DJ PJSC RusHydro: RusHydro Group announces 4Q and FY2019 operating results
PJSC RusHydro (HYDR)
PJSC RusHydro: RusHydro Group announces 4Q and FY2019 operating results
30-Jan-2020 / 12:35 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 4Q and FY2019 operating results
January 30, 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 2019, of the parent company and subsidiaries of
RusHydro Group reflected in consolidated financial statements.
Key highlights of 2019
- 142,840 GWh - total electricity production (-1.0% y-o-y) including
Boguchanskaya hydropower plant1.
- Solid results on the back of increased inflows to the reservoirs of the
Volga-Kama cascade in 2H and to the reservoirs of HPPs in the Far East
throughout the year aided by new capacity commissioning and modernization
of existing facilities, increase in electricity consumption by 3.3% in the
Far East.
- 6 hydropower plants have set new all-time high annual record outputs:
Boguchanskaya HPP (16,104 GWh), Bureyskaya HPP (7,341 GWh), Votkinskaya
HPP (3,642 GWh), Kamskaya HPP (2,732 GWh), Ust-Srednekanskaya HPP (614
GWh) and Kubanskaya PSHPP (14.8 GWh).
- 94,525 GWh - electricity output from hydro and pumped storage plants
(-4.0% y-o-y).
- 31,779 GWh - electricity output from thermal power plants (+0 .1%
y-o-y).
- 433 GWh - electricity output from alternative renewable energy
facilities (+0.5% y-o-y).
- 29,771 thousand Gcal - heat output from thermal power plants (+0.4%
y-o-y) driven by lower air temperatures in most Far Eastern Federal
District's regions.
- 39,683.3 MW - total installed electric capacity of RusHydro Group incl.
Boguchanskaya HPP as of December 31, 2019 (+297.2 MW to 2018 following
commissioning of Nizhne-Bureyskaya HPP and Sakhalinskaya GRES-2,
decommissioning of Sakhalinskaya GRES and partial decommissioning of
Yakutskaya GRES as well as capacity uprate following rehabilitation &
modernization of equipment).
- 19,021.4 GCal/h - total heat output capacity of the Group as of December
31, 2019 (+98 Gcal to 2018).
- 19,490 GWh - sales by Group's electricity retail companies in 2019
(-3.9% y-o-y).
- 630 MW - capacity connected to RusHydro Group's grids in the Far East
(+8.2% y-o-y).
- 16,104 GWh - electricity output from the Boguchanskaya HPP (+18.3%
y-o-y)1.
Key highlights of 4Q 2019 and hydrological situation
- 26,003 GWh - electricity output from hydro and pumped storage plants
(+18.8% to 4Q'19).
- 9,029 GWh - electricity output from thermal power plants (no change to
4Q'19).
- 121 GWh - electricity output from alternative renewable energy
facilities (+4.0% to 4Q'19).
- As of January 1, 2020, water storage at reservoirs of the Volga-Kama
cascade is 33% above the average level; at the reservoirs of the Far East
and in the South of Russia - slightly above the normal level; at the
reservoirs of Siberia - at the normal level.
- In the first quarter of 2020, water inflows to the reservoirs of the
Volga-Kama cascade are expected to be 1.3-1.6x the normal level; to the
reservoirs of Siberia - at the normal level or slightly above it.
Installed electric capacity of RusHydro Group
RusHydro Group's installed electric capacity increased following
commissioning of Nizhne-Bureyskaya HPP (320 MW) and Sakhalinskaya GRES-2
(120 MW) in the Far East, decommissioning of Sakhalinskaya GRES (84 MW),
partial decommissioning of Yakutskaya GRES (127 MW) and capacity uprate
following rehabilitation & modernization (63 MW) and installation of solar
panels at Nizhne-Bureyskaya HPP (1.3 MW).
MW Dec 31, 2019 Dec 31, 2018
Center of Russia HPPs /PSPPs 11,782.4 11,730.1
S. of Russia and N. Caucasus 2,946.0 2,946.0
Siberia 7,211.0 7,201.0
Total for price zones of Russia 21,939.4 21,877.0
HPPs of the Far East 5 597.6 5 277.6
RAO ES East 8 505.9 8 590.8
Geothermal PPs, RES 82.5 82.2
Total for non-price and isolated zones 14 186.0 13 950.6
of Russia
HPPs in Armenia 561.4 561.4
TOTAL 37 030.6 36 389.1
incl. by HPPs, PSPPs2 28 443.9 27 716.1
incl. by TPPs and other 8 505.9 8 590.8
incl. by geothermal, RES 82.5 82.2
Boguchanskaya HPP 2 997.0 2 997.0
TOTAL (incl. Boguchanskaya HPP) 39 683.3 39 386.1
Installed heat capacity of RusHydro Group
RusHydro Group's installed heat capacity increased following commissioning
of peaking boiler plant at Yakutskaya GRES (300 Gcal/h).
GCal/h Dec 31, 2019 Dec 31,
2018
JSC DGK, incl. 12,813.4 12,813.4
Primorye power system 2,755.0 2,755.0
Khabarovsk power system 7,429.7 7,429.7
Amur power system 1,243.7 1,243.7
South-Yakutia power district 1,385.0 1,385.0
JSC RAO ES East (CHP Vostochnaya) 432.6 432.6
JSC DGK and JSC RAO ES East 13,246.1 13,246.1
Yakutsk power system, incl. 2,545.8 2,460.4
PJSC Yakutskenergo3 1,726.2 1,613.2
JSC Sakhaenergo 84.9 84.9
JSC Teploenergoservice 734.7 762.3
Kamchatka power system, incl. 1,273.4 1,244.3
PJSC Kamchatskenergo 1,226.3 1,201.4
JSC KSEN 47.1 42.9
Magadan power system (PJSC 773.3 773.3
Magadanenergo)
Chukotka AO power system (JSC 399.3 399.3
Chukotenergo)
Sakhalin power system (PJSC 783.5 800.7
Sakhalinenergo)
Total isolated and other power systems 5,775.3 5,677.3
TOTAL 19,021.4 18,923.4
Electricity generation by the plants of RusHydro Group
GWh 4Q'19 4Q'18 chg, % 2019 2018 Chg, %
Center of Russia 13,002 8,854 46.8% 42,534 44,682 -4.8%
S. of Russia and N. 1,030 1,345 -23.4% 6,528 7,447 -12.3%
Caucasus
Siberia 6,653 7,305 -8.9% 27,131 29,544 -8.2%
Total for the price 20,685 17,504 18.2% 76,193 81,673 -6.7%
zones
Far East (HPP, 4,681 3,567 31.9% 15,757 14,085 11.2%
geothermal)
RAO ES East Subgroup 9,752 9,914 -1.6% 34,362 34,464 -0.3%
Armenia 35 44 -22.2% 424 412 2.9%
TOTAL 35,153 31,030 13.3% 126,737 130,686 -3.0%
incl. by HPPs, 26,003 21,882 18.8% 94,525 98,502 -4.0%
PSPPs2
incl. by TPPs 9,029 9,030 0.0% 31,779 31,752 0.1%
Incl. by alt. 121 117 4.0% 433 431 0.5%
renewables
(geothermal, solar,
wind)
Boguchanskaya HPP1 4,318 3,324 29.9% 16,104 13,610 18.3%
The underlying factors of the production change in 2019 were:
? water inflows to the reservoirs of HPPs on the Volga-Kama cascade and
Far East above the normal level;
? warm climate conditions and heavy rainfall in October-November resulted
in water inflows to the reservoirs of the Volga-Kama cascade 2x above the
normal level;
? water inflows to the reservoirs in Siberia at the long-run average;
? decrease electricity generation by thermal power plants in the Far East
on the back of increased production of HPPs in UES of East by 10.2% as
well electricity consumption growth in the Far Eastern Federal District by
3.3%;
? decrease of electricity sales to UES of Siberia and China by 99.1 GWh
(-2.7%).
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 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.
In the fourth quarter, water inflows to the reservoirs of the Volga-Kama
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cascade was above the normal level: inflows to Ivankovskoye, Gorkovskoye,
Cheboksarskoye and Nizhnekamskoye reservoirs were 1.3-2.4x the normal level,
while inflows to Rybinskoye, Kuybishevskoye and Kamskoye reservoirs were
2.5-3.8x the normal level. In the fourth quarter, the hydropower plants of
the Volga-Kama cascade were operating with increased debits. By the end of
the quarter water storage at the reservoirs of the cascade were 32% above
the normal level.
Total water inflow to the reservoirs on Volga and Kama in 4Q was 78.1 km3 or
twice above the normal level. Total electricity production by the hydropower
plants of the Volga-Kama cascade and Zagorsksaya pumped storage in the
fourth quarter of 2019 increased by 46.8% to 13,002 GWh, in 2019 production
amounted to 42,534 GWh (-4.8%) as compared to 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 the fourth quarter, water inflow to the reservoir of Chirkeyskaya HPP was
25% below the normal level. By the end of the quarter, water storage at the
reservoir was 7% above the normal level.
In 4Q 2019, total electricity production by the hydropower plants in the
South of Russia and North Caucasus decreased by 23.4% to 1,030 GWh as
compared to the corresponding period last year, in 2019 production amounted
to 6,528 GWh (-12.3%).
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.
In the fourth quarter of 2019, water inflows to Sayano-Shushenskoye and
Novosibirskoye reservoirs were 20% above the normal level. By the end of the
quarter, water storage at the reservoir was at the normal level.
Overall electricity production by the hydropower plants in Siberia decreased
by 8.9% in 4Q 2019 to 6,653 GWh, in 2019 production amounted to 27,131 GWh
(-8.2%). Boguchanskaya HPP produced 4,318 GWh in 4Q 2019 and 16,104 GWh in
2019 - an increase of 29.9% and 18.3% over the corresponding period last
year respectively.
Far East
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.
In 3Q 2019, water inflow to Kolymskoye and Zeyskoye reservoirs 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.
In 4Q, water inflow to Zeyskoye and Kolymskoye reservoirs was 40-60% above
the normal level. By the end of the quarter, water storage at the reservoirs
was slightly above the normal level.
Total electricity generated by hydro and geothermal power plants in the Far
East (not included in the RAO ES East subgroup) increased by 31.9% in the
fourth quarter of 2019 and by 11.2% in 2019 to 4,681 GWh and 15,757 GWh
respectively against the same periods last year.
Total electricity generated by RAO ES East subgroup in the fourth quarter of
2019 amounted to 9,752 GWh, a decrease of 1.6% as compared to the same
period last year. JSC Far Eastern Generating Company's (DGK) share of
electricity generated was 73% or 7,109 GWh, a decrease of 4.1% against the
same period last year. Production increase of HPPs located in UES of East by
26.8%, increase in electricity consumption by 6.2% to 14,075 GWh as well as
decrease in electricity sales to UES of Siberia by 85.1% to 22.7 GWh were
the main drivers behind the decline.
In 2019, total electricity generation by RAO ES East subgroup decreased by
0.3% to 34,367 GWh as compared to 2018. Decrease is primarily driven by
RusHydro's HPP production increase in UES of East by 10.2% and growth of
electricity consumption in the Far East Federal District by 3.3% to 48,582
GWh. In 2019 electricity sales to UES of Siberia and China decreased by 2.7%
to 3,511 GWh as compared to 2018.
Heat output by thermal plants of RAO ES East Subgroup in the fourth quarter
of 2019 increased by 7.2% to 10,803 GCal as compared to the corresponding
period last year. The increase came on the back of lower air temperatures
across all regions with the exception of Chukotka Autonomous Okrug. In 2019
heat output increased by 0.4% against 2018 to 29,770 GCal. The increase came
on the back of lower air temperatures across all regions with the exception
of Sakhalin and Chukotka Autonomous Okrug.
Heat output by thermal plants of RAO ES of the East Subgroup
'000 GCal 4Q'19 4Q'18 chg, % 2019 2018 chg,%
JSC DGK, 7,414 7,072 4.8% 20,0 20,8 -3.7%
incl. 79 58
Primorye 1,413 1,351 4.5% 4,07 4,72 -13.9%
power system 0 9
Khabarovsk 4,327 4,114 5.2% 11,7 11,7 -0.6%
power system 09 76
Amur power 930 852 9.1% 2,35 2,32 1.4%
system 4 2
South-Yakutsk 744 754 -1.3% 1,94 2,03 -4.1%
power 7 0
district
JSC RAO ES 244 - - 809 - -
East (CHP
Vostochnaya)
JSC DGK and 7,658 7,072 8.3% 20,8 20,8 0.1%
JSC RAO ES 88 58
East
Yakutsk power 1,483 1,369 8.3% 3,79 3,73 1.7%
system, incl. 4 2
PJSC 1,005 887 13.4% 2,56 2,42 5.6%
Yakutskenergo 0 5
3
JSC 24 27 -10.3% 73 82 -11.2%
Sakhaenergo
JSC 454 455 -0.3% 1,16 1,22 -5.3%
Teploenergose 1 5
rvice
Kamchatka 638 626 1.9% 2,00 1,97 1.3%
power system, 0 4
incl.
PJSC 610 597 2.2% 1,92 1,89 1.3%
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