The electric power industry of Kazakhstan operates within the framework of the Unified Energy System, regulated by the Ministry of Energy.

Kazakhstan Electricity and Capacity Market

Electricity balance

In 2025, electricity production in the UES was carried out mainly by coal-fired thermal power plants (TPPs) - 75%.

As of 31 December 2025, the installed capacity of power plants in the Republic of Kazakhstan is 26,791.8 MW, the available capacity is 22,735.8 MW.

According to the System Operator, 123,110.9 million kWh of electricity were generated by power plants of the Republic of Kazakhstan in January-December 2025, which is 5,195.5 thousand kWh or 4.41% more than in the same period in 2024.

In January-December 2025, electricity production increased significantly in Akmola, Aktobe, Atyrau, Zhambyl, Zhetysu, Karaganda, Kyzylorda, Pavlodar, North Kazakhstan, Ulytau regions compared to the same period in 2024.

At the same time, a decrease in electricity production was observed in Almaty, Abay, East Kazakhstan, West Kazakhstan, Kostanay, Mangystau, and Turkestan regions.

According to the System Operator, in the period from January to December 2025, there was an increase in electricity consumption in the Republic of Kazakhstan compared to the same period in 2024 by 4,611 million kWh or 3.8%. Thus, in the western and southern, northern zones of the republic, consumption increased by 13.2%, 8% and 0.3%, respectively.

In January-December 2025, electricity production by energy holdings and large energy producing organisations amounted to 51,910.2 million kWh, which is 1,340.4 million kWh more than in the same period in 2024 (50,569.8 million kWh), and their total share of total production was 42.2%.

The volume of electricity production by the energy-producing organisations of “Samruk-Energy” JSC in January-December 2025 amounted to 40,436.3 million kWh. the increase in electricity generation compared to the same period in 2024 amounted to 39,772.3 million kWh or 2%.

Electricity production in the Republic of Kazakhstan

112.822023117.922024123.112025

Electricity consumption in the Republic of Kazakhstan

115.0720231202024124.612025

Unified Electric Power System of the Republic of Kazakhstan

Production123.1 (billion kWh)

Consumption124.6 (billion kWh)

The UES of the Republic of Kazakhstan is conditionally divided into three zones – Northern, Southern and Western.

Electricity production, billion kWh

Kazakhstan

TPP	91.6
GTPP	13.45
HPPs	10.49
WPPP	5.4
SPP	2.1
BGP	0.002

Northern Zone

TPP	74.7
GTPP	3.2
HPPs	7.0
WPPP	3.3
SPP	0.6
BGP	0.002

Southern zone

TPP	9.4
GTPP	0.4
HPPs	3.5
WPPP	1.6
SPP	1.4

Western Zone

TPP	7.5
GTPP	9.8
WPPP	0.5
SPP	0.016

Position of "Samruk-Energy" JSC in the electricity market of Kazakhstan

Power Generation

The Company’s share in total electricity generation in the Republic of Kazakhstan in 2025 amounted to 32.8%, compared to 2024, the share decreased by 1.7%.

Electricity production volumes in Kazakhstan, billion kWh

Electricity producers in the Republic of Kazakhstan	2023	2024	2025
"Samruk-Energy" JSC	35.33	39.77	40.44
ERG	19.16	18.87	18.68
Central Asian Electric Power Corporation JSC	5.59	5.75	5.78
Kazzinc LLP	2.33	3.37	3.28
Kazakhmys Energy LLP	5.80	5.35	6.04
KUS LLP	6.10	6.20	5.76
Zhambyl SDPP JSC	3.07	3.44	4.22

Key competitive advantages of "Samruk-Energy" JSC in the electricity market of the Republic of Kazakhstan in 2025 include

Significant reserves of thermal coal with relatively low production costs
A significant amount of generating capacity with a relatively moderate level of depreciation in the industry
State support, as well as support from Samruk-Kazyna JSC.

Volume of electricity generation at thermal power plants, thermal power plants, million kWh

Indicator	2024	2025
EGRES-1	22,544	24,573
EGRES-2	6,045	5,246
AlES (CHP-1,-2,-3)	3,724	3,830

Volumes of electricity generation at hydroelectric power plants, wind farms, solar power plants, million kWh

The volume of electricity production in 2025 amounted to 40,436 million kWh, which is 1.7% or 664 million kWh higher compared to last year. The main increase occurred at Ekibastuz GRES-1 LLP by (by 9%) due to an increase in electricity sales to the Single Buyer, a decrease in production volumes at Shardarinsk HPP JSC by 147 million kWh (25.3%), Moynak HPP JSC by 92 million kWh (by 8.6%), Ust-Kamenogorsk HPP LLP by 63.8 million kWh (by 3.4%), Shulbinsk AES LLP by 185 million kWh (by 9%) due to a decrease in the water content of the basins, Ekibastuz GRES-2 Station JSC for 799 million kWh (13.2%) due to equipment failure.

Forecast for the future period

In 2026, electricity production is projected to remain similar to that of 2025.

Heat supply

The volume of heat output for 2025 amounted to 7,212 thousand Gcal. Compared to the same period last year, the increase is 8%, the increase was mainly due to the fact that in 2024 the volume of Energy Solutions Center LLP (Ekibastuz CHPP) was taken into account for 5 months from the date of the SCA.

Dynamics of changes in heat production volumes, thousand Gcal

Forecast for the future period

The volume of heat production in the plan for 2026 is projected to increase by 2% compared to 2025, which is due to the expected increase in heat load due to an increase in the number of heat consumers at Energy Solutions Center LLP (Ekibastuz CHP).

Electricity transmission

The volume of electricity transmission through the networks of Alatau Zharyk Company JSC in 2025 amounted to 9,947 million kWh, which is 7% higher than the fact of 2024 or 688 million kWh as a result of an increase in consumption in the Almaty region.

Electricity transmission volumes (million kWh) and losses in networks (%)

Forecast for the future period

In terms of electricity transmission and distribution, an increase of 2% is expected in 2026 compared to the fact of 2025 due to the forecast of consumption in the Almaty region.

Reduction of technological losses in networks

The planned level of technological losses of AZHK JSC for 2025, taking into account the adjustments made, is set at 10.70%, which is lower than the indicator of 11.23% approved by the Company's Development Strategy for 2024–2033. At the end of 2025, the actual level was 10.33%, which is lower than the planned value.

In order to reduce technological losses in the grids, AZhK JSC implements a set of organisational and technical measures aimed at optimizing the operating modes of equipment and improving the efficiency of the functioning of electric grids, including

Optimisation of transformer operating modes, including their shutdown at low loads
decommissioning of transformers at substations with seasonal load (35/220 kV) during periods of minimum consumption
Reduction of electricity consumption for substations' own needs
Replacement of wires on overloaded power lines
replacement of overloaded transformers and commissioning of additional transformer capacities."

Formula for calculating technological losses (TP) in electric grids.

Electricity losses in networks are defined as the difference between the supply of electricity to the grid and the productive supply (actually consumed electricity), losses = (Supply-Productive supply)/Supply 100%

Electricity sales

The total volume of electricity sales by the energy supply organisation for the reporting period amounted to 9,816 million kWh, which is 12% more than in the same period in 2024, due to an increase in the volume of electricity consumption in the service area of the Branch of Alatau Zharyk Company JSC-Energosbyt.

Name	Fact 2024	Fact 2025	Off	%
Branch of JSC "Alatau Zharyk Company"-Energosbyt
Number of consumers, incl.	987,583	1,021,593	34,010	103%
Population	943,134	974,542	31,408	103%
Legal entities	44,449	47,051	2,602	106%
Sales volume, mln kWh	8,737	9,816	1,080	112%

Forecast for the future period

The volume of electricity sales in the forecast for 2026 increases by 2% from the actual level of 2025 due to the projected increase in the volume of electricity consumption in the service area of the Branch of Alatau Zharyk Company JSC-Energosbyt.

Indicator	2024	2025
Number of consumer outages in the power supply system (Sa(i), units)	2,577,065	2,602,962
Duration of outages, t, hour	4,827.47	4,827.47
Total duration of power outages, (Ca(i)×t), hours	3,149,424.20	3,130,226.16
Total number of consumers in the power supply system (Cs), units	987,610	1,021,604
Average number of outages per consumer (SAIFI), units	2.61	2.55
Average duration of outages per consumer (SAIDI), hour	3.19	3.06

At the end of 2025, there is an improvement in the reliability of power supply. The average number of outages per consumer (SAIFI) decreased from 2.61 to 2.55, and the average duration of outages per consumer (SAIDI) decreased from 3.19 to 3.06.

Despite the annual increase in the number of consumers, AZhK JSC maintains a steady positive trend in reliability indicators, the frequency of outages is decreasing and their average duration is decreasing. The results achieved are due to the systematic implementation of a set of measures aimed at reducing the number of technological failures and the time for their elimination, including

modernisation and reconstruction of electrical networks (replacement of worn-out equipment, renewal of power lines)
Implementation of schedules for major and current repairs
Implementation of automation and supervisory control systems (SCADA, AMR)

Development of renewable energy sources in the Republic of Kazakhstan

According to the Ministry of Energy of the Republic of Kazakhstan, as of 1 January 2026, 162 renewable energy facilities with a total capacity of about 3,537 MW are operated in Kazakhstan, providing 7% of the total electricity in the country. In the reporting period, there was an increase in electricity generation using solar and wind power plants, as well as small hydropower plants. In general, in 2025, renewable energy facilities (solar power plants, wind farms, BGS, small hydropower plants) generated 8.6 billion kWh of electricity, which is 13.7% more than in 2024.

Share of renewable energy generation in the electricity market of Kazakhstan, %

62023

6.42024

72025

In 2025, nine new renewable energy facilities with a total capacity of 505 MW were commissioned in Kazakhstan. In 2014, the installed capacity of renewable energy facilities was 177.52 MW, and in 2025 this figure exceeded 3,537 MW.

At the enterprises of "Samruk-Energy" JSC group of companies in 2025, electricity production by renewable energy facilities (solar and wind power plants, as well as small hydropower plants) decreased by 4.4%. In January-20 December 25, electricity generation by renewable energy facilities of the Samruk-Energy JSC group amounted to 553 million kWh, which corresponds to 6.4% of the total electricity generation from renewable energy sources in Kazakhstan.

Share of renewable electricity production of "Samruk-Energy" JSC in Kazakhstan, %

8.32023

7.72024

6.42025

Electricity generation by renewable energy facilities of "Samruk-Energy" JSC, million kWh

"Samruk-Energy" JSC Group of Companies	Installed power, MW	2024	2025
"AlES" JSC, a cascade of small hydropower plants	43.7	192.2	171.0
Samruk-Green Energy LLP, SPP	3.4	5.2	5.56
Samruk-Green Energy LLP, Shelek wind farm	5.0	15.77	15.53
First Wind Power Plant LLP, WPP	45.0	137.3	149.3
Energia Semirechyа LLP, Shelek wind farm	60.0	227.3	211.6
Total		577.8	552.9

Volumes of electricity generation at hydroelectric power plants, wind farms, solar power plants, million kWh

Indicator	2024	2025
Moynak HPP	1,071	979
Kapchagay HPP	1,280	1,120
Almaty cascade of hydroelectric power plants	192	171
Shardarinsk HPP	583	436
Ust-Kamenogorsk HPP	1,891	1,827
Shardarinsk HPP	2,057	1,871.5
FWPS	137	149
Samruk-Green Energy	21	21
Energy of Semirechyа LLP	227	212

Capacity Market

In addition to the electricity market, Kazakhstan has an electricity capacity market introduced in 2019. Its main goal is to attract investment to maintain existing and create new generating capacities, as well as to ensure a balance between electricity supply and demand. In addition, this mechanism contributes to the development of renewable energy sources and improving the efficiency of the energy system.

In 2025, the legislation of the Republic of Kazakhstan was amended to provide for the possibility of additional implementation of services to maintain the availability of electric power. The relevant amendments were adopted on 1 December 2024 and provide for the sale of additional capacity at the expense of funds received by the Single Purchaser from the increase in the contracted capacity volumes by consumers, as well as from the application of decreasing coefficients when replacing emergency retired generation volumes. As a result of the implementation of this mechanism, Ekibastuz GRES-1 LLP in 2025 additionally sold 5,553 MW of capacity in the amount of about 6.5 billion KZT.

In 2025, the power plants took part in centralised trading in the electric power market held at the trading platform of KOREM JSC. According to the results of trading held on 19 November 2025, the power plants of "Samruk-Energy" JSC group sold 3,836 MW of capacity at a price of 1,170 thousand KZT per MW per month. In particular,

GRES-1 LLP – 1,673.5 MW
EKIBASTUZ GRES-2 – 887 MW
“AlES” JSC - 486 MW
"Ust-Kamenogorsk HPP" LLP – 330 MW
"Shulbinsk HPP" LLP – 459 MW

In accordance with the current legislation, individual capacity tariffs were set for Moynak HPP JSC and Shardarinsk HPP JSC in 2022. For Shardarinsk HPP JSC, the capacity was 61 MW, for Moynak HPP JSC - 298 MW. The establishment of these tariffs is aimed at ensuring the repayment of borrowed funds raised for the construction of the Moynak HPP and the modernisation of the equipment of the Shardarinsk HPP.

At the end of 2025, the total volume of electricity sales of "Samruk-Energy" JSC reached a record level of 38.5 billion kWh.

Coal market of Kazakhstan

The thermal coal market in Kazakhstan is fragmented. Thus, the main major players are Bogatyr Komir LLP (Samruk-Energy JSC and UC RUSAL), EEC JSC and Shubarkol Komir JSC (ERG), Kazakhmys Corporation LLP, Karazhyra JSC, Angrensor Energo LLP.

According to the Bureau of National Statistics, in January-20 December 25, coal mining enterprises in Kazakhstan produced 115.91 million tons of coal, which is 6.9% less compared to the same period in 2024.

Coal production, million tons

Indicators	2023	2024	2025	Δ, 2025/2024, %
Pavlodar region	69.48	67.01	69.57	3.7%
Karaganda region	33.58	32.36	37.27	13.2%
East Kazakhstan region	7.99	20.00	16.63	-20.3%
Total	112.74	108.46	115.91	6.43%

Scheme of coal sales in the Republic of Kazakhstan

COAL MININGCOMPANIES

Sales of coal to large consumers under directcontracts (power plants, industrial enterprises, export)

Commodity exchange

Wholesale and retailconsumers

At the end of the reporting period, Bogatyr Komir LLP produced 45.25 million tons of coal, which is 6% less than in 2024. At the same time, the company's share in production at the end of 2025 amounted to 39% of the total coal production of the Republic of Kazakhstan and 65% of the volume of coal mined in the Ekibastuz coal basin (Pavlodar region).

The volume of coal sold by Bogatyr Komir LLP in 2025 amounted to 44.35 million tons.

The stripping ratio for 2025 was 0.96 m³/tonne, compared to 0.94 m³/tonne in 2024.

45.25million tons of coal

were mined by the coal mining company  Bogatyr Komir LLP in 2025.

Coal sales by Bogatyr Komir LLP

42,997 9,317 33,680 2024 3% 2% 44,354 9,953 34,402 2025

Export Domestic market

Forecast for the future period

The volume of coal sales in the forecast for 2026 will increase by 805 thousand tons or 2% compared to 2025. The growth is due to an increase in demand from energy-producing organisations.

Among the major consumers of coal are Bogatyr Komir LLP, as well as the power systems of the cities of Astana, Almaty, Karaganda, Petropavlovsk, Pavlodar, Stepnogorsk, Ekibastuz GRES-1, GRES-2. Buyers of coal, including power plants, independently organised and paid for the transportation of coal from the Ekibastuz station (Bogatyr Komir LLP) to the destination. Contracts for transportation were concluded with freight forwarders, who involved the owners (operators) of wagons.

For small boiler houses located in rural areas, Ekibastuz coal is a passport (standard) fuel. Shipment of municipal coal, based on the results of exchange transactions, was carried out both by rail and road.

Volume of coal sales to consumers, million tons

Scope	2023	2024	2025
"AlES" JSC	3.16	3.21	2.92
Karaganda Energy Center LLP	2.56	2.57	2.19
Astana-Energy JSC	3.65	3.63	3.66
"Pavlodarenergo" JSC CHPP-2, 3	2.90	3.07	3.02
Stepnogorsk CHPP LLP	0.71	0.70	0.81
EGRES-1 LLP	13.39	13.28	14.79
EGRES-2 Station JSC	3.59	3.65	3.60
Nova Novatis Ltd. Kar GRES-1 (Bassel Group LLS LLP)	0.46	0.33	0.13
SevKazEnergo JSC	2.11	2.17	2.33
Energy Solutions Center LLP (Ekibastuzteploenergo LLP)	0.45	0.54	0.50
GKP on the REM "Koksh. Zhylu"	0.36	0.32	0.33
Kombyt	0.17	0.16	0.12
Total to the domestic market of the Republic of Kazakhstan	32.72	33.68	34.40
Reftinskaya GRES	9.77	9.31	9.92
JSC TGC-11 Omsk CHPP-5	0	0	0.03
Total for export to the Russian Federation	9.77	9.31	9.95

Tariff policy

The operating activities of the Group's subsidiaries and joint ventures operating in the field of natural monopolies, competitive and socially significant markets are regulated by the legislation of the Republic of Kazakhstan, including the laws "On the Electric Power Industry", "On Natural Monopolies", "On Support for the Use of Renewable Energy Sources" and the Entrepreneurial Code of the Republic of Kazakhstan. Tariff regulation is carried out by the Committee for Regulation of Natural Monopolies and Protection of Competition of the Ministry of National Economy of the Republic of Kazakhstan or the Ministry of Energy of the Republic of Kazakhstan, depending on the type of activity.

In 2020, a methodology for determining the fixed profit taken into account when setting marginal tariffs for electricity and balancing was approved, with subsequent changes in 2021. As part of the implementation of the Concept for the Development of the Fuel and Energy Complex of Kazakhstan until 2030, a capacity market was introduced in 2019, which provides financing for investment projects of energy-producing organisations through marginal tariffs for capacity and electricity.

From 1 July 2023, the Single Electricity Buyer model was introduced in the Republic of Kazakhstan and a real-time balancing market was launched, providing for the centralised purchase of the entire volume of electricity.

Tariffs for the transmission and distribution of electricity, production of thermal energy and energy supply are regulated by the Committee in accordance with the current legislation.

Tariff decisions largely depend on social and government policies, the impact of which is a significant factor in the Group's operating activities.

Weighted average tariffs for electricity production

Name of subsidiaries and affiliates	2023 Fact²	2024 Fact³	2025 Fact⁴
Ekibastuz GRES-1 LLP	8.00	9.18	10.49
electricity tariff, KZT/kWh	7.59	8.12	9.17
tariff of the Republic of Kazakhstan	7.59	8.12	9.17
capacity tariff, thousand KZT/MW*month	590	1,049	1,165
Ekibastuz GRES-2 Station JSC	11.46	13.65	16.25
export tariff, KZT/kWh	13.76	-	-
electricity tariff, KZT/kWh.	10.27	11.76	14.01
capacity tariff, thousand KZT/MW*month	590	1,020	1,160
Almaty Electric Stations JSC	15.52	20.38	23.13
electricity tariff, KZT/kWh	13.79	17.82	20.60
weighted average capacity tariff, thousand KZT/MW*month	809	1,180	1,165
capacity tariff, thousand KZT/MW*month	590	1,062	1,165
individual tariff for capacity, thousand KZT/MW*month	3,139	2,479	-
Moynak HPP JSC	23.51	21.59	24.35
electricity tariff, KZT/kWh	13.65	14.08	15.73
capacity tariff, thousand KZT/MW*month	2,564	2,564	2,564
Shardarinsk HPP JSC	16.33	14.69	16.26
electricity tariff, KZT/kWh	11.17	9.84	9.79
capacity tariff, thousand KZT/MW*month	3,868	3,868	3,868
Ust-Kamenogorsk HPP LLP	-	5.79	7.01
electricity tariff, KZT/kWh	-	3.57	4.49
capacity tariff, thousand KZT/MW*month	-	1,060	1,160
Shulbinsk HPP LLP	-	8.15	9.93
electricity tariff, KZT/kWh	-	4.55	5.69
capacity tariff, thousand KZT/MW*month	-	1,060	1,160
Samruk-Green Energy LLP, KZT/kWh	23.54	27.63	32.25
First Wind Power Plant LLP	43.36	48.47	52.49
Energia Semirechyа LLP 25% share	24.65	28.17	30.99

Weighted average price, KZT/ton

Name	2022 fact	2023 Fact	2024 Fact	2025 Fact	2026 forecast
Bogatyr Komir LLP	2,669	3,084	3,215	4,326	4,792

The selling price of coal of Bogatyr Komir LLP is approved independently by the price list for consumers of the Republic of Kazakhstan for 3 groups of consumers (energy at the KTZ junction station, energy at the coal assembly station, utilities).

By the Order of the Minister of Energy of the Republic of Kazakhstan dated 19.11.2024 No. 407, the maximum tariffs for the service of maintaining the availability of electric power are set at the level of 1,065 thousand KZT/MW * month, in 2025 – 1,170 thousand KZT / MW * month (Order of the Acting Minister of Energy of the Republic of Kazakhstan dated 22 October 2025 No. 401-n/k).

In connection with the completion of the previously established seven-year period of validity of EPO marginal tariffs in accordance with paragraphs 8 and 11 of the Rules for Approval of the Marginal Tariff for Electricity, approved by Order No. 147 of the Minister of Energy of the Republic of Kazakhstan dated 27 January 2025, a new application was submitted on 1 September 2025 for approval of the maximum tariff for electricity for the next seven-year period.

At the same time, taking into account the current instruction to ensure macroeconomic stability and in the context of the moratorium on price increases, the Ministry of Energy of the Republic of Kazakhstan postponed consideration of the issue of approving new marginal tariffs until the first quarter of 2026.

Thus, during 2025, the following marginal tariffs for electricity (KZT/kWh) were in effect for EPO.

Name of EPO	Approved tariff from 01.11.2024 to 31.01.2025	Approved tariff from 01.02.2025 to 31.03.2026	Off, %
1	2	3	4=3/2
Ekibastuz GRES-1 LLP	8.27	9.5	15%
Ekibastuz GRES-2 Station JSC	13.17	15.67	19%
Almaty Electric Stations JSC	17.82	20.93	17%
Shulbinsk HPP LLP	4.14	5.04	22%
Ust-Kamenogorsk HPP LLP	3.44	4.29	25%
Shardarinsk HPP JSC	9.82	9.82	0%
Moynak HPP JSC	12.77	12.77	0%

Since 2020, together with the Ministry of Energy of the Republic of Kazakhstan, work has been underway to approve investment tariffs for power plants implementing large-scale investment projects of Moynak HPP JSC, Shardarinsk HPP JSC and Ekibastuz GRES-1 LLP.

Parameters of concluded investment agreements, thousand KZT/MW*month

Name of EPO	Volume	Individual tariff (excluding VAT)	Period
Moynak HPP JSC	298 MW	2,563.67	2020–2026
Shardarinsk HPP JSC	61 MW	3,867, 99	2020–2028
Ekibastuz GRES-1 LLP	476.6 MW	1,199.00	2025–2031

In the reporting period, key investment initiatives were implemented as part of the modernisation of the Group's generating capacities.

On 28 December 2021, Ekibastuz GRES-1 LLP entered into an Investment Agreement with the Ministry of Energy of the Republic of Kazakhstan for the modernisation, reconstruction, expansion and renovation of the project for the restoration of power unit No. 1 with the establishment of a tariff in the amount of 1,199 thousand KZT / MW * month. for the period 2025-2031 based on the volume of service of 476.6 MW.

On 24 September 2024, Ekibastuz GRES-2 Station JSC entered into an investment agreement with the Ministry of Energy of the Republic of Kazakhstan on the project for the restoration of power unit No. 3 The agreement provides for the establishment of an average capacity tariff for a period of 10 years in the amount of 29,037 thousand KZT/MWmonth for the period from the IV quarter of 2028 to the III quarter of 2038 with a service volume of 495 MW.

On 31 December 2024, Almaty Electric Stations JSC entered into an investment agreement with the Ministry of Energy of the Republic of Kazakhstan on the project for the modernisation and reconstruction of CHPP-2 using gas as an alternative fuel. The average capacity tariff is set for 12 years in the amount of 11,012 thousand KZT/MWmonth for the period 2027-2038 with a service volume of 535 MW.

In 2025–2026, applications were submitted for the establishment of individual tariffs for the implementation of projects for the construction of power unit No. 4 of Ekibastuz GRES-2 Station JSC and power unit No. 3 of Ekibastuz GRES-1 LLP with the submission of relevant materials to the Market Council for consideration and approval.

Tariffs for heat production, KZT/Gcal

Name	2023 Fact	2024 Fact	2025 Fact	2026 forecast
Almaty Electric Stations JSC	4,215	5,195	5,539	6,412
Ekibastuz GRES-2 Station JSC	874	902	925	953
Ekibastuz GRES-1 LLP	189	183	195	204
Energy Solutions Center LLP (Ekibastuz CHP)	-	6,018	6,778	7,702

As a natural monopoly entity, Almaty Electric Stations JSC operates under the state tariff regulation, which provides for the approval of long-term (5 or more years) marginal tariffs for thermal energy, taking into account the investment component and annual indexation of costs. An increase in tariffs at the initiative of a natural monopoly entity is allowed no more than once a year, while the risks of freezing tariffs against the background of rising costs remain.

In view of the high social importance of heat prices, the authorised body implements a policy of restraining the growth of tariffs, which puts pressure on financial results and leads to unprofitability of heat production.

In 2025, the tariffs of “AlES” JSC for thermal energy were adjusted taking into account changes in sales volumes, the completion of obligations under investment projects, rising fuel prices and wages.

from 01.01.2025 – 5,394.18 KZT/Gcal (a decrease of 0.3% by 2024)
from 01.09.2025 – 5,241.05 KZT/Gcal (decrease by 2.84%)
from 05.09.2025 – 5,740.81 KZT/Gcal (an increase of 9.5%)
the average annual tariff in 2025 is 5,529.07 KZT/Gcal
from 01.01.2026 – 6,095.31 KZT/Gcal (an increase of 6.2%).

In 2026, the Company plans to continue cooperation with DCREM in order to ensure break-even operations in the heat supply segment.

Tariffs for electricity transmission services, KZT/kWh

Name	2023 Fact	2024 Fact	2025 Fact	2026 forecast
JSC "Alatau Zharyk Company"	7.68	9.95	12.83	14.31

By the joint orders of the DKREM for the city of Almaty and the Almaty region dated 25 July 2025, amendments were made to the previously approved maximum tariff levels and the tariff estimate of Alatau Zharyk Company JSC for the transmission of electricity for 2021-2025.

Adjustments for 2025 were made in accordance with paragraph 1 of Article 22 of the Law of the Republic of Kazakhstan "On Natural Monopolies".

changes in the approved investment programme in connection with the implementation of state programmes and (or) national projects, as well as documents of the state planning system approved by the authorised body
increase in the volume of regulated services provided by Alatau Zharyk Company JSC.

Taking into account the changes made, the maximum tariff levels of Alatau Zharyk Company JSC for the regulated electricity transmission service for 2025 were approved in the following amounts

from 1 January 2025 – 10.6 KZT/kWh excluding VAT
from 1 April 2025 – 12.96 KZT/kWh without VAT
from 1 August 2025 – 14.25 KZT/kWh excluding VAT.

Based on the results of consideration of the reports of Alatau Zharyk Company JSC on the implementation of the tariff estimate and investment programme for 2024, the authorised body established a temporary compensatory tariff due to the non-fulfillment of certain cost items of the tariff estimate and measures of the investment programme by more than 5%.

The corresponding decision was approved by joint orders of the DCREM for Almaty and Almaty region in August 2025 and put into effect for the period from 1 October to 31 December 2025. The tariff for the electricity transmission service was set at 13.99 KZT/kWh excluding VAT, which led to its decrease by 0.26 KZT/kWh (2%).

At the end of 2025, the average tariff for electricity transmission services amounted to 12.83 KZT/kWh excluding VAT.

Tariffs for the sale of electricity by ESP, KZT/kWh

Name	2023 Fact	2024 Fact	2025 Fact	2026 forecast
Branch of JSC "Alatau Zharyk Company" JSC - Energosbyt	23.64	28.03	30.97	35.57

Due to changes in the legislation of the Republic of Kazakhstan in the field of electric power, from 1 January 2025, AlmatyEnergoSbyt LLP ceased to operate as an energy supply organisation and was reorganised by merging with Alatau Zharyk Company JSC. The previously approved transitional tariffs of the Energosbyt branch are applied by Alatau Zharyk Company JSC from the specified date.

In 2025, the tariff for the purchase of electricity from the Single Purchaser was maintained at the level of 13.00 KZT/kWh. In the period from January to July 2025, a maximum price of 29.04 KZT/kWh was in effect for consumers in Almaty and Almaty region.

From 15 July 2025, DCREM approved a new marginal price of 31.85 KZT/kWh (an increase of 9.7%), and from 1 October 2025 - 34.31 KZT/kWh (an additional increase of 7.7%).

In order to curb inflation, from 1 September 2025, DCREM revised tariffs for the population downward by 12%.

Differentiation of tariffs and measures of social support for consumers

In order to provide social support to household consumers and stimulate rational consumption of electricity, tariffs are differentiated depending on the volume of consumption. For the population of Almaty and Almaty region, the tariff of the first group is set below the cost by 18%, and the tariff of the first level is set by 26%.

The introduction of a three-tier tariff system contributes to energy saving while ensuring social protection of the population. Electricity consumption rates are established taking into account the type of use (with and without electric stoves), social status (pensioners, disabled people, participants in the Great Patriotic War), the presence of more than one residential unit and regional features.

Support for manufacturers of socially significant food products

Within the framework of the Roadmap of the Government of the Republic of Kazakhstan to stabilise prices for socially significant food products, a separate group of consumers has been identified - enterprises producing socially significant food products. Electricity tariffs have been fixed for them in order to curb the rise in prices in the domestic market. The measure covers greenhouses, flour mills and bakeries, livestock and poultry complexes, as well as dairy farms.

Reliability of power supply

At the end of 2025, the indicators of the reliability of power supply were

SAIFI -2.55;
SAIDI -3.06.

These indicators indicate the stable and reliable operation of electric grids in the reporting period.

Overview of the electricity and coal market in Kazakhstan

Kazakhstan Electricity and Capacity Market

Electricity balance

Electricity production in the Republic of Kazakhstan

Electricity consumption in the Republic of Kazakhstan

Unified Electric Power System of the Republic of Kazakhstan

Electricity production, billion kWh

Kazakhstan

Northern Zone

Southern zone

Western Zone

Share of manufacturers in the electricity market in 2025, %

Electricity producers in the Republic of Kazakhstan

Electricity production volumes in Kazakhstan, billion kWh

Key competitive advantages of "Samruk-Energy" JSC in the electricity market of the Republic of Kazakhstan in 2025 include

Volume of electricity generation at thermal power plants, thermal power plants, million kWh

Volumes of electricity generation at hydroelectric power plants, wind farms, solar power plants, million kWh

Forecast for the future period

Heat supply

Dynamics of changes in heat production volumes, thousand Gcal

Forecast for the future period

Electricity transmission

Electricity transmission volumes (million kWh) and losses in networks (%)

Forecast for the future period

Reduction of technological losses in networks

Electricity sales

Development of renewable energy sources in the Republic of Kazakhstan

Electricity generation by renewable energy facilities of "Samruk-Energy" JSC, million kWh

Volumes of electricity generation at hydroelectric power plants, wind farms, solar power plants, million kWh

Capacity Market

Coal market of Kazakhstan

Coal production, million tons

Scheme of coal sales in the Republic of Kazakhstan

Coal sales by Bogatyr Komir LLP

Forecast for the future period

Volume of coal sales to consumers, million tons

Tariff policy

Weighted average tariffs for electricity production

Weighted average price, KZT/ton

Parameters of concluded investment agreements, thousand KZT/MW*month

Tariffs for heat production, KZT/Gcal

Tariffs for electricity transmission services, KZT/kWh

Tariffs for the sale of electricity by ESP, KZT/kWh

Differentiation of tariffs and measures of social support for consumers

Support for manufacturers of socially significant food products

Reliability of power supply

Overview of the electricity  and coal market in Kazakhstan