Fitch Ratings has reasserted its confidence in the Uzbekistan-based electricity generation company, Thermal Power Plants (TPP), by maintaining its Long-Term Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook, the National Information Agency of Uzbekistan reported. The rating, originally bestowed upon TPP in January 2023, underscores the company's sustained robust performance over the past year.
This affirmation follows a meticulous analysis conducted by Fitch experts who scrutinized TPP's activities, financial health, economic and business strategy, stability of the financial model, corporate governance system, and production processes. The positive rating was bolstered by factors such as successful investment management, potential for effective management of funds, and systemic reforms aimed at maintaining credit load at optimal levels.
Uzbekistan, a nation that fulfills its energy needs through abundant resources, plays a vital role in the Central Asian integrated energy system. The reliable operation of the electricity sector is crucial for the industrial growth of the economy, the development of entrepreneurship, and the improvement of living standards.
In line with the commitment to creating a competitive environment and attracting investments in the electricity sector, Uzbekenergo underwent reorganization in accordance with the resolution of the President of the Republic of Uzbekistan in 2019. This led to the establishment of Thermal Power Plants, entrusted with the responsibility of electricity generation and providing heat to meet the country's economic and population needs.
Thermal Power Plants operates 7 thermal power plants, 3 thermal power cogeneration plant centers, 3 service organizations for industry enterprises, and Tashkent Heat Center. In 2022, the company produced 55.5 bn kWh of electricity and 5.3 mn Gcal of heat energy. For 2023, the company plans to generate 54.3 bn kWh of electricity and 5.1 mn Gcal of thermal energy.
Notably, the enterprises of Thermal Power Plants achieved a commendable 103.3% of the plan for electricity generation during January-September 2023. The company is actively implementing investment projects aimed at modernizing its enterprises with state-of-the-art energy-saving equipment, ensuring a consistent supply of quality and uninterrupted electricity and heat to consumers.
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