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PJSC RusHydro: RusHydro Group announces its -3-

DJ PJSC RusHydro: RusHydro Group announces its operating results for 9 months of 2019

PJSC RusHydro (HYDR) 
PJSC RusHydro: RusHydro Group announces its operating results for 9 months 
of 2019 
 
22-Oct-2019 / 13:23 CET/CEST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer / publisher is solely responsible for the content of this 
announcement. 
 
    RusHydro Group announces its operating results for 9 months of 2019 
 
  October 22, 2019. Moscow, Russia. PJSC RusHydro (ticker symbol: MICEX-RTS, 
LSE: HYDR; OTCQX: RSHYY) announces operating results for the 3rd quarter and 
  9 months of 2019, of the parent company and subsidiaries of RusHydro Group 
            reflected in consolidated financial statements. 
 
            Key highlights: 
 
  - Operating results in 3Q 2019 reflected production increase on the back 
  of rainfall flooding and increased water inflow to the following 
  reservoirs: Volga-Kama cascade - 142% of the normal level, 
  Sayano-Shushenskoye - 116% of the normal level, Zeyskoye - 113% of the 
  normal level, Bureyskoye - 149% of the normal level and Kolymskoye - 161% 
  of the normal level. 
 
  - In 3Q'19, total production by hydropower and pumped storage plants 
  amounted to 27,168 GWh (+4.6%), total output by thermal power plants - 
  6,036 GWh (-2.6%) and production of alternative renewable energy 
  facilities - 91 GWh (+4.5%); 
 
  - In 9M'19, total production by hydropower and pumped storage plants 
  amounted to 68,824 GWh (-10.1%), total output by thermal power plants - 
  22,755 GWh (+0.1%) and production of alternative renewable energy 
  facilities - 308 GWh (-4.5%); 
 
  - Total electricity generation by the Boguchanskaya hydropower plant in 
  9M'19 amounted to 11,785 GWh (+14.6%)*; 
 
  - Total production of RAO ES East Subgroup's power plants in 9M'19 
  amounted to 24,615 GWh (+0.3%), heat output by thermal power plants - 
  18,967 thousand GCal (-3.1%); 
 
  - Sales by RusHydro Group's electricity retail companies in 9M'19 amounted 
  to 14,051 GWh (-4.5%); 
 
  - As of third decade of October, water storage at reservoirs of the 
  Volga-Kama cascade is 23% above the average level; at the reservoirs of 
  the Far East - slightly above the normal level; at the reservoirs of 
  Siberia and in the South of Russia - at the normal level. 
 
            Electricity generation by the plants of RusHydro Group, GWh 
 
                        3Q'19  3Q'18 chg, %  9M'19  9M'18 Chg, % 
Center of Russia       10,171  9,843   3.3% 29,528 35,828 -17.6% 
S. of Russia and        2,489  2,494  -0.2%  5,804  6,102  -4.9% 
N.Caucasus 
Siberia                 9,813  9,406   4.3% 20,478 22,239  -7.9% 
Total for the price    22,473 21,743   3.4% 55,810 64,169 -13.0% 
zones 
        Far East (HPP,  4,270  3,688  15.8% 11,073 10,517   5.3% 
           geothermal) 
  RAO ES East Subgroup  6,420  6,641  -3,3% 24,615 24,550   0,3% 
               Armenia    133    174 -23.1%    390    368   6.0% 
TOTAL                  33,295 32,246   3.3% 91,888 99,604  -7.7% 
incl. by HPPs, PSPPs** 27,168 25,961   4.6% 68,824 76,567 -10.1% 
         incl. by TPPs  6,036  6,197  -2.6% 22,755 22,722   6.2% 
Incl. by alt.              91     87   4.5%    308    314  -2.0% 
renewables 
(geothermal, solar, 
wind) 
Boguchanskaya HPP1      4,426  4,122   7.4% 11,785 10,286  14.6% 
 
  The underlying factors of the production change in the nine months of 2019 
            were: 
 
? water inflows to the reservoirs of HPPs on the Volga-Kama cascade, South 
of Russia and Siberia close to the normal level; 
 
? water inflows to the reservoirs in the Far East above the long-run 
average; 
 
? growth of electricity generation by thermal power plants in the Far East 
on the back of electricity consumption growth by 2.2%; 
 
? growth of electricity sales to UES of Siberia from UES of the East by 
11.5% (to 389 GWh) as compared to the same period last year; 
 
? decrease of electricity sales to China by 3.1% (to 2,376.4 GWh). 
 
            Center of Russia 
 
  In the beginning of 2019, hydropower plants of the Volga-Kama cascade were 
operating under the winter period regime of pre-flooding reservoir drawdown. 
 The water reserves of the cascade's reservoirs are higher by 17% and by 28% 
            as compared to the normal level and last year, respectively. 
 
 In the first quarter of 2018, inflow to most of the reservoirs on Volga and 
 Kama was close to the normal level. Total water inflow to the reservoirs of 
          the Volga-Kama cascade reached 24.9 km3 (normal level - 21.3 km3). 
 
   In the second quarter, water inflows to the reservoirs of the HPPs of the 
    Volga-Kama cascade were predominantly below the normal level: inflows to 
     Uglichskoye, Rybinskoye, Gorkovskoye and Nizhnekamskoye reservoirs were 
      20-40% below, inflows to Ivankovskoye, Cheboksarskoye and Saratovskoye 
   reservoirs were 60% below, while inflows to Volgogradskoye reservoir were 
        80% below the normal level. At the same time inflows to Sheksnskoye, 
      Kuybishevskoye, Kamskoye and Votkinskoye reservoirs were at the normal 
            level. 
 
    In the third quarter, water inflows to the majority of reservoirs on the 
  Volga-Kama cascade were at the normal level. Inflows to Kuybishevskoye and 
Kamskoye reservoirs were 1.4 and 2.3 times the normal level, respectively on 
the back of rainfall flood. By the end of third quarter water storage at the 
            reservoirs of the cascade were 18% above the normal level. 
 
  Total water inflow to the reservoirs on Volga and Kama in 3Q was 51.3 km3, 
  39% above the normal level. Total electricity production by the hydropower 
plants of the Volga-Kama cascade and Zagorsksaya pumped storage in the third 
  quarter of 2019 increased by 3.3% to 10,171 GWh, in the nine months of the 
  year production amounted to 29,258 GWh as compared to corresponding period 
            of 2018. 
 
            South of Russia and North Caucasus 
 
  Water inflow to the reservoir of Chirkeyskaya HPP in 1Q 2019 was 20% above 
            the normal level. Average daily water inflow to the reservoir of 
Chirkeyskaya HPP in the months of January and February 2019 was 75.7 m3. The 
 HPP is operating under water economy regime to preserve high water level in 
 the reservoir as water reserves in the snow deposits of the Sulak River are 
            below the normal level. 
 
In the second quarter of 2019, water inflow to Chirkeyskaya HPP was close to 
the normal level. By the beginning of the third quarter water storage at the 
  reservoirs of the HPPS of the Sulak cascade were 5% above the normal level 
           and 4% above the level observed during the same period last year. 
 
  In the third quarter water inflow to the reservoir of Chirkeyskaya HPP was 
35% below the normal level. By the end of third quarter water storage at the 
            reservoir was at the normal level. 
 
    In 3Q 2019, total electricity production by the hydropower plants in the 
        South of Russia and North Caucasus decreased by 0.2% to 2,489 GWh as 
compared to the corresponding period last year, in nine months of the year - 
            amounted to 5,804 GWh. 
 
            Siberia 
 
Water inflow to the reservoirs on the rivers of Siberia in the first quarter 
            of 2019 was higher than normal level by 15%. 
 
           In the second quarter of 2019 water inflows to Novosibirskoye and 
Sayano-Shushenskoye reservoirs was 20% below the normal level. By the end of 
 the spring flooding season the reservoir was filled to the normal reservoir 
    water surface of 113.5 m allowing enough water storage for the low water 
            season as well as for upcoming heating season. 
 
 Water inflow to the Sayano-Shushenskoye reservoir in the second quarter was 
     30% below the normal level as low air temperatures delayed the start of 
         spring flooding. By the end of June inflows increased significantly 
 following extra rainfall and snowmelt in the mountains allowing filling the 
            reservoir up to the normal level. 
 
  In the third quarter of 2019, water inflow to Novosibirskoye reservoir was 
20% above the normal level, to Sayano-Shushenskoye reservoir - 15% above the 
      normal level. At Sayano-Shushenskoye reservoir following extended cold 
        front, flooding season shifted to the summer before transitioning to 
   rainfall flood allowing filling of the reservoir under normal conditions. 
  Starting from August 16 additional water was discharged through spillways. 
 In the third quarter, the HPP operated under maximum capacity for the first 
  time in its history. This became possible thanks to effective coordination 
            with the System Operator. 
 
Overall electricity production by the hydropower plants in Siberia increased 
  by 4.3% in 3Q 2019 to 9,813 GWh, in the nine months of the year production 
 amounted to 20,478 GWh. Boguchanskaya HPP produced 4,426 GWh in 3Q 2019 and 
  11,785 GWh in nine months of the year - an increase of 7.4% and 14.6% over 
            the corresponding period last year respectively. 
 
            Far East 
 
The spring flooding season in the Far East is expected at the end of April - 
            beginning of May. 
 
       In the first quarter of 2019, water inflow to Kolymskoye and Zeyskoye 
     reservoirs was 25-40% above the normal level. Water inflow to the cross 
  section of Bureyskaya HPP decreased following a landslide that occurred in 
December of 2018. The situation has been restored in February 2019 following 
formation of an outlet. Since then 1.16 km3 of water has entered the segment 
     of the reservoir adjacent to the dam. In the first quarter of 2019, the 
         facility was operating under normal conditions, in the pre-flooding 
            reservoir drawdown regime. 
 
   In 2Q 2019, water inflow to Kolymskoye reservoir was 35% above the normal 
     level while inflow to the Zeyskoye reservoir is below the normal level. 
Inflow to the Bureyskoye reservoir was 60% above the normal level. Up to 50% 
            of the inflow was accumulated in the reservoir. 
 

(MORE TO FOLLOW) Dow Jones Newswires

October 22, 2019 07:23 ET (11:23 GMT)

DJ PJSC RusHydro: RusHydro Group announces its -2-

In 3Q 2019, water inflow to Kolymskoye and Zeyskoye reservoir was 90% and 
 20% above the normal level, respectively. In July the water level on Kolyma 
  River was well above the normal level and the reservoir was quickly filled 
       to the normal water surface level. Flood on the Kolyma River began in 
August. While short, it was very powerful as the peak inflow on August 6 was 
    measured at 11,414 m3/sec. Such inflow occurs once in every 1,000 years. 
   Optimal reservoir regime control, allowed to decrease the flood's peak by 
  40% reducing its effect on the lower Kolyma. In the Amur region, following 
  substantial rainfall, emergency situation was introduced. On Zeyskaya HPP, 
the extra water inflows from the flooding were accumulated in the reservoir. 
On July 23, at the peak of the flooding average daily inflow was measured at 
 11,510 m3/sec with only 732 m3/sec discharged from the spillway at the HPP. 
   Effective operation of Zeyskaya HPP prevented significant flooding in the 
            region. 
 
 Total electricity generated by hydro and geothermal power plants in the Far 
   East (not included in the RAO ES East subgroup) increased by 15.8% in the 
   third quarter of 2019 and by 5.3% in the nine months of 2019 to 4,270 GWh 
            and 11,073 GWh respectively against the same periods last year. 
 
 Total electricity generated by RAO ES East subgroup in the third quarter of 
      2019 amounted to 6,420 GWh, a decrease of 3.3% as compared to the same 
       period last year. JSC Far Eastern Generating Company's (DGK) share of 
  electricity generated was 74% or 4,770 GWh, a decrease of 4.8% against the 
     same period last year. Increase of production by HPPs located in UES of 
   East, increase in electricity consumption by 4.7% to 9,880 GWh as well as 
decrease in electricity sales to UES of Siberia by 22.4% to 105 GWh were the 
            main drivers behind the decline. 
 
     In nine months of the year, total electricity generation by RAO ES East 
subgroup increased by 0.3% to 24,615 GWh against the corresponding period of 
  2018. Increase is primarily driven by growth of electricity consumption in 
the Far East Federal District by 2.2% to 34,507 GWh, increase of electricity 
          sales to UES of Siberia by 11.5% to 389 GWh as well as decrease of 
electricity sales to China by 3.1% to 2,376 GWh against the same period last 
            year. 
 
  Heat output by thermal plants of RAO ES East Subgroup in the third quarter 
   of 2019 increased by 13.2% to 2,168 GCal as compared to the corresponding 
   period last year. The increase came on the back of lower air temperatures 
       aided by losses in heat networks that suffered from rainfall flood in 
 Primorsky and Khabarovsk Krai. In nine months of 2019 heat output decreased 
            by 3.1% against 9M 2018 to 18,957 GCal. 
 
     Heat output by thermal plants of RAO ES of the East Subgroup, '000 GCal 
 
                         3Q'19   3Q'18 chg, % 9M'19 9M'18  chg,% 
JSC DGK           1,542          1,373  12.3% 12,66 13,78  -8.1% 
                                                  5     6 
JSC RAO              71              -      -   565     -      - 
ES East 
PJSC                178            162   9.4% 1,555 1,539   1.1% 
Yakutske 
nergo 
JSC                   3              3  -1.3%    49    55 -11.6% 
Sakhaene 
rgo 
JSC                  51             59 -14.2%   707   770  -8.2% 
Teploene 
rgoservi 
ce 
PJSC                122            119   1.8% 1,309 1,298   0.9% 
Kamchats 
kenergo 
JSC KSEN              4              4   4.8%    52    51   3.4% 
PJSC                 98             98  -0.2%   815   814   0.1% 
Magadane 
nergo 
JSC                  47             41  14.1%   287   281   2.3% 
Chukoten 
ergo 
PJSC                 52             56  -7.3%   963   981  -1.8% 
Sakhalin 
energo 
Total             2,168          1,916  13.1% 18,96 19,57  -3.1% 
                                                  7     4 
 
            Armenia 
 
 Electricity generation by the Sevan-Hrazdan cascade of hydropower plants in 
 Armenia in the third quarter of 2019 decreased by 23.1% to 133 GWh, in nine 
        months of the year - increased by 6.0% to 390 GWh as compared to the 
corresponding period of last year. The power generation by the plants of the 
        cascade is dependent on water inflows of the Hrazdan river and water 
            discharge from Sevan Lake. 
 
            Electricity retail 
 
  Total electricity output by RusHydro Group's energy retail companies in 3Q 
  2019 was in line with 3Q 2018 at 10,069 GWh, in 9M 2019 electricity output 
 amounted to 34,826 GWh, a decrease of 3.9% as compared to the corresponding 
 period last year. The decrease came mainly on the back of climate factor as 
            well as termination of supply agreements with customers. 
 
       Total electricity output by RusHydro's retail companies, operating in 
      Chuvashia, Ryazan and Krasnoyarsk regions in the third quarter of 2019 
  decreased by 1.6% to 4,127 GWh as compared to 3Q'18. In the nine months of 
   the year, total output decreased by 4.5% as compared to the corresponding 
      period last year and amounted to 14,051 GWh. Increase in output at ESC 
          RusHydro is driven by new supply agreements as well as increase in 
    electricity consumption by JSC Polyus Krasnoyarsk and Yandex DC Vladimir 
            LLC. 
 
      Electricity output by PJSC DEK (energy retail company operating in the 
       Primorskiy Krai, Khabarovskiy Krai, Amur region and Jewish Autonomous 
    region, the main supplier of electricity to the population in the second 
 non-price zone of the wholesale energy market) in the third quarter of 2019 
  amounted to 4,137 GWh, an increase of 3.4% as compared to 3Q'18. Favorable 
    performance is primarily driven by increase in consumption by industrial 
         consumers and households. In nine months of 2019 electricity output 
 increased by 0.2% to 15,020 GWh as compared to the same period last year as 
            a result of increase in consumption by industrial consumers. 
 
    Total electricity output by RusHydro's companies located in the isolated 
 energy systems in the Far East Federal District amounted to 1,805 GWh in 3Q 
  2019, a decrease of 3.7% as compared to the same period last year. In nine 
  months of 2019 total electricity output decreased by 12.1% to 5,755 GWh as 
            compared to the same period last year. 
 
            Electricity output by RusHydro Group's retail companies, GWh 
 
                        3Q'19  3Q'18 chg, %  9M'19  9M'18 chg, % 
                  PJSC  2,378  2,450  -3.0%  8,520  9,126  -6.6% 
 Krasnoyarskenergosbyt 
    JSC Chuvash retail    732    723   1.4%  2,400  2,432  -1.3% 
               company 
    PJSC Ryazan retail    574    605  -5.1%  1,828  1,934  -5.5% 
               company 
      JSC ESC RusHydro    443    413   7.4%  1,303  1,214   7.4% 
                 Total  4,127  4,192  -1.6% 14,051 14,706  -4.5% 
         PJSC DEK (for  4,137  4,002   3,4% 15,020 14,995   0,2% 
            reference) 
       Isolated energy  1,805  1,875  -3,7%  5,755  6,551 -12,1% 
          systems (for 
            reference) 
        Total by Group 10,069 10,069   0.0% 34,826 36,252  -3,9% 
 
            Water inflows forecast 
 
     According to the forecast of the Hydrometeorology Center of Russia, the 
 following dynamics of water inflows to the major reservoirs are expected in 
            the 4th quarter of 2019: 
 
? Total water inflows to the majority of reservoirs on Volga and Kama and 
on the rivers of Siberia are expected to be close to the long-run average; 
 
? Inflows to reservoir of the rivers of North Caucasus are expected to be 
20-50% below the long-run average; 
 
? Inflows to Zeyskoe and Kolymskoye reservoirs in the Far East are 
expected to be at the long-run average, to Bureyskoye reservoir - 55-60% 
above the normal level. 
 
 * The Boguchanskaya hydropower plant is part of the Boguchanskiy Energy and 
   Metals Complex (BEMO), a 50/50 joint venture (JV) between RusHydro and UC 
           RUSAL, and is not part of RusHydro Group. According to RusHydro's 
  shareholding in the JV (50%), the results of the plant are reported in the 
official financial statements in "Share of results of associates and jointly 
          controlled entities". Operations of the HPP have been put into the 
            press-release for general reference. 
 
         ** Includes generation by HPPs of PJSC RusHydro, Kolymskaya HPP and 
            Viluyskie HPPs, part of RAO ES of East Subgroup. 
 
            About RusHydro 
 
 RusHydro Group is the leading producer of renewable energy in Russia. It is 
Russia's largest generating company and is the fourth in the world with over 
          400 generating facilities in Russia and Armenia. The Group's total 
     electricity generation capacity including Boguchanskaya HPP is 39.7 GW. 
 
       Russian Federation owns 61.20% in RusHydro, the rest is held by other 
     institutional and individual shareholders (over 360,000). The company's 
     stock is traded on the Moscow Stock Exchange. Company's GDRs in the IOB 
            section of LSE, ADRs - in OTCQX. 
 
            For more information: 
 
            Investor Relations Department 
 
            Tel. +7 (495) 122 0555 ext. 1607, 1319, 1304 
 
            ir@rushydro.ru 
 
      The information in this press release may contain projections or other 
  forward-looking statements regarding future events or the future financial 
     performance of RusHydro. You can identify forward looking statements by 
      terms such as "expect," "believe," "anticipate," "estimate," "intend," 
      "will," "could," "may" or "might," the negative of such terms or other 
  similar expressions. We wish to caution you that these statements are only 
    predictions and that actual events or results may differ materially from 
    these statements. We do not intend to update these statements to reflect 
  events and circumstances occurring after the date hereof or to reflect the 

(MORE TO FOLLOW) Dow Jones Newswires

October 22, 2019 07:23 ET (11:23 GMT)

occurrence of unanticipated events. Many factors could cause the actual 
     results to differ materially from those contained in our projections or 
       forward-looking statements, including, among others, general economic 
 conditions, our competitive environment, risks associated with operating in 
 Russia, rapid technological and market change in our industries, as well as 
       many other risks specifically related to RusHydro and its operations. 
 
ISIN:           US7821834048, RU000A0JPKH7 
Category Code:  MSCM 
TIDM:           HYDR 
LEI Code:       2534005TJN9DX4YWVT97 
OAM Categories: 2.2. Inside information 
Sequence No.:   24253 
EQS News ID:    894163 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

October 22, 2019 07:23 ET (11:23 GMT)

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