Hydroelectric power producer RusHydro has almost halved its 2011 production growth target.

The move comes despite the Russian company making a first half net profit of $828m, up 26 per cent and beating analysts’ predictions of a rise of about 11.8 per cent.

The company told its investors yesterday that electricity production would now grow 7–8 per cent this year, down from its earlier target of 11–15 per cent.

RusHydro is 58 per cent controlled by the Russian government but Moscow has announced an intention to cut this share to 50 per cent plus one share next year.

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