DJ PJSC RusHydro: RusHydro Group announces its operating results for the 9M 2020
PJSC RusHydro (HYDR)
PJSC RusHydro: RusHydro Group announces its operating results for the 9M
2020
22-Oct-2020 / 16:46 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 9M 2020
October 22, 2020. Moscow, Russia. PJSC RusHydro (ticker symbol: MICEX-RTS,
LSE: HYDR; OTCQX: RSHYY) announces operating results for the 9 months of
2020, of the parent company and subsidiaries of RusHydro Group reflected in
consolidated financial statements - all-time high results in the company's
history for the comparable period.
9M key highlights:
- 112,748 GWh - total electricity generation by RusHydro Group including
Boguchanskaya hydropower plant (+13.7%)1;
- RusHydro Group's share in the electricity production in Russia in 9M
2020 increased to 14.6% as compared to 12.4% in 9M 2019 as electricity
production and consumption in Russia declined by 3.4% and 2.8%
respectively;
- 79,901 GWh - electricity output from hydro and pumped storage plants
excl. Boguchanskaya HPP (+17.2%)2;
- 19,434 GWh - electricity output from thermal power plants (+2.7%);
- 316 GWh - electricity output from alternative renewable energy
facilities (+1.5%);
- 33,234 GWh - total electricity output from power plants in the Far
Eastern Federal District (+4.2%);
- 19,122 thousand Gcal/h - heat output from thermal power plants in the
Far Eastern Federal District (+1.7%);
- 28,671 GWh - sales by Group's electricity retail companies (-1.4%).
Electricity generation by the plants of RusHydro Group, GWh
3Q'20 3Q'19 chg, % 9M'20 9M'19 chg, %
Center of Russia 9,562 10,171 -6.0% 38,321 29,531 29.8%
South of Russia and 2,029 2,183 -7.1% 5,232 5,498 -4.8%
North Caucasus
Siberia 9,276 9,813 -5.5% 22,864 20,478 11.7%
Total for the price 20,867 22,167 -5.9% 66,417 55,507 19.7%
zones
Far East 3,957 4,179 -5.3% 11,893 10,760 10.5%
RAO ES East 5,928 5,506 7.6% 21,342 21,145 0.9%
TOTAL 30,752 31,852 -3.5% 99,652 87,414 14.0%
incl. by HPPs, PSPPs 25,206 26,748 -5.8% 79,901 68,178 17.2%
incl. by TPPs and 5,456 5,012 8.8% 19,434 18,924 2.7%
other
Incl. by alt. 90 91 -1.5% 316 312 1.5%
renewables
(geothermal, solar,
wind)
Boguchanskaya HPP 4,253 4,426 -3.9% 13,096 11,785 11.1%
Following 1.5x above normal level water inflows to the majority of
reservoirs of the hydropower plants in 3Q 2019, predominantly normal-level
water inflows in 3Q 2020 provided record-high electricity production in 9M
of 2020 further reiterating sustainability of RusHydro Group's business
model.
The underlying factors of the production change in January-September 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 3.9%
? increase of heat output in the Far East driven by weather conditions.
Center of Russia
In the third quarter of 2020, water inflows to the main reservoirs of the
Volga-Kama cascade were 18% above the normal level: inflows to Ivankovskoye,
Uglichskoye, Sheksninskoye and Rybinskoye reservoirs were 1.6-2.3x the
normal level, while inflows to Gorsvskoye, Cheboksarskoye, Kamskoye and
Kuybishevskoye reservoirs - at the normal level. Total water inflows to
Volga-Kama reservoirs amounted to 44.1 km3 as compared to the normal level
of 37.5 km3.
In October, water inflows to the majority of reservoirs on the Volga and the
Kama Rivers are expected at the normal level, while inflows to Kamskoye and
Shekskinskoye reservoirs - 1.25x and 2.1x the normal level, respectively.
Total water inflow to the reservoirs of the Volga-Kama cascade in October is
expected in the range of 13.6-18.0 km3 (normal level - 14.9 km3). As of
13.10.2020, water storage at the reservoirs of the cascade was above the
normal level.
Aided by strong water inflows in the first half of the year, total
electricity production by the hydropower plants of the Volga-Kama cascade
and Zagorsksaya pumped storage in the nine months of 2020 increased by 29.8%
to 38,321 GWh as compared to the corresponding period of 2019.
South of Russia and North Caucasus
During the first nine months of 2020, total water inflow to Chirkeyskaya HPP
on the Sulak River was slightly below the normal level. In October 2020,
total water inflow is expected below the normal level as well.
In 9M 2020, total electricity production by the hydropower plants in the
South of Russia and North Caucasus decreased by 4.8% to 5,232 GWh as
compared to the corresponding period last year.
Siberia
In 3Q 2020 water inflows to the reservoirs of Siberia were at the normal
level. In September as water inflows increased above the normal level,
electricity production at Sayano-Shushenskaya HPP, Russia's largest
hydropower plant (installed capacity of 6.4 GW) increased to 3,773 GWh
(+15.5%) against an already strong September '19.
In October 2020, water inflows to the reservoirs in Siberia are expected
above the normal level, including to Sayano-Shushenskoye reservoir - 10-30%
above the norm.
In 9M 2020, total electricity production by PJSC Rushydro's hydropower
plants in Siberia increased by 11.7% to 22,864 GWh as compared to 9M 2019.
Electricity production of Boguchanskaya HPP in 9M 2020 reached 13,096 GWh,
an increase of 11.1% as compared to the corresponding period last year.
Far East
In the third quarter of 2020, water inflows to Zeyskoye and Kolymskoe
reservoirs were 15-30% below the normal level.
Stronger performance is expected in October as water inflows to Kolymskoye
reservoir are expected at the normal level, while inflows to Zeyskoye
reservoir will be 10-45% above the normal level. Water storage at the
reservoirs in the Far East are at the normal level or slightly above it.
Total electricity generated by hydropower plants in the Far East (not
included in the RAO ES East subgroup) in 9M 2020 increased by 10.5% to
11,892 GWh against the same period last year.
Total electricity generated by RAO ES East subgroup in the third quarter of
2020 amounted to 5,927 GWh, an increase of 7.6% as compared to the third
quarter of 2019. The main driver behind the production growth was growth of
electricity consumption in the region by 1.9%. JSC Far Eastern Generating
Company's (DGK) share of electricity generated was 71% or 4,203 GWh, an
increase of 12.2% against the same period last year.
In first nine months of the year, total electricity generation by RAO ES
East subgroup increased by 0.9% to 21,341 GWh against the corresponding
period of 2019.
Heat output by thermal plants of RAO ES East Subgroup in the third quarter
of 2020 came in at 2,151 GCal as compared to the corresponding period of
2020. In the first nine months of the year heat output increased by 1.7% to
19,122 GCal.
Heat output by thermal plants of RAO ES of the East Subgroup, '000 GCal
3Q'20 3Q'19 chg, % 9M'20 9M'19 chg, %
JSC DGK incl. 1,525 1,530 -0.3% 12,819 12,500 2.5%
Primorye power system 327 291 12.5% 2,709 2,493 8.7%
Khabarovsk power system 857 917 -6.6% 7,359 7,382 -0.3%
Amur power system 205 172 19.5% 1,552 1,424 9.0%
South Yakutsk power 136 150 -9.4% 1,199 1,205 -0.3%
district
JSC RAO ES East (CHPP 52 71 -26.7% 572 565 1.2%
Vostochnaya)
PJSC Yakutskenergo 186 178 4.5% 1,584 1,555 1.8%
UES of East 1,763 1,779 -0.9% 14,974 14,620 2.4%
Yakutsk power system 53 54 -1.8% 733 755 -3.0%
incl.
JSC Sakhaenergo 3 3 -9.4% 43 49 -11.2%
JSC Teploenergoservice 50 51 -1.3% 690 707 -2.4%
Kamchatka power system 128 126 1.6% 1,339 1,361 -1.7%
incl.
PJSC Kamchatskenergo 124 122 1.5% 1,289 1,309 -1.6%
JSC KSEN 4 4 5.4% 50 52 -4.3%
Magadan power system 108 98 10.4% 831 815 2.0%
Chukotka AO power system 40 47 1.5% 292 287 1.5%
Sakhalin power system 59 52 13.0% 954 963 -1.0%
Isolated power systems 388 376 3.0% 4,148 4,181 -0.8%
TOTAL 2,151 2,155 -0.2% 19,122 18,802 1.7%
Electricity retail
Total electricity output by RusHydro Group's energy retail companies in 3Q
2020 increased by 0.1% to 10,009 GWh as compared to 3Q 2019; in the first
nine months of the year - decreased by 0.7% to 34,972 GWh. The majority of
decrease came on the back of climate factor and implementation of nationwide
government measures to contain the COVID-19 virus spread.
In the third quarter of 2020, total electricity output by ESC RusHydro
subgroup's retail companies, operating in Chuvashia, Ryazan, Krasnoyarsk
regions and in the Far East decreased by 0.9% and amounted to 8,199 GWh, in
the first nine months of the year - decreased by 1.4% and amounted to 28,671
GWh.
Total electricity output by RusHydro's companies located in the isolated
energy systems in the Far East Federal District amounted to 1,810 GWh in 3Q
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