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 "slug": "central-asian-electric-power-corporation",
 "title": "Central Asian Electric Power Corporation",
 "updated": "2026-10-25",
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 "excerpt": "Central Asian Electric Power Corporation, known as CAEPCO JSC, is a private Kazakh energy holding founded in 2008 that generates and sells electricity and heat in northern Kazakhstan.",
 "snippet": "Central Asian Electric Power Corporation, known as CAEPCO JSC, is a private Kazakh energy holding founded in 2008 that generates and sells electricity and heat in northern Kazakhstan.",
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 "markdown": "# Central Asian Electric Power Corporation\n\n**Central Asian Electric Power Corporation** (Kazakh/Russian: АО «Центрально-Азиатская электроэнергетическая корпорация», ЦАЭК), known as CAEPCO JSC, is a vertically integrated private energy holding in [Kazakhstan](https://www.edgepedia.org/kazakhstan) that generates, transmits, distributes, and sells electricity and heat in the northern regions of the country. It was founded on August 8, 2008, and serves more than two million residents.<sup>[1](https://caepco.kz/en/aboutus/about-corporation.html)</sup>\n\n| Key fact | Detail |\n|---|---|\n| Founded | August 8, 2008; share issue registered October 10, 2008<sup>[1](https://caepco.kz/en/aboutus/about-corporation.html)</sup><sup> • </sup><sup>[2](https://caepcoar.kz/index_en.html)</sup> |\n| Installed electric capacity | 1,306 MW per the company's current website; 1,318 MW in the 2023 annual report, in both cases a leading figure among private generating companies in Kazakhstan<sup>[1](https://caepco.kz/en/aboutus/about-corporation.html)</sup><sup> • </sup><sup>[2](https://caepcoar.kz/index_en.html)</sup> |\n| Heat capacity and networks | 2,199 Gcal/h installed heat capacity and over 48.2 thousand km of power lines (current site); the 2023 report gives 2,949 Gcal/h and 987.01 km of heat networks<sup>[1](https://caepco.kz/en/aboutus/about-corporation.html)</sup><sup> • </sup><sup>[2](https://caepcoar.kz/index_en.html)</sup> |\n| Customers | More than 2 million residents, over 12% of Kazakhstan's population counting the household coefficient<sup>[1](https://caepco.kz/en/aboutus/about-corporation.html)</sup><sup> • </sup><sup>[3](https://caepco.kz/en/aboutus/klyuchevyie-pokazateli.html)</sup> |\n| Ownership (31.12.2025) | Sergey Kan 47.1%, Alexander Klebanov 47.1%, KIF ENERGY S.A.R.L. 4.02%, Central-Asian Power Energy Company JSC 1.78%<sup>[1](https://caepco.kz/en/aboutus/about-corporation.html)</sup> |\n| Main subsidiaries | PAVLODARENERGO JSC, SEVKAZENERGO JSC, Akmola Electric Distribution Company JSC, CAPEC Green Energy LLP<sup>[1](https://caepco.kz/en/aboutus/about-corporation.html)</sup><sup> • </sup><sup>[4](https://caepco.kz/assets/files/ar_eng.pdf)</sup> |\n| 2023 output | 6,710.30 million kWh of electricity; 5,200.15 thousand Gcal of heat<sup>[2](https://caepcoar.kz/index_en.html)</sup> |\n\n## Structure and operations\n\nCAEPCO was established in 2008 by Central-Asian Power Energy Company JSC (CAPEC) as a holding combining the energy assets of PAVLODARENERGO JSC, SEVKAZENERGO JSC, and Astanaenergosbyt LLP.<sup>[2](https://caepcoar.kz/index_en.html)</sup> The group's business model rests on vertical integration: its regional companies own generation, transmission, distribution, and sales of both electricity and heat, which the company presents as a way to stabilize the business and diversify risk.<sup>[2](https://caepcoar.kz/index_en.html)</sup>\n\n**PAVLODARENERGO JSC** operates in Pavlodar city, Ekibastuz, and Pavlodar region. Its plants include Pavlodar CHP-3, the group's largest generating asset with 555 MW of installed electric capacity and 1,154 Gcal/h of heat capacity, Pavlodar CHP-2 with 110 MW, and Ekibastuz CHP with 12 MW.<sup>[2](https://caepcoar.kz/index_en.html)</sup> **SEVKAZENERGO JSC** serves [North Kazakhstan](https://www.edgepedia.org/north-kazakhstan) region from Petropavlovsk CHP-2, which the 2023 report lists with 541 MW and 713 Gcal/h; the subsidiary's own site gives 359.5 MW and 802.8 Gcal/hour for the plant and states that its coal comes from the Ekibastuz basin.<sup>[2](https://caepcoar.kz/index_en.html)</sup><sup> • </sup><sup>[5](https://www.sevkazenergo.kz/en/o-kompanii.html)</sup> [Electricity](https://www.edgepedia.org/electricity) produced by SEVKAZENERGO is delivered to the north, center, east, and south of Kazakhstan and beyond its borders.<sup>[5](https://www.sevkazenergo.kz/en/o-kompanii.html)</sup> In Akmola region the corporation controls Akmola Electric Distribution Company JSC, which transmits power over 110-35-10/6-0.4 kV networks across 14 districts and part of Astana.<sup>[6](https://caepco.kz/subsidiaries/arek)</sup>\n\nThe group employed 9,367 people at the end of 2023, of whom 4,695 worked in the PAVLODARENERGO group, 2,528 in the AEDC group, and 2,144 in the SEVKAZENERGO group.<sup>[2](https://caepcoar.kz/index_en.html)</sup>\n\n## Ownership and financing history\n\n[International development](https://www.edgepedia.org/international-development) institutions entered the company's equity early in its history. In 2009 the [European Bank for Reconstruction and Development](https://www.edgepedia.org/european-bank-for-reconstruction-and-development) bought a 24.99% stake, and in 2011 Kaz Holdings Cooperatief U.A. purchased 12.89% of outstanding shares on behalf of an Islamic infrastructure fund combining the [Asian Development Bank](https://www.edgepedia.org/asian-development-bank) and the Islamic Development Bank.<sup>[7](https://caepco.kz/assets/files/go_caepco_2014_en.pdf)</sup> In 2014 CAEPCO became the sole shareholder of Akmola Electricity Distribution Company, first receiving 51.59% of its shares in July and buying the remaining 48.41% in November; at that point CAPEC held 64.62% of CAEPCO and the EBRD 24.16%.<sup>[7](https://caepco.kz/assets/files/go_caepco_2014_en.pdf)</sup>\n\nThe current share register (as of December 31, 2025) shows the businessmen Sergey Kan and Alexander Klebanov holding 47.1% each, with KIF ENERGY S.A.R.L. at 4.02% and CAPEC JSC at 1.78%.<sup>[1](https://caepco.kz/en/aboutus/about-corporation.html)</sup> Forbes Kazakhstan has described the company as controlled by the two co-owners, who rank among Kazakhstan's wealthiest business figures.<sup>[8](https://forbes.kz/ranking/object/1080)</sup>\n\n## Credit ratings\n\n[Fitch Ratings](https://www.edgepedia.org/fitch-ratings) has rated the corporation and its two 100% subsidiaries since the early 2010s. In July 2016 Fitch downgraded CAEPCO's long-term foreign currency issuer default rating to 'B+' from 'BB-', citing the expectation that leverage would stay above 3x and interest coverage below 4.5x through 2016-2019 after the sharp tenge devaluation of 2015; 54% of the company's debt at mid-2016 was in US dollars while all revenue was in local currency.<sup>[9](https://kase.kz/en/information/news/show/1303475/)</sup> Fitch affirmed 'B+' in 2017 and 2018, then assigned 'B-' with a stable outlook in March 2019.<sup>[10](https://caepco.kz/investors/ratings)</sup> The same 2016 analysis noted that electricity and heat generation accounted for about 96% of EBITDA in 2015 and that CAEPCO produced 7.2% of Kazakhstan's electricity that year.<sup>[9](https://kase.kz/en/information/news/show/1303475/)</sup>\n\n## Renewable energy\n\nSince 2020 the group has included CAPEC Green Energy LLP, which built the Astana EXPO-2017 wind power plant in the Arshaly district of Akmola region, about 30 km from Astana. The plant has 29 Vestas wind turbines rated at 3.45 MW each, for a total of 100 MW, and was commissioned in two stages: the first 50 MW complex on August 26, 2019, and the second on November 26, 2020.<sup>[11](https://caepco.kz/assets/files/go/final_go-2021_angl-versiya.pdf)</sup><sup> • </sup><sup>[12](https://tengrinews.kz/kazakhstan_news/vtoruyu-ochered-vetrovoy-elektrostantsii-astana-expo-2017-423412/)</sup> The company describes it as the largest wind power plant in Kazakhstan, generating about 300 million kWh per year.<sup>[4](https://caepco.kz/assets/files/ar_eng.pdf)</sup> In 2021 the farm produced 350.636 million kWh (SCADA measurement) against 202.410 million kWh in 2020.<sup>[11](https://caepco.kz/assets/files/go/final_go-2021_angl-versiya.pdf)</sup>\n\n## Environmental record\n\nThe corporation's thermal plants burn Ekibastuz coal and fuel oil. According to the company's environmental reporting, gross emissions of pollutants from group generation facilities fell 46.4% between 2009 and 2024, from 110.4 thousand tons to 59.2 thousand tons, driven by flue-gas ash cleaning emulsifiers, primary nitrogen oxide suppression, energy-saving measures, and equipment reconstruction.<sup>[13](https://caepco.kz/sustainability/environment)</sup> Its emissions table shows total pollutant emissions of 104.4 thousand tons in 2009 and 61.2 thousand tons in 2024 on coal consumption of 5.51 million tons.<sup>[13](https://caepco.kz/sustainability/environment)</sup> Reported CO₂ emissions were 8.5 million tons in 2024, with an intensity of 0.673 t/MWh.<sup>[14](https://caepco.kz/sustainability/climate)</sup> Under the National Carbon Quota Plan for 2023, the corporation purchased additional CO₂ quotas in 2024 for 71,329 million tenge.<sup>[15](https://caepco.kz/assets/files/go/caepco_annual_report_eng_2024_15_10_25.pdf)</sup>\n\n## Incidents and modernization\n\nIn March 2022 a chimney partially collapsed at Petropavlovsk CHP-2; one female employee died, and the case was closed two years later without identifying those responsible.<sup>[16](https://fbrk.kz/en-gb/articles/accident-occurred-petropavlovsk-thermal-power-plant)</sup> On January 15, 2025, a local failure in the feedwater system near the deaerator shut down the station's main equipment; the company reported that heat supply to the city was not affected.<sup>[16](https://fbrk.kz/en-gb/articles/accident-occurred-petropavlovsk-thermal-power-plant)</sup> In 2023 the group carried out what its management called an unprecedented repair campaign at Ekibastuz CHP, overhauling 8 boiler units in a single season, and built new smokestacks at Pavlodar CHP-3 and Petropavlovsk CHP-2.<sup>[2](https://caepcoar.kz/index_en.html)</sup>\n\n## Market position\n\nForbes Kazakhstan ranked CAEPCO 13th among the 75 largest private companies of Kazakhstan in its December 2025 list, up from 17th a year earlier, with 2024 revenue of 291.72 billion tenge, up 52.3% from 191.6 billion tenge in 2023, and net profit of 17.42 billion tenge.<sup>[8](https://forbes.kz/ranking/object/1080)</sup> The company's annual reports for 2020, 2023, and 2024 were recognized by the [Kazakhstan Stock Exchange](https://www.edgepedia.org/kazakhstan-stock-exchange) as the best among real-sector companies.<sup>[1](https://caepco.kz/en/aboutus/about-corporation.html)</sup>\n\n## References\n\n1. [About Corporation, CAEPCO JSC](https://caepco.kz/en/aboutus/about-corporation.html)\n2. [CAEPCO JSC 2023 Annual Report](https://caepcoar.kz/index_en.html)\n3. [Key Indicators, CAEPCO JSC](https://caepco.kz/en/aboutus/klyuchevyie-pokazateli.html)\n4. [CAEPCO Annual Report (2022), Key Information](https://caepco.kz/assets/files/ar_eng.pdf)\n5. [About Company, SEVKAZENERGO JSC](https://www.sevkazenergo.kz/en/o-kompanii.html)\n6. [АО «АРЭК», CAEPCO subsidiaries page](https://caepco.kz/subsidiaries/arek)\n7. [CAEPCO Company Overview, Annual Report 2014](https://caepco.kz/assets/files/go_caepco_2014_en.pdf)\n8. [АО «Центрально-Азиатская Электроэнергетическая Корпорация», Forbes Kazakhstan ranking](https://forbes.kz/ranking/object/1080)\n9. [Fitch downgrades Central-Asian Electric-Power Corporation's ratings, KASE](https://kase.kz/en/information/news/show/1303475/)\n10. [Рейтинги, CAEPCO](https://caepco.kz/investors/ratings)\n11. [CAEPCO Annual Report 2021, Astana EXPO-2017 Wind Farm section](https://caepco.kz/assets/files/go/final_go-2021_angl-versiya.pdf)\n12. [Вторую очередь ветровой электростанции «Астана EXPO-2017» ввели в эксплуатацию, Tengrinews](https://tengrinews.kz/kazakhstan_news/vtoruyu-ochered-vetrovoy-elektrostantsii-astana-expo-2017-423412/)\n13. [Охрана окружающей среды, CAEPCO](https://caepco.kz/sustainability/environment)\n14. [Изменение климата, CAEPCO](https://caepco.kz/sustainability/climate)\n15. [CAEPCO 2024 Annual Sustainability Report](https://caepco.kz/assets/files/go/caepco_annual_report_eng_2024_15_10_25.pdf)\n16. [Accident at Petropavlovskaya CHP-2, ФБРК](https://fbrk.kz/en-gb/articles/accident-occurred-petropavlovsk-thermal-power-plant)\n\n---\n*Topic: Encyclopedia › Technology and the built world › Energy technology › Grids and transmission › Utilities, outages, and country sectors › Generation companies and power producers › Central Asian and other state power producers*\n\n*Initially written Oct 15, 2026 · Edited: Oct 25, 2026*\n\n*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*\n\nLicense: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license\n",
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 "credit": "\"Central Asian Electric Power Corporation\", Edgepedia (EdgeChat), https://www.edgepedia.org/central-asian-electric-power-corporation. Edgepedia Community License 1.0.",
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 "speakable": "Central Asian Electric Power Corporation, known as CAEPCO JSC, is a private Kazakh energy holding founded in 2008 that generates and sells electricity and heat in northern Kazakhstan."
}