DJ PJSC RusHydro: RusHydro Group announces its operating results for the 2Q 2020
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%
(MORE TO FOLLOW) Dow Jones Newswires
July 22, 2020 06:59 ET (10:59 GMT)
Isolated power systems 1,272 1,268 0.3% 3,753 3,805 -1.4%
TOTAL 4,842 4,593 5.4% 16,964 16,647 1.9%
Electricity retail
Total electricity output by RusHydro Group's energy retail companies in 2Q
2020 decreased by 2.1% to 9,823 GWh as compared to 2Q 2019; in the first
half of the year - decreased slightly by 0.1% to 23,362 GWh. The decrease
came on the back of climate factor and suspension of operations amid
lockdown measures related to the sanitary-epidemiologic situation driven by
COVID-19 virus spread.
In the second quarter of 2020, total electricity output by RusHydro's retail
companies, operating in Chuvashia, Ryazan and Krasnoyarsk regions, decreased
by 5.9% and amounted to 4,073 GWh, in the first half of the year - decreased
by 4.8% and amounted to 9,446 GWh.
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 second quarter of 2020
slightly decreased by 0.3% and amounted to 4,448 GWh, in the first half of
the year - increased by 1.3% to 11,023 GWh.
Total electricity output by RusHydro's companies located in the isolated
energy systems in the Far East Federal District amounted to 1,302 GWh in 2Q
2020, an increase of 4.4% as compared to the same period last year, in the
first half of the year - increased by 5.5% to 2,893 GWh.
Electricity output by RusHydro Group's retail companies, GWh
2Q'20 2Q'19 chg, % 1H'20 1H'19 chg, %
PJSC 2,365 2,609 -9.4% 5,707 6,143 -7.1%
Krasnoyarskenergosbyt
JSC Chuvash retail 691 731 -5.5% 1,603 1,668 -3.9%
company
PJSC Ryazan retail 555 557 -0.5% 1,203 1,255 -4.1%
company
JSC ESC RusHydro 463 430 7.7% 933 859 8.6%
Total 4,073 4,327 -5.9% 9,446 9,924 -4.8%
PJSC DEK (for 4,448 4,461 -0.3% 11,023 10,883 1.3%
reference)
Isolated energy systems 1,302 1,247 4.4% 2,893 2,742 5.5%
(for reference)
Total by Group 9,823 10,035 -2.1% 23,362 23,549 -0.1%
Water inflows forecast
According to the forecast of the Hydrometeorology Center of Russia, the
following dynamics of water inflows to the major reservoirs is expected in
the 3rd quarter of 2020:
· Total water inflows to reservoirs on Volga River are expected at the
normal level;
· Inflows to the reservoirs on the rivers of Siberia and Southern Caucasus
are expected to be at the normal level or slightly below it;
· In the Far East inflows to Zeyskoye and Kolymskoye reservoirs are
expected to be at or slightly above the long-run average.
1 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.
2 excluding Aremenia. On 11.03.2020 RusHydro has finalized divestment of its
assets in Armenia to PJSC Hrazdan Power Company (HrazTES, Tashir Group).
3 excludes Primorksaya GRES which was sold to SUEK Group in June 2020.
4 Includes generation by HPPs of JSC RusHydro, Kolymskaya HPP and Viluiskie
HPPs (RAO ES East Subgroup).
About RusHydro
RusHydro Group is the leading producer of renewable energy in Russia. It is
Russia's largest hydrogenerating company and the fourth in the world with
over 400 generating facilities. The Group's total electricity generation
capacity including Boguchanskaya HPP is 38.0 GW.
For more information:
Investor Relations Department
Tel. +7 (495) 122 0555 ext. 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
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.: 77206
EQS News ID: 1099211
End of Announcement EQS News Service
(END) Dow Jones Newswires
July 22, 2020 06:59 ET (10:59 GMT)
