The oil stopped at 64.5 USD per bbl and given would like be supportive to the Russian market. At the meantime, the given factor might be the reason of ruble strengthening progress, which the export-directed names are very sensitive to. Moreover, the upcoming MET payments will also be supporting ruble strengthening.
Main events
Electric energy generation of RusHydro dropped 27.3% for 1Q 2015 – moderately negative
Results of the HEPS’ output matched with the numbers announced late last week. We do not expect improvement of the operation results of the company earlier than in 3Q 2015 as the upcoming high water will unlikely improve the situation with a reduced generation, as the company will have to cut the flushes on some stations.
Contributed by Veles Capital
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