papers in 2018.