Stocks

FGC ROSSETI

Rosseti is the country's largest power grid company, operating the high-voltage backbone grid and most of the distribution grid companies in the regions. The overwhelming majority of Russia's electricity passes through its lines. The shares trade on the Moscow Exchange under the ticker FEES.

What the company does

A grid company neither generates electricity nor sells it — it charges a fee for carrying power over its own lines. The tariff for this service is set by the state on the basis of required costs and an approved investment programme. This means the company can neither raise its price nor choose its volume: both are determined from outside.

The only levers are costs and losses. Part of the energy is lost in the grid during transmission, and the company is obliged to buy these losses at its own expense: a reduction in losses turns directly into profit.

The defining feature of its spending is constant construction. Grids wear out, new consumers are connected to them, and reliability requirements keep rising. The investment programme is therefore enormous and practically mandatory, which is why grid companies have historically had little free cash flow.

Business lines

Backbone grid
High-voltage lines linking regions and the major hubs of the power system.
Distribution grids
Regional grid companies that deliver power to cities, businesses and homes.
Grid connection
Connecting new consumers to the grid is a separate service with its own tariff.

History

2002A backbone grid company was created as part of the reform of the industry.
2008Unbundling of the unified power system: grids were separated from generation and supply.
2013A holding company was created, bringing together the backbone and distribution grids.
2023Merger of the holding company with the backbone grid company into a single structure.

Business review

Strengths and weaknesses describe the business itself. Opportunities and threats describe what may happen around it.

Strengths

A natural monopoly in electricity transmission.
Predictable, regulated revenue.

Weaknesses

An enormous mandatory investment programme that absorbs the cash flow.
The tariff is indexed more slowly than costs rise.
Dividends are irregular and small.

Opportunities

Tariff indexation covers part of the growth in costs.
Fees for connecting new consumers grow along with construction and industry.
Reducing grid losses raises profit directly, without any increase in the tariff.
Digital metering cuts commercial losses and electricity theft.

Threats

The tariff is set by the state: income is capped by the regulator's decision, not by demand.
The investment programme is mandatory and eats up almost all of the cash flow.
Grid wear requires equipment to be replaced faster than the tariff allows.
Non-payment by individual consumers falls on the company.

Frequently asked questions

What does Rosseti do?

It transmits electricity over its grids — from power plants to consumers — and connects new customers to the grid. The company does not generate or sell the energy itself: that is the business of generating and supply companies.

Why does a grid company's income not depend on the price of electricity?

Because it charges for the transmission service, not for the kilowatt-hour itself. The size of this charge is set by the state in the form of a tariff, based on the company's costs and its investment programme.

What are grid losses?

Part of the energy dissipates as it travels through lines and transformers — this is physics, and it cannot be avoided entirely. The grid company buys the lost volume at its own expense, so reducing losses directly increases its profit.

Issuer profile

Sector and registration

The company is classified under the «Power grids» sector, using the taxonomy we apply when comparing securities with one another.

The same sector holds 2 issuers on the platform, and their figures are computed by one method — so this company's revenue, profit and leverage can be compared with them directly.

The company is registered in Russia and identified in regulatory disclosure by tax number 4716016979. That number locates its statements in state registries regardless of how its name is spelled — and the spelling differs even between official documents.

Listed securities

The issuer has 32 securities listed: 1 share class, 31 bond issues. All are shown on this page, including those trading in different modes and different currencies.

Across Moscow Exchange quotation list levels the securities split as follows: 5 at level 1, 10 at level 2, 16 at level 3, 1 outside the quotation list levels. The level reflects how strict the disclosure, turnover and track-record requirements the issue meets are — not how attractive the investment is.

Bond issues

The nearest issue matures on 22 October 2026 and the farthest on 25 September 2057. That spread means the issuer borrows both short and long, and the yields of these issues will differ for the simple reason that the money is lent for different terms.

The largest issue by face value is RU000A0JSQ58, with a face value of ₽1,000.00 per bond, maturing on 21 July 2027. Bond prices in the order book are quoted as a percentage of face value, so a quote of 98.4 means 98.4 % of that amount rather than an absolute price.

Dividend history

Between 2016 and 2021 the issuer made 6 payouts whose record date has already passed. A board recommendation or a forecast does not enter this history, because no money has been paid on them yet.

The most recent payout was ₽0.02 per FEES security (2021) with a record date of 16 July 2021. That is the amount before tax: the broker withholds it on crediting, so less arrives in the account.

Price as of 8 November 2026 · This section is assembled from our own data on the company's securities, dividends and financial statements. It is a description, not a recommendation.

Securities of this issuer

Shares1

FEES"ФСК - Россети" ПАО₽0.07