PJSC RusHydro (HYDR)
PJSC RusHydro: RusHydro Group announces its operating results for the 1Q
2020
21-Apr-2020 / 15:42 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 is solely responsible for the content of this announcement.
RusHydro Group announces its operating results for the 1Q 2020
April 21, 2020. Moscow, Russia. PJSC RusHydro (ticker symbol: MICEX-RTS,
LSE: HYDR; OTCQX: RSHYY) announces operating results for the 1st quarter of
2020, of the parent company and subsidiaries of RusHydro Group reflected in
consolidated financial statements.
Key highlights:
- 39,008 GWh - total electricity generation by RusHydro Group including
Boguchanskaya hydropower plant in 1Q 2020 (+19.2%)*;
- 24,823 GWh - electricity output from hydro and pumped storage plants in
1Q 2020 excl. Boguchanskaya HPP(+29.6%);
- 9,431 GWh - electricity output from thermal power plants (-3.0%);
- 117 GWh - electricity output from alternative renewable energy
facilities (+9.4%);
- 14,629 GWh - total electricity output from power plants in the Far
Eastern Federal District (+5.1%);
- 12,446 thousand Gcal/h - heat output from thermal power plants in the
Far Eastern Federal District (+0.6%);
- 5,371 GWh - sales by Group's electricity retail companies in 1Q 2020
(-4.0% y-o-y).
Electricity generation by the plants of RusHydro Group, GWh
1Q'20 1Q'19 chg, %
Center of Russia 12,373 8,183 51.2%
South of Russia and North Caucasus 1,293 1,169 10.6%
Siberia 6,047 5,642 7.2%
Total for the price zones 19,713 14,994 31.5%
Far East 4,368 3,178 37.5%
RAO ES East 10,260 10,757 -4.6%
Armenia** 30 48 -36.0%
TOTAL 34,371 28,976 18.6%
incl. by HPPs, PSPPs*** 24,823 19,147 29.6%
incl. by TPPs and other 9,431 9,722 -3.0%
Incl. by alt. renewables (geothermal, 117 107 9.4%
solar, wind)
Boguchanskaya HPP* 4,636 3,741 23.9%
The underlying factors of the production change in January-March 2020 were:
? water inflows to the reservoirs of the Volga-Kama cascade well above
(1.5-6.4x) the normal level;
? total water inflow to the reservoirs in Siberia and the Far East 30-85%
above the long-run average;
? water inflows to the reservoir of Chirkeyskaya HPP at the normal level;
? increase of electricity consumption in the Far East by 5.4%;
? increase of heat output in the Far East driven by weather conditions.
Center of Russia
Early flooding season is currently taking place in the center of Russia.
Despite low snow reserves, the reservoirs of the Volga-Kama cascade are
filled up to the maximum level following autumn-winter flooding. Thaw period
came in a month earlier followed by heavy rainfall in the Upper Volga in the
beginning of March. Flooding control commissions are currently in place at
the hydropower facilities monitoring hydro meteorological conditions and
water level at the head and tailraces of the hydroelectric complex.
In the first quarter of 2020 water inflow to Ribynskaya, Zhigulevskaya and
Kamskaya HPPs was at the all-time high historic level. Inflows to other
reservoirs of the Volg-Kama cascade was 1.5-6.4x the normal level. Total
water inflow to the reservoirs of the Volga-Kama cascade reached 58.8 km3
(normal level - 23.5 km3).
In April water inflows to the reservoirs on the Volga River are expected
below the normal level by 15-85% while inflows to the reservoir of Kamskaya
HPP are expected above the normal level by 50%. Water inflows to other
reservoirs on the Kama River will be at the normal level. Total water inflow
to the reservoirs of the Volga-Kama cascade in April is expected at 33-53
km3 (normal level - 65.9 km3).
Total electricity production by the hydropower plants of the Volga-Kama
cascade and Zagorsksaya pumped storage in the first quarter of 2020
increased by 51.2% to 12,373 GWh.
South of Russia and North Caucasus
In March and in the first quarter of 2020 total water inflow to Chirkeyskaya
HPP on the Sulak River was close to the normal level. In April 2020
according to Hydrometeorology Center of Russia total water inflow is
expected at 110-138 m3 as compared to the normal level of 148 m3.
In 1Q 2020, total electricity production by the hydropower plants in the
South of Russia and North Caucasus increased by 10.6% to 1,293 GWh as
compared to the corresponding period last year.
Siberia
Early flooding season began in the reservoir of Novosibirskaya HPP. Water
inflows to the reservoirs of Siberia in the first quarter of 2020 were above
the normal level by 30-35. Water reserves at the snow deposits of the
Novosibirskoye reservoir as of 31.03.2020 were 93 mm or 10% above the normal
level and 30 mm higher than in the same period las year. In
Sayano-Shushenskoye reservoir, snow deposits as of 31.03.2020 were 166 mmm
or 43% above the normal level and 68 mm above the corresponding period last
year. In April 2020 water inflows to Sayano-Shushenskoye and Novosibirskoye
reservoirs are expected 30-35% above the normal level.
Overall electricity production by the hydropower plants in Siberia increased
by 7.2% in 1Q 2020 to 6,047 GWh. Boguchanskaya HPP produced 4,636 GWh an
increase of 23.9% over the corresponding period last year.
Far East
In 1Q 2020 water inflows to Zeyskoye and Kolymskoe reservoirs were 65-85%
above the normal level. Water reserves at the snow deposits of Zeyskoye
reservoir were 70-149% the normal level as of the middle of March. In April
water inflows to Kolymskoye reservoir are expected in the range of 4-6
m3/sec as compared to the normal level of 3.22 m3/sec, to Zeyskoye reservoir
- in the range of 100-200 m3/sec as compared to the normal level of 136
m3/sec.
Total electricity generated by hydropower plants in the Far East (not
included in the RAO ES East subgroup) increased by 35.7% to 4,368 GWh in the
first quarter of 2020 against the same period last year.
Total electricity generated by RAO ES East subgroup in the first quarter of
2020 amounted to 10,260 GWh, a decrease of 4.6% as compared to the first
quarter last year. JSC Far Eastern Generating Company's (DGK) share of
electricity generated was 72% or 7,423 GWh, a decrease of 5.5% against the
same period last year.
The main driver behind the decrease was increase in production by HPPs
operating in United Power System of the East by 33.7% (to 3,617 GWh), growth
of electricity consumption in the region by 5.4% to 14,842 GWh and decrease
of electricity sales to UES of Siberia by 87.2% to 20.5 GWh.
Heat output by thermal plants of RAO ES East Subgroup in the first quarter
of 2020 increased by 0.6% to 12,246 GCal as compared to the corresponding
period of 2020 due to lower air temperatures in the regions of presence of
JSC DGK, PJSC Yakutskenergo and JSC Chukotenergo.
Heat output by thermal plants of RAO ES of the East Subgroup, '000 GCal
1Q'20 1Q'19 Chg.
JSC DGK incl. 8,344 8,246 1.2%
Primorye power system 1,800 1,722 4.6%
Khabarovsk power system 4,799 4,833 -0.7%
Amur power system 981 930 5.5%
South Yakutsk power district 763 761 0.3%
JSC RAO ES East (CHPP Vostochnaya) 353 333 6.1%
PJSC Yakutskenergo 1,068 1,056 1.2%
UES of East 9,766 9,635 1.4%
Yakutsk power system incl. 515 530 -2.9%
JSC Sakhaenergo 29 33 -13.0%
JSC Teploenergoservice 487 498 -2.2%
Kamchatka power system incl. 761 787 -3.2%
PJSC Kamchatskenergo 731 753 -3.0%
JSC KSEN 30 34 -9.7%
Magadan power system 474 476 -0.3%
Chukotka AO power system 160 151 5.9%
Sakhalin power system 571 593 -3.8%
Isolated power systems 2,481 2,537 -2.2%
TOTAL 12,246 12,172 0.6%
Armenia
Electricity generation by the Sevan-Hrazdan cascade of hydropower plants in
Armenia in the January and February of 2020 decreased by 36.0% to 36 GWh.
The power generation by the plants of the cascade is dependent on water
inflows of the Hrazdan river and water discharge from Sevan Lake. On March
11, 2020 RusHydro has finalized divestment of its assets in Armenia to PJSC
Hrazdan Power Company (HrazTES, Tashir Group).
Electricity retail
Total electricity output by RusHydro Group's energy retail companies in 1Q
2020 increased by 0.2% to 13,542 GWh as compared to 1Q 2019. Decrease came
on the back of climate factor as the average temperature in the first
quarter of 2020 was higher than in the first quarter of 2019.
In the first quarter of 2020, total electricity output by RusHydro's retail
companies, operating in Chuvashia, Ryazan and Krasnoyarsk regions, decreased
by 4% and amounted to 5,588 GWh.
Electricity output by PJSC DEK (energy retail company operating in the
Primorskiy Krai, Khabarovskiy Krai, Amur region and Jewish Autonomous
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