Expert RA has upgraded the PJSC EL5-ENERGO credit rating to ruAA

On April 1, 2026, the credit rating agency Expert RA upgraded the PJSC EL5-Energo credit rating from ru AA- to ru AA, a stable outlook.

The credit rating is upgraded due to the ongoing reduction of the company's debt and interest burden in pursuit of the company's financial policy.

PJSC EL5-Energo is one of the largest electricity generating companies in Russia, having a 2.1% share of total generation in the country's unified energy system in 2025. The company keeps up strong financial results and it strives to reduce its net debt. According to Expert RA estimates, the adjusted debt ratio decreased to 1.4x by the end of 2025.

The rating agency highlighted PJSC EL5-Energo's high profitability, comfortable debt burden, strong liquidity, and low corporate risks. Expert RA also noted the company's transparent ownership structure, high-quality corporate governance and information transparency, and the risk management system's compliance with best market practices.

The agency paid special attention to the ongoing reorganization through a merger of JSC VDK-Energo and LLC LUKOIL-Ekoenergo with PJSC EL5-Energo, which will lead to a large-scale increase in the company's production assets, thus directly affecting its operations.