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PJSC RusHydro (HYDR)
PJSC RusHydro: RusHydro Group announces 4Q and FY2018 operating results
31-Jan-2019 / 15:29 CET/CEST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
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announcement.
RusHydro Group announces 4Q and FY2018 operating results
January 31, 2019. Moscow, Russia. PJSC RusHydro (ticker symbol: MICEX-RTS,
LSE: HYDR; OTCQX: RSHYY) announces operating results for the 4th quarter and
full year ended December 31, 2018, of the parent company and the
subsidiaries of RusHydro Group reflected in consolidated financial
statements.
Key highlights:
- Record production output (incl. Boguchanskaya HPP) of 144,225 GWh (+2.8%)
in 2018 on the back of higher inflows to reservoirs of the Volga-Kama
cascade in the first half of the year and to reservoirs in Siberia in the
second half of the year aided by production growth of RAO ES of East
following increase in consumption by 3.7% in the Far Eastern Federal
District as compared to 2017;
- Total installed electric capacity of RusHydro Group including
Boguchanskaya HPP - 39,362.8 MW (+326 MW), heat capacity - 18,923.4 Gcal
(+426.3 Gcal):
- Total electricity generation by power plants of RusHydro Group in 4Q 2018
amounted to 31,012 GWh (-4.2%);
- In 4Q 2018, total production by hydropower and pumped storage plants
amounted to 21,865 GWh (-5.4%), total output by thermal power plants - 9,030
GWh (-1.3%) and production of alternative renewable energy facilities - 117
GWh (+2.7 %);
? In 2018, total production by hydropower and pumped storage plants amounted
to 98,432 GWh (+2.6%), total output by thermal power plants - 31,752 GWh
(+3.9%) and production by alternative renewable energy facilities - 431 GWh
(-1.9%);
- In 4Q 2018, total water inflow to reservoirs of the Volga-Kama cascade,
HPPs of Siberia, South of Russia and the Far East of Russia was close to
normal or slightly above the norm;
- Total electricity generation by the Boguchanskaya hydropower plant in 4Q
2018 amounted to 3,324 GWh (+17.7%), 2018 amounted to 13,610 GWh (+2.4%)*;
- Total production of RAO ES East Subgroup's power plants in 2018 amounted
to 34,464 GWh (+5.0%), heat output by thermal power plants - 29,650 thousand
GCal (-0.9%);
- According to System Operator total electricity production and consumption
in Russia in 2018 increased by 1.7% and 1.6%, respectively;
? In 2018, water inflow to reservoirs of the HPPs on the Volga-Kama cascade,
in Siberia, in the Far East and in the south of Russia was at the normal
level or slightly above it;
- Water inflow to reservoirs, in Siberia in 1Q 2019 is expected to be above
the long-run average, to reservoirs of Volga-Kama cascade - close to or
slightly above the long-run average and to other reservoirs - close to the
long-run average.
Installed electric capacity of RusHydro Group, MW
Dec 31, 2018 Dec 31, 2017
Center of Russia HPPs /PSPPs 11,730.1 11,679.6
S. of Russia and N. Caucasus 2,946.0 2,944.7
Siberia 7,201.0 7,196.0
Total for price zones of Russia 21,877.0 21,820.3
HPPs of the Far East 5,257.0 5,113.9
RAO ES East 8,591.3 8,466.1
Geothermal PPs, RES 79.0 78.1
Total for non-price and isolated zones 13,927.3 13,658.1
of Russia
HPPs in Armenia 561.4 561.4
TOTAL 36,365.8 36,039.8
incl. by HPPs, PSPPs** 27,695.5 27,495.6
incl. by TPPs and other 8,591.3 8,466.1
incl. by geothermal, RES 79.0 78.1
Boguchanskaya HPP 2,997.0 2,997.0
TOTAL (incl. Boguchanskaya HPP) 39,362.8 39,036.8
Installed heat capacity of RusHydro Group, Gcal
Dec 31, 2018 Dec 31, 2017
JSC DGK, incl. 13,245.4 12,813.4
Primorye power system 3,187.0 2,755.0
Khabarovsk power system 7,429.7 7,429.7
Amur power system 1,243.7 1,243.7
South-Yakutsk power district 1,385.0 1,385.0
Isolated energy systems 5,678.0 5,707.2
PJSC Yakutskenergo 1,613.2 1,619.2
SC Sakhaenergo 84.9 92.4
SC Teploenergoservice 762.3 754.1
PJSC Kamchatskenergo 1,201.4 1,219.9
SC KSEN 42.9 42.9
PJSC Magadanenergo 773.3 773.3
SC Chukotenergo 399.3 404.4
PJSC Sakhalinenergo 800.7 798.5
TOTAL 18,923.4 18,497.1
Electricity generation by the plants of RusHydro Group, GWh
4Q'18 4Q'17 chg, % 2018 2017 chg, %
Center of Russia 8,854 10,780 -17.9% 44,682 46,982 -4.9%
S. of Russia and 1,345 1,121 20.0% 7,447 6,826 9.1%
N.Caucasus
Siberia 7,305 6,728 8.6% 29,544 25,380 16.4%
Total for the price 17,504 18,629 -6.0% 81,674 79,188 3.1%
zones
Far East (HPP, 3,549 3,782 -6.2% 14,067 14,484 -2.9%
geothermal)***
RAO ES East 9,915 9,942 -0.3% 34,464 32,824 5.0%
Subgroup
Armenia 44 31 42.4% 412 466 -11.5%
TOTAL 31,012 32,384 -4.2% 130,615 126,961 2.9%
incl. by HPPs, 21,865 23,118 -5.4% 98,432 95,971 2.6%
PSPPs**
incl. by TPPs 9,030 9,152 -1.3% 31,752 30,552 3.9%
Incl. by alt. 117 113 2.7% 431 439 -1.9%
renewables
(geothermal, solar,
wind)
Boguchanskaya HPP1 3,324 2,824 17.7% 13,610 13,287 2.4%
The underlying factors of the production change in 2018 were:
? total water inflow to the majority of reservoirs of the Volga-Kama cascade
was higher than normal;
? total water inflow to hydropower plants of Siberia was at the normal level
or slightly above it, to HPPs in the South of Russia - at the normal level;
- growth of electricity generation by thermal power plants in the Far East
by 5.0% (to 34,464 GWh) following a decrease in production by HPPs operating
in United Power System of the East as compared to 2017 as well as increase
in consumption in the region by 3.7%.
Center of Russia
In the first quarter of 2018, water inflow to most of the reservoirs on
Volga and Kama was 1.2-2.5x higher than normal. Total water inflow to the
reservoirs of the Volga-Kama cascade reached 38.7 km3 (normal level - 21.3
km3).
Flooding inflows to most of the reservoirs on the Volga-Kama cascade in the
second quarter was close to the long-run average. Total inflow to reservoirs
on Volga and Kama in the second quarter was close to normal level, at 153
km3 against the long-run average of 161 km3.
In the third quarter of the year, total water inflow to the reservoirs of
the Volga-Kama cascade was 37.2 km3 (normal level - 37.0 km3).
In the fourth quarter, water inflow to the majority of the reservoirs on the
Volga-Kama cascade was 70-110% that of the normal level. Water inflow to
Uglichskoye reservoir was 55% below the normal level, to Kuybishevskoye and
Kamskoye reservoirs - 30-35% above the normal level. Total water inflow to
the reservoirs of the Volga-Kama cascade was 38.5 km3 (normal level - 36.6
km3).
Total production by the hydropower plants of Volga-Kama cascade, operated by
RusHydro group, and Zagorskaya pumped storage in the fourth quarter of 2018
decreased by 17.9% against the same figure of 2017 to 8,854 GWh (record
production as a result of high water inflows in 4Q 2017), in 2018 -
decreased by 4.9% to 44,682 GWh.
South of Russia and North Caucasus
Hydropower plants of the North Caucasus were operating under hydrological
conditions close to the long-run average in the first half of 2018. The
third quarter of the year saw production increase by the power plants of the
Dagestan branch on the back of increased rainfall and higher than expected
water inflows.
The electricity generation by the hydropower plants of the South of Russia
and North Caucasus in the fourth quarter of 2018 increased by 20.0% compared
to the corresponding period last year to 1,345 GWh, in 2018 electricity
generation increased by 9.1% to 7,447 GWh.
Siberia
Water inflow to the reservoirs in Siberia in the first quarter of 2018 was
higher than normal level: inflow to Sayano-Shushenskoe reservoir and
Novosibirskaya HPP was higher by 20% and 15%, respectively.
In the second quarter of the year, the inflows to Siberian rivers was
predominantly close to the long-run average with the exception of
Novosibirskoye reservoir, where water inflow was 10% above the long-run
average.
Water inflows to the reservoirs on the Yenisei and Angara rivers were for
the most part close to the normal level in the third quarter. Nonetheless,
in August, water inflow to Sayano-Shushenskoye reservoir was 8% higher than
normal. As a result, the plant has produced 3,490 GWh, an all-time high
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