Kazakhstan's single electricity buyer halves profit to 5.2 bln tenge
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Kazakhstan's single electricity buyer, the Settlement and Financial Center for Renewable Energy Sources (RFC for RES), reported a 58% drop in net profit to 5.2 billion tenge in 2025 from 12.4 billion tenge in 2024. Revenue rose to 1.65 trillion tenge from 1.39 trillion tenge, driven by higher electricity sales and balancing services. Financial expenses surged to 29.8 billion tenge from 4.3 billion tenge, squeezing margins.
Revenue Growth and Composition
RFC for RES's revenue rose to 1.65 trillion tenge in 2025 from 1.39 trillion tenge in 2024. Electricity sales contributed 1.36 trillion tenge (up from 1.23 trillion tenge), while capacity readiness service revenue reached 188.3 billion tenge (152.8 billion tenge in 2024). Revenue from electricity imbalance settlements surged to 92.3 billion tenge from 5.4 billion tenge, reflecting increased market volatility.
Export and Import Flows
The center exported electricity to Kyrgyzstan worth 21.8 billion tenge in 2025, up from 17.6 billion tenge in 2024. Imports from Russia and Uzbekistan totaled 175.4 billion tenge, compared to 110.3 billion tenge a year earlier. The widening trade deficit reflects growing domestic demand and cross-border price differentials.
Cost Pressures and Ownership
Financial expenses jumped to 29.8 billion tenge from 4.3 billion tenge, while administrative costs rose to 1.4 billion tenge from 1.08 billion tenge. The center, originally a subsidiary of KEGOC, was transferred to the Energy Ministry in early 2022. In 2024, it paid 2.9 billion tenge in dividends for 2023.
What's Next
The Energy Ministry is expected to review the center's tariff policy and cost structure in the coming months. It remains unclear whether the profit decline will lead to higher electricity tariffs or a revision of the single-buyer model.
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Kazakhstan's single electricity buyer halves profit to 5.2 bln tenge
