Fitch Ratings Affirms TGC-1 at BBB with Stable Outlook


On 1 September 2020, Fitch Ratings affirmed the long-term foreign currency and national currency issuer default ratings (IDR) for TGC-1 at BBB with Stable Outlook, with its short-term foreign currency and national currency IDRs affirmed at F3.

This represents the strong credit metrics of TGC-1 on an independent basis while giving proper weigh to the Company’s secure financial position and business profile.

The strong business profile of TGC-1 is due to its dominant market position in electricity and heat sales in St. Petersburg and other regions in Russia’s North-West, a significant proportion of low-cost hydroelectric generation, and electricity exports to the Nordic countries paid in Euros.

Fitch predicts that TGC-1 will maintain its strong credit ratings in 2020-2024.


TGC-1 (part of Gazprom Energoholding Group) is the leading producer and supplier of electricity and heat in the North-West of Russia. It comprises 52 power plants within four constituent entities of the Russian Federation: St. Petersburg, the Republic of Karelia, and Leningrad and Murmansk Oblasts.

The rated electric capacity is 6.9 GW, and the heat capacity is 13.5 thousand GCal/hour. Its major shareholders are Gazprom Energoholding (51.79%) and Fortum Power and Heat Oy (29.45%).