Energy
Ensuring energy security
Samruk-Energy JSC is the largest multi-profile energy holding of the Republic of Kazakhstan, successfully integrated into the international energy balance, creating value for its shareholders and aimed at forming a highly efficient energy supply system, implementing a long-term state policy on modernisation of existing and commissioning of new generating capacities in order to ensure sustainable development of all sectors of the country. Samruk-Energy's share of Kazakhstan's installed capacity is 31.1%, and 39% of coal production.
Installed capacity
7,885 MW
Key performance results 2025
| Indicator | 2024 | 2025 |
|---|---|---|
| Production indicators: | ||
| Electricity generation volumes, million kWh | 39,772 | 40,436 |
| Capacity sales volumes, MW | 3,594 | 3,836 |
| Heat production volumes, million Gcal | 6.7 | 7.2 |
| Electricity transmission volumes, million kWh | 9,259 | 9,947 |
| Coal sales, million tonnes | 33.7 | 44.4 |
| Financial indicators, KZT billion: | ||
| Revenue | 573.5 | 752.8 |
| Dividends | 24.8 | 20.6 |
| Net profit | 112.5 | 154.8 |
| Operating profit | 173.0 | 225.8 |
| Net debt | 278.1 | 495.7 |
| Amount of taxes paid | 81.4 | 102.6 |
| Sustainable development indicators: | ||
| Greenhouse gas emissions, thousand tonnes CO2-eq | 32,699 | 35,065 |
| Accidents (injured) | 12 (31) | 6 (7) |
| Including fatal accidents (fatalities) | 3 (3) | 3 (3) |
In 2025, the total electricity generation of Samruk-Energy JSC Group of companies amounted to 40,436 million kWh, increasing by 1.7% compared to 2024, reflecting stable operating performance and a high level of capacity utilisation.
The growth of generation and financial performance made it possible to expand the scope of maintenance for both core and auxiliary equipment, thereby enhancing the reliability of power supply.
During the reporting year, the maintenance campaign was completed in full, ensuring the stable operation of the power system and the successful completion of the 2025–2026 heating season.
Construction of new generation facilities
To ensure long-term energy sustainability and meet growing electricity demand, it is planned to expand generating capacity by 11.4 GW by 2035, including 4.9 GW within the next three years.
In 2025, Samruk-Energy JSC continued implementing key projects across all generation segments.
Gas-fired generation
During the reporting year, the following activities were carried out under the projects.
Gasification of Almaty CHPP-2:
- installation of generators and turbines for the first and second sets of Siemens Energy gas turbine unit (GTU) was completed;
- the design and estimate documentation (DED) received a positive conclusion from the State Expertise (RSE "Gosexpertiza"), after which the project was supported by financing from the EBRD and ADB totalling KZT 50.3 billion.
Gasification of Almaty CHPP-3:
- two turbine and generator sets from Ansaldo Energia were delivered to the site;
- the development of design and estimate documentation was completed and submitted to the State Expertise portal for external comprehensive review.
The completion of construction at CHPP-2 and CHPP-3 is planned for 2026.
In addition, in 2025, an agreement was signed with UCC for the construction of a 1,100 MW combined cycle power plant in the Kyzylorda region. Construction and installation works are expected to commence in 2026.
Coal-fired power plants
In 2025, the implementation of projects for the modernisation and expansion of coal-fired generation continued.
Expansion and reconstruction of Ekibastuz GRES-2 (Units №3 and №4)
The project received a positive conclusion from the State Expertise RSE “Gosexpertiza” for the feasibility study. In May 2025, an EPC contract was signed, enabling transition to the active implementation phase. Preparatory work has been commenced at the site, and contracts for the supply of main power equipment have been concluded. The commissioning dates for the power units are set for 2028 and 2030 and are stipulated in the EPC contract.
Construction of three CHPPs in Kokshetau, Semey and Ust-Kamenogorsk
Based on the developed preliminary feasibility studies, agreements were concluded with the Ministry of Energy of the Republic of Kazakhstan.
Hydropower plants
In partnership with Qatari investor Nebras Power, a project is being implemented for the construction of Semey HPP with a capacity of 300 MW. The plant is designed to act as a counter-regulator for AES Shulbinsk HPP LLP, improving its operational flexibility and manoeuvrability. The project envisages the creation of a new reservoir on the Irtysh River. The preliminary feasibility study has been completed.
The construction of the second phase of the AES Shulbinsk HPP LLP project involves enlarging the dam of the existing plant and increasing installed capacity from 702 to 1,050 MW. A resolution has been adopted to procure services for the development of feasibility study of the second phase of AES Shulbinsk HPP LLP from the consortium of Hydroproject Institute JSC and Kazakh Research Institute of Water Management LLP.
Furthermore, during the Power Central Asia+China Energy Forum, a Cooperation Agreement was signed with China International Water and Power Corporation for the construction of Kazakhstan’s first pumped storage power plant (PSPP). A Cooperation Agreement and a Joint Project Development Agreement were also signed with CSPGI.
Renewable Energy Projects
Large-scale projects are ongoing in partnership with Total Eren, Masdar, Energy China, CNPC, and CPIH.
To achieve the goals of decarbonisation of the country's economy, Samruk-Energy implements large-scale RES projects in partnership with international leaders within the framework of concluded Intergovernmental Agreements. Currently, projects for the construction of wind power plants are being implemented:
in the Zhambyl region, jointly with TotalEnergies Renewables S.A.S. (France) and Masdar (UAE);
- in the Pavlodar region, in partnership with China Power International Holding Ltd;
- in the Karaganda region, jointly with Energy China.
- As part of the project the construction of a 300 MW solar power plant with energy storage in the Turkestan region, implemented jointly with Energy China, a commemorative capsule was laid on December 15, 2025, marking the official start of construction, and an EPC contract was signed.
In addition, wind energy projects are being designed, including:
in the Ulytau region - in cooperation with CNPC;
- in the Karaganda and Almaty regions - jointly with Power China.
- As a result, by 2030, it is planned to commission 4.7 GW of renewable energy facilities, including hydropower plants, making a significant contribution to the formation of a low-carbon energy mix of the country.
Bogatyr Komir
Bogatyr Komir LLP is a leading coal mining enterprise in the field of open-pit coal extraction. The company's total proven reserves are about 2.3 billion tonnes of coal.
Bogatyr Komir LLP accounts for 54% of coal production in the Ekibastuz basin and 38% of total coal production in Kazakhstan.
Samruk-Energy JSC is a reliable energy partner for the largest thermal power plants of Kazakhstan and Russia, including Reftinskaya GRES, and provides employment for more than 6.5 thousand employees.
In 2025, coal production totalled 45.3 million tonnes. Coal sales amounted to 44.4 million tonnes, including 34.4 million tonnes supplied to Kazakhstan’s enterprises, and 9.9 million tonnes exported to the Russian Federation.
Sustainable Development
Samruk-Energy JSC consistently integrates the principles of sustainable development into its operations and corporate governance. Key priorities include expanding the use of renewable energy sources, reducing emissions and improving environmental performance.
The Company approved the Roadmap for improvement of the sustainable development management system of Samruk-Energy JSC for 2025-2026. The document outlines a set of measures aimed at enhancing environmental and social performance, as well as improving corporate governance practices. These measures are based on the results of independent corporate governance assessments and ESG process evaluations conducted by leading international rating agencies.
In 2025, Samruk-Energy JSC strengthened its position in the field of sustainable development, receiving an ESG rating of "3" from the international agency Sustainable Fitch and improving its overall score from 52 to 57. The aspect scores (on a scale where 1 is the highest and 5 is the lowest) reflect the Company's progress: "Environment" - "2", "Social aspect" - "3", "Management" - "2". These ratings demonstrate achievements in the development of environmental policy, compliance with local and international social standards, and the effectiveness of the corporate governance system.
In addition, the Company received a CDP climate rating of “D” in both "Climate Change" and "Water Security", laying the foundation for further improvements in transparency and climate-related disclosures.
Plans for 2026
In 2026, the Company will continue implementing a number of major investment projects in cooperation with international partners, including the construction of wind and solar power plants.
As part of the implementation of projects to convert Almaty CHPPs to gas, construction works are planned for completion within the established timelines.
Under the project for the construction of power units №3 and №4 at Ekibastuz GRES-2, it is the company expects to receive a positive conclusion from the RSE “Gosexpertiza” for the design and estimate documentation, and to complete the installation of metal structures of the main building.
In parallel, works is planned on the development and implementation of CHPP construction projects in Semey and Ust-Kamenogorsk, as well as the commencement of preparatory construction and installation activities at several sites.
Additionally, in 2026, the Company will further expand cooperation with international partners and continue efforts to attract financing for renewable energy projects.
Kazakhstan Electricity Grid Operating Company (KEGOC) is a key organisation that manages Kazakhstan’s National Electric Grid and has the status of the System Operator of the country’s Unified Energy System, playing a central role in the management and regulation of the national electricity supply.
Electricity transmitted
18.39billionkWh
Key performance results 2025
| Indicator | 2024 | 2025 |
|---|---|---|
| Production indicators: | ||
| Volume of electricity transmission services, billion kWh | 18.96 | 18.39 |
| Volumes of services for the use of NPGs, billion kWh | 74.93 | 78.05 |
| Volume of technical dispatching services, billion kWh | 110.89 | 116.75 |
| Volume of balancing services, billion kWh | 210.3 | 228.30 |
| Financial indicators, KZT billion: | ||
| Revenue | 319.9 | 397.7 |
| Dividends | 44.5 | 44.6 |
| Net profit | 59.5 | 70.8 |
| Costs | 228.3 | 288.1 |
| Operating profit | 79.9 | 95.8 |
| Net debt | 62.1 | 73.2 |
| Amount of taxes paid to the budget of the Republic of Kazakhstan | 48.0 | 50.4 |
| Sustainable development indicators: | ||
| Greenhouse gas emissions, thousand tonnes CO2-eq (Scope 1 and Scope 2) | 2,366.7 | 2,390.8 |
| Accidents (injured) | 0 | 2 (4) |
| Including fatal accidents (fatalities) | 0 | 2 (4) |
In the reporting period, KEGOC JSC, as the system operator, continued to ensure efficient operation of the Unified Energy System of Kazakhstan and reliable power supply to consumers across the country. Electricity consumption in the Kazakhstan in 2025 amounted to 124.576 billion kWh, which is 3.8% higher than in 2024. The Company's net profit reached KZT 70.8 billion, exceeding the 2024 figure by KZT 11.3 billion, or 19%.
Investment activities
In 2025, KEGOC continued to implement significant projects such as: Project on strengthening the Power Grid of the southern zone of Kazakhstan’s Unified Power System. Construction of Power Grid Facilities, and Integration of the Power System of Western Kazakhstan with the UPS of Kazakhstan. Construction of power grid facilities.
The project to connect the Western Kazakhstan power system with the country’s Unified Energy System aims to construct a second 500 kV line from the Karabatan distribution point to the Ulke substation, spanning 604.3 km, to connect the Western zone with the main portion of the Unified Energy System of Kazakhstan.
The project to strengthen the power grid of the Southern zone of the Unified Energy System of Kazakhstan aims to improve the reliability of power supply to consumers in the Southern energy zone by strengthening the 500 kV power grids of the Zhambyl and Turkestan regions, including the construction of a 500 kV Shu-Zhambyl-Shymkent overhead line and the corresponding expansion of 3 electrical substations.
Construction and installation work for these projects are being carried out in accordance with the work schedule.
New technologies
During the reporting period, KEGOC JSC continued the modernisation of its SCADA/EMS system. In December 2025, work on the Introduction of a monitoring and control system based on synchrophasor technologies (WAMS) (Stage 2) project was completed: 59 controlled WAMS connections were connected (across 7 MES branches at 21 substations), improving data quality and the observability of modes.
A project to expand the WACS management system has been launched. These initiatives are aimed at improving efficiency of dispatch control, monitoring of stability reserves, assessing the UPS status of the Republic of Kazakhstan, as well as expanding the emergency management function.
In 2025, KEGOC continued to implement the pilot project Deployment of electricity storage systems in the UPS of Kazakhstan continued to study the impact of energy storage systems on the regulation of the UPS during the integration of renewables with China Power International Development Limited, China Power International Holding Limited and the Association of Renewable Energy of Kazakhstan. As part of the pilot project, it is planned to install an energy storage system with a capacity of 3.45 MW and a capacity of 7.72 MWh.
Sustainable Development
According to the independent assessment by S&P Global, KEGOC's ESG rating reached 62 points out of 100 in 2025, increasing by 7 points compared to 2024, and 11 points compared to 2023. This improvement reflects the consistent integration of ESG factors into the Company's strategy and operations, as well as advancement of corporate governance practices, social responsibility and transparency of information disclosure.
Plans for 2026
KEGOC JSC will continue implementing strategic initiatives aimed at ensuring the reliability, stability and technological modernisation of the National Power Grid.
In the near term, the Company will enter an active phase of the implementation of the investment programme, including the completion of the integration of the Western energy system with the Unified Electric Power System of Kazakhstan, strengthening of the grid infrastructure of the Southern zone, and the modernisation of power grid facilities in the regions using advanced technical solutions.
Priorities remain increasing grid capacity, implementing digital monitoring and control technologies, and enhancing the energy system's resilience to technological and market changes.
KEGOC will continue to support the development of new generating capacity, including conventional, flexible and low-carbon generation. Focus will be placed on ensuring grid readiness for a growing share of renewable energy sources.
The Company also intends to actively participate in improving the electricity market model, including the development of the regulatory framework and mechanisms for connecting wholesale market participants to the National Electric Grid.
In 2026, the key areas of work will include ensuring the financial stability of the investment programme, improving operational efficiency, and strengthening engagement with government authorities, investors and other stakeholders.