PJSC RusHydro (HYDR)
PJSC RusHydro: RusHydro Group announces its operating results for the 2Q
2020
22-Jul-2020 / 12:59 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 2Q 2020
July 22, 2020. Moscow, Russia. PJSC RusHydro (ticker symbol: MICEX-RTS, LSE:
HYDR; OTCQX: RSHYY) announces operating results for the 2nd quarter of 2020,
of the parent company and subsidiaries of RusHydro Group reflected in
consolidated financial statements.
RusHydro Group's total electricity production including Boguchanskaya HPP in
the first half of the year increased by 23.6% to 77.7 GWh1 while electricity
production and consumption in UES of Russia decreased by 3.6% and 2.8%
respectively. The Group's share in electricity production in Russian
increased to 14.7% as compared to 11.5% in the first half of 2019.
2Q key highlights:
· 40,263 GWh - total electricity generation by RusHydro Group including
Boguchanskaya hydropower plant (+26.5%)¹;
· 29,927 GWh - electricity output from hydro and pumped storage plants
excl. Boguchanskaya HPP (+34.0%)2;
· 6,019 GWh - electricity output from thermal power plants (+4.2%)3;
· 110 GWh - electricity output from alternative renewable energy
facilities (-2.8%);
· 10,194 GWh - total electricity output from power plants in the Far
Eastern Federal District (+3.3%)3;
· 4,842 thousand Gcal/h - heat output from thermal power plants in the Far
Eastern Federal District (+5.4%);
· 4,073 GWh - sales by Group's electricity retail companies (-5.9%).
1H key highlights:
· 77,742 GWh - total electricity generation by RusHydro Group including
Boguchanskaya hydropower plant (+23.6%)1;
· 54,696 GWh - electricity output from hydro and pumped storage plants
excl. Boguchanskaya HPP (+32.0%)2;
· 13,976 GWh - electricity output from thermal power plants (+0.5%)3;
· 226 GWh - electricity output from alternative renewable energy
facilities (+2.8%);
· 23,349 GWh - total electricity output from power plants in the Far
Eastern Federal District (+5.1%);
· 16,964 thousand Gcal/h - heat output from thermal power plants in the
Far Eastern Federal District (+1.9%)3;
· 9,446 GWh - sales by Group's electricity retail companies (-4.8%).
Electricity generation by the plants of RusHydro Group, GWh2
2Q'20 2Q'19 chg, % 1H'20 1H'19 chg, %
Center of Russia 16,386 11,177 46.6% 28,759 19,360 48.6%
South of Russia and 1,934 2,146 -9.9% 3,203 3,315 -3.4%
North Caucasus
Siberia 7,541 5,024 50.1% 13,588 10,666 27.4%
Total for the price 25,861 18,347 41.0% 45,550 33,341 36.6%
zones
Far East 3,567 3,403 4.8% 7,936 6,581 20.6%
RAO ES East3 6,627 6,468 2.4% 15,413 15,639 -1.4%
TOTAL 36,056 28,219 27.8% 68,900 55,561 21.8%
incl. by HPPs, PSPPs4 29,927 22,330 34.0% 54,696 41,430 32.0%
incl. by TPPs and 6,019 5,776 4.2% 13,976 13,911 0.5%
other
Incl. by alt. 110 113 -2.8% 226 220 2.8%
renewables
(geothermal, solar,
wind)
Boguchanskaya HPP 4,207 3,619 16.2% 8,843 7,360 20.2%
The underlying factors of the production change in January-June 2020 were:
· water inflows to the reservoirs of the Volga-Kama cascade, Siberia and
the Far East above the normal level;
· increase of electricity consumption in the Far East by 4.9%;
· increase of heat output in the Far East driven by weather conditions.
Center of Russia
Due to early flooding season thaw period coming a month earlier than
expected water inflow to Ribynskaya, Zhigulevskaya and Kamskaya HPPs was at
the all-time high historic level. Inflows to other reservoirs of the
Volga-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 the second quarter of the year water inflow to the majority of reservoirs
on the Volga River was 45-75% pf the normal level. At the same time, water
inflow to Shekskinskoye, Kuybishevskoye and Nizhnekamskoye reservoirs was at
the normal level while inflows to the reservoir of Kamskaya HPP were 35%
above the normal level. Total water inflow to the reservoirs of the
Volga-Kama cascade in the second quarter was 144 km3 (normal level - 159
km3).
In July water inflows to the majority of reservoirs on the Volga and the
Kama Rivers will be at the normal level. Water inflow to Uglichskoye and
Cheboksarskoye reservoirs is expected 1.4-1.5x of the normal level. Total
water inflow to the reservoirs of the Volga-Kama cascade in July is expected
at 13.7-17.7 km3 (normal level - 14.5 km3). As of 15.07.2020, water storage
at the reservoirs of the cascade was at the normal level.
Total electricity production by the hydropower plants of the Volga-Kama
cascade and Zagorsksaya pumped storage in the second quarter of 2020
increased by 46.6% to 16,386 GWh as compared to the second quarter of 2019.
In the first half of the year production amounted to 27,759 GWh (+48.6%) as
compared to corresponding period of 2019.
South of Russia and North Caucasus
In the first half of the year, total water inflow to Chirkeyskaya HPP on the
Sulak River was slightly below the normal level. In July 2020, total water
inflow is expected below the normal level.
In 2Q 2020, total electricity production by the hydropower plants in the
South of Russia and North Caucasus decreased by 9.9% to 1,934 GWh as
compared to the corresponding period last year, in the first half of the
year - amounted to 3,227 GWh (-3.4%).
Siberia
Water inflows to the reservoirs of Siberia in the first quarter of 2020 were
above the normal level by 30-35%. In the second quarter, water inflows were
at the normal level.
In July 2020 water inflows to Sayano-Shushenskoye and Novosibirskoye
reservoirs are expected at the normal level As of 15.07.2020, water storage
at the reservoirs was at the normal level.
Overall electricity production by the hydropower plants in Siberia increased
by 50.1% in 2Q 2020 to 7,541 GWh, in the first half of the year - 13,588 GWh
(+27.4%). Boguchanskaya HPP in 2Q 2020 produced 4,207 GWh an increase of
16.2% over the corresponding period last year, the first half of the year -
7,360 GWh (+20.2%).
Far East
In 1Q 2020 water inflows to Zeyskoye and Kolymskoe reservoirs were 65-85%
above the normal level, in 2Q 2020 - 5-25% above the normal level. In July
water inflows to Zeyskoye reservoir are expected 15-45% above the normal
level, to Kolymskoye reservoir - at the normal level of.
Total electricity generated by hydropower plants in the Far East (not
included in the RAO ES East subgroup) in 2Q 2020 increased by 4.8% to 3,567
GWh against the same period last year, in 1H 2020 - increased by 20.6% and
amounted to 7,936 GWh.
Total electricity generated by RAO ES East subgroup in the second quarter of
2020 amounted to 6,627 GWh, an increase of 2.4% as compared to the second
quarter of 2019. The main driver behind the production growth was growth of
electricity consumption in the region by 4.1%. JSC Far Eastern Generating
Company's (DGK) share of electricity generated was 69% or 4,593 GWh, an
increase of 4.3% against the same period last year.
In first half of the year, total electricity generation by RAO ES East
subgroup decreased by 1.4% to 15,413 GWh against the corresponding period of
2019. The decline in production came on the back of increase of hydropower
output in UES of East.
Heat output by thermal plants of RAO ES East Subgroup in the second quarter
of 2020 increased by 5.4% to 4,842 GCal as compared to the corresponding
period of 2020. In the first half of the year heat output increased by 1.9%
to 17,124 GCal due to lower air temperatures in the regions of presence of
JSC DGK, PJSC Yakutskenergo, PJSC Magadanenergo and JSC Chukotenergo.
Heat output by thermal plants of RAO ES of the East Subgroup, '000 GCal
2Q'20 2Q'19 chg, % 1H'20 1H'19 chg, %
JSC DGK incl. 3,074 2,843 8.1% 11,294 10,971 2.9%
Primorye power system 707 598 18.2% 2,382 2,202 8.2%
Khabarovsk power system 1,703 1,632 4.4% 6,502 6,465 0.6%
Amur power system 365 322 13.4% 1,346 1,252 7.6%
South Yakutsk power 299 291 3.0% 1,063 1,052 1.0%
district
JSC RAO ES East (CHPP 166 161 3.4% 519 494 5.2%
Vostochnaya)
PJSC Yakutskenergo 330 321 2.7% 1,398 1,377 1.5%
UES of East 3,570 3,325 7.4% 13,211 12,842 2.9%
Yakutsk power system 165 171 -3.6% 680 702 -3.0%
incl.
JSC Sakhaenergo 12 12 -6.7% 40 46 -11.3%
JSC Teploenergoservice 153 159 -3.3% 640 656 -2.5%
Kamchatka power system 442 449 -1.5% 1,203 1,236 -2.6%
incl.
PJSC Kamchatskenergo 434 434 0.0% 1,165 1,187 -1.9%
JSC KSEN 8 14 -45.9% 38 48 -20.6%
Magadan power system 249 241 3.2% 723 717 0.9%
Chukotka AO power system 91 89 2.2% 251 240 4.5%
Sakhalin power system 325 318 2.0% 895 911 -1.8%
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