DJ PJSC RusHydro: RusHydro Group announces its 4Q and FY2020 operating results
PJSC RusHydro (HYDR)
PJSC RusHydro: RusHydro Group announces its 4Q and FY2020 operating results
28-Jan-2021 / 10:47 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.
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RusHydro Group announces its 4Q and FY2020 operating results
January 28, 2021. 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 2020, of the parent company and subsidiaries of RusHydro
Group reflected in consolidated financial statements - all-time high results in the company's history.
2020 key highlights:
- 151 450 GWh (+6.0%) - total electricity generation of RusHydro Group including Boguchanskaya hydropower plant, JSC
MEK and Primorskaya GRES in 2020. Total electricity generation by RusHydro Group including Boguchanskaya hydropower
plant excluding JSC MEK and Primorskaya GRES amounted to 148,625 GWh (+8.4%)1;
- RusHydro Group's share in the electricity production in Russia in 2020 increased to 14.0% as compared to 12.5% in
2019 as electricity production and consumption in Russia declined by 3.0% and 2.3% respectively;
- 5 hydropower plants have set new all-time high annual record outputs: Sayano-Shushenskaya HPP (28,081 GWh),
Boguchanskaya HPP (17,638 GWh), Rybinskaya HPP (1,800 GWh), Nizhegorodskaya HPP (2,355 GWh) and Ust-Srednekanskaya
HPP (747 GWh);
- 103,881 GWh - electricity output from hydro and pumped storage plants excl. Boguchanskaya HPP (+10.4%)2;
- 26,680 GWh - electricity output from thermal power plants (+0.7%);
- 46,024 GWh - total electricity output from power plants in the Far Eastern Federal District (+2.5%);
- 29,358 thousand Gcal/h - heat output from thermal power plants in the Far Eastern Federal District (-0.5%);
- 40,182 GWh - sales by Group's electricity retail companies (-1.3%).
Installed electric capacity of RusHydro Group
The main drivers for change in installed electric capacity were Zaramagskaya HPP-1 (346 MW) CHPP in Sovetskaya Gavan
(126 MW) in the Far East, divestment of Primorskaya GRES (1,467 MW) and HPPs in Armenia (561 MW).
MW Dec 31, 2020 Dec 31, 2019
Center of Russia HPPs /PSPPs 11,807.4 11,782.4
S. of Russia and N. Caucasus 3,311.7 2,946.0
Siberia 7,211.0 7,211.0
Total for price zones of Russia 22,330.1 21,939.4
HPPs of the Far East 5 597.6 5 597.6
RAO ES East 7 011.0 8 505.9
Geothermal PPs, RES 82.5 82.5
Total for non-price and isolated zones of Russia 12 691.1 14 186.0
HPPs in Armenia - 561.4
TOTAL 35 021.2 37 030.6
incl. by HPPs, PSPPs2 27 927.7 28 443.9
incl. by TPPs and other 7 011.0 8 505.9
incl. by geothermal, RES 82.5 82.5
Boguchanskaya HPP 2 997.0 2 997.0
TOTAL (incl. Boguchanskaya HPP) 38 018.2 39 683.3
Installed heat capacity of RusHydro Group
The main change in installed heat capacity came on the back of divestment of Primorskaya GRES (237 Gcal/h), commissioning of CHPP in Sovetskaya Gavan (200 Gcal/h) and decommissioning of boiler-3 at Primorskiye heat networks (105 Gcal/h).
GCal/h Dec 31, 2020 Dec 31, 2019 JSC DGK, incl. 12,626.2 12,813.4 Primorye power system 2,416.0 2,755.0 Khabarovsk power system 7,646.5 7,429.7 Amur power system 1,178.7 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 13,058.8 13,246.1 Yakutsk power system, incl. 2,548.8 2,545.8 PJSC Yakutskenergo 1,726.2 1,726.2 JSC Sakhaenergo 87.9 84.9 JSC Teploenergoservice 734.7 734.7 Kamchatka power system, incl. 1,273.4 1,273.4 PJSC Kamchatskenergo 1,226.3 1,226.3 JSC KSEN 47.1 47.1 Magadan power system (PJSC Magadanenergo) 775.3 773.3 Chukotka AO power system (JSC Chukotenergo) 399.3 399.3 Sakhalin power system (PJSC Sakhalinenergo) 783.5 783.5 Total isolated and other power systems 5,780.3 5,775.3 TOTAL 18,839.1 19,021.4
Electricity generation by the plants of RusHydro Group, GWh
4Q'20 4Q'19 chg, % 2020 2019 chg, % Center of Russia 9,924 13,002 -23.7% 48,245 42,534 13.4% South of Russia and North Caucasus 1,019 1,030 -0.9% 6,331 6,528 -3.0% Siberia 7,483 6,653 12.5% 30,347 27,131 11.9% Total for the price zones 18,426 20,685 -10.9% 84,923 76,193 11.5% Far East 4,760 4,491 6.0% 16,693 15,252 9.4% RAO ES East 8,031 8,425 -4.7% 29,371 29,571 -0.7% TOTAL 31,217 33,602 -7.1% 130,987 121,015 8.2% incl. by HPPs, PSPPs 23,862 25,913 -7.9% 103,881 94,091 10.4% incl. by TPPs and other 7,247 7,568 -4.2% 26,680 26,492 0.7% Incl. by alt. renewables (geothermal, solar, wind) 109 121 -9.8% 426 433 -1.6% Boguchanskaya HPP 4,542 4,318 5.2% 17,638 16,104 9.5%
Above normal level water inflows to the majority of reservoirs of the hydropower plants in the first half of 2020 returning to normalized levels in the second half of the year provided record-high electricity production in the company's history.
The underlying factors of the production change in 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 East3 by 1.1%; - commissioning of new capacities and modernization of existing facilities.
Center of Russia
In the fourth quarter of 2020, water inflows to Ivankovskoye, Rybinskoye and Nizhnekamskoye reservoirs were 1.2-1,4x the normal level, to Shekskinskoye - 1.9x the normal level. At the same time inflows to Uglichskoye, Gorkovskoye and Cheboksarskoye reservoirs was 20-40% below the normal level, while inflows to Kamskoye and Kuybishevskoye reservoirs - at the normal level. Total water inflows to Volga-Kama reservoirs amounted to 37.4 km3 as compared to the normal level of 38.4 km3.
In January 2021, water inflows to the majority of reservoirs on the Volga and the Kama Rivers are expected at the normal level, while inflows to Ivankovskoye reservoirs - twice the normal level. As of 20.01.2021, 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 2020 increased by 13.4% to 48,245 GWh as compared to 2019.
South of Russia and North Caucasus
During 2020, total water inflow to Chirkeyskaya HPP on the Sulak River was below the normal level. In January 2021, total water inflow is expected slightly below the normal level.
In 2020, total electricity production by the hydropower plants in the South of Russia and North Caucasus decreased by 3.0% to 6,330 GWh as compared to last year.
Siberia
In 4Q 2020 water inflows to the reservoirs of Siberia were 10-25% above the normal level. Favorable hydrological conditions will carry over to January 2021 as water inflows Sayano-Shushenskoye and Novosibirskoye reservoirs are expected to be 10-30% above the normal level. Water storage at the reservoirs is at the normal level.
In 2020, total electricity production by PJSC Rushydro's hydropower plants in Siberia increased by 11.9% to 30,347 GWh as compared to 2019. Electricity production of Boguchanskaya HPP in 2020 reached 17,638 GWh, an increase of 9.5% as compared to last year.
Far East
In the fourth quarter of 2020, water inflows to Kolymskoe and Zeyskoye reservoirs were 10-65% below the normal level.
Stronger performance is expected in January 2021 as well. Water inflows to Kolymskoye reservoir are expected to be 40-60% above the norm, while inflows to Zeyskoye reservoir will be twice the normal level. Water storage at the reservoirs in the Far East as of 20.01.2021 are slightly above the normal level.
Total electricity generated by hydropower plants in the Far East (not included in the RAO ES East subgroup) in 2020 increased by 9.4% to 16,693 GWh against the same period last year.
Total electricity generated by RAO ES East subgroup in the fourth quarter of 2020 decreased by 4.7% to 8,031 GWh, as compared to the fourth quarter of 2019. The main drivers behind the production growth were decrease of electricity consumption in the region by 1.1% compounded by HPP production growth. JSC Far Eastern Generating Company's (DGK) share of electricity generated was 68% or 5,441 GWh, a decrease of 3.7% against the same period last year.
In 2020, total electricity generation by RAO ES East subgroup decreased by 0.7% to 29,371 GWh against 2019.
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