RusHydro
increased electricity generation by 16%, generation from
hydro -
by 25% in
the first half of 2013
JSC
RusHydro (ticker symbol: MICEX-RTS, LSE: HYDR; OTCQX: RSHYY)
announces the operating results for the 2nd quarter and
1st half of 2013.
Key
highlights:
-
Strong
quarterly operating performance of the hydropower plants in all 3
macro-regions of Russia on affluent water
inflows;
-
In 3Q
2013, hydro production was up 19% in the Center of Russia, +15% in
the South of Russia, +41% in Siberia, +21% in the Far
East;
-
Fossil-fuel generation in the Far
East is down 4% in 1H 2013, ousted by hydro;
-
In 1H
2013, 4 newly-commissioned hydro-units of Boguchanskaya hydropower
plant in Siberia generated over 1.6 TWh of
electricity;
-
In 1H
2013, RusHydro?s power retail companies decreased power output by
9%;
-
In 3Q
2013, water inflows to all major reservoirs are expected at
long-run average levels.
In the
2nd quarter of 2013, total electricity generation by
power plants of RusHydro, its subsidiaries and the Boguchanskaya
hydropower plant (HPP)[1] amounted to 34,630 GWh, a 17%
increase as compared to the 2nd quarter of 2012; total
power generation in the 1st half of 2013 amounted to
66,633 GWh (+16%). In the 2nd quarter of 2013,
hydropower plants of RusHydro and the Boguchanskaya HPP increased
electricity generation by 23% to 28,005 GWh, generation in the
1st half of 2013 amounted to 50,303 GWh
(+25%).
Electricity generation in 2Q and 1H
2013/2012, GWh
|
2Q
2013
|
2Q
2012
|
chg,
%
|
1H
2013
|
1H
2012
|
chg,
%
|
Far East
|
3,675
|
3,037
|
21%
|
7,796
|
6,314
|
23%
|
Siberia
|
7,551
|
5,357
|
41%
|
14,173
|
10,965
|
29%
|
incl.
Boguchanskaya HPP
|
824
|
-
|
-
|
1,623
|
-
|
-
|
Center of
Russia
|
14,221
|
11,991
|
19%
|
24,271
|
19,616
|
24%
|
South of Russia and North
Caucasus
|
2,368
|
2,066
|
15%
|
3,789
|
3,120
|
21%
|
Armenia
|
189
|
283
|
-33%
|
273
|
337
|
-19%
|
RAO ES of the
East
|
6,625
|
6,836
|
-3%
|
16,330
|
17,025
|
-4%
|
TOTAL
|
34,630
|
29,569
|
17%
|
66,633
|
57,377
|
16%
|
TOTAL (excl. RAO ES of the
East)
|
28,005
|
22,733
|
23%
|
50,303
|
40,351
|
25%
|
The
underlying factors of the production change in the 2nd
quarter of 2013 were:
-
higher
than average water resources in reservoirs in the Far East and
Center of Russia;
-
water
inflow to reservoirs of the Volga-Kama cascade higher than long-run
average;
-
water
inflow to major reservoirs of Siberia slightly higher or close to
long-run average;
-
participation of conventional
thermal power plants in automatic secondary regulation of frequency
and active power flow instead of large storage-based hydropower
stations from April 16 to June 11, 2013, that allowed Zhugulevskaya
hydropower plant to operate in the base mode;
-
launch of
the Boguchanskaya hydropower plant into commercial operation in the
end of 2012.
Center of Russia
As of the end of the 1st half of 2013, the
useful storage of the Volgo-Kama cascade reservoirs amounted to
76.56 km3, 4% higher than long-run average and 1% lower than
last year.
In the 1st quarter of 2013, total water
inflow to reservoirs of the Volga-Kama cascade amounted to 29
km3 as compared to the average of 21.3 km3.
In the 2nd quarter, water inflow to reservoirs of the
cascade was higher than normal and amounted to 173
km3 compared to a long-run average of 161
km3.
From April
16 to June 11, 2013, for the first time in Russia?s history the
System Operator engaged conventional thermal power plants in
automatic secondary regulation of frequency and active power flow
in the Unified Energy System, while earlier mostly large
storage-based hydropower stations were responsible for this, as
highly maneuverable sources of power generation. These measures
allowed the Company?s Zhigulevskaya HPP to almost fully load its
hydro units during the flood period, as well as to increase the
electricity generation by ca. 150 GWh.
In the
3rd quarter, water inflow to the major reservoirs of the
Volgo-Kama cascade is expected to be close to normal, to the
Rybinskiy, Gorkovskiy and Nizhnekamskiy reservoirs ? 20-35% lower
than normal. Total water inflow to reservoirs of the Volgo-Kama
cascade in the 3rd quarter will amount to 30-38
km3, according to expectations, as compared to the
average of 37 km3.
In the
2nd quarter of 2013, total electricity generation by
RusHydro?s hydropower plants of the Volgo-Kama cascade together
with Zagorskaya pumped storage plant amounted to 14,221 GWh, 19%
increase as compared to the same period of 2012. In the
1st half of 2013 generation reached 24,271 GWh, 24%
increase as compared to the same period of the previous
year.
Siberia
In the 2nd quarter of 2013, water inflow to
the Sayano-Shushenskaya hydropower plant reservoir was 10% higher
than long-run average. As of the end of the 1st half of
the year, the reservoir level was 532 m, which is slightly
below normal water level of 539 m. In the 3rd
quarter water inflow to reservoir is expected to be close or slightly
higher than normal and substantially (over 50%) higher than last
year.
In the 2nd quarter of 2013, water inflow to
the Novosibirsky reservoir was 5% higher than long-run average. As
of the end of the 1st half of the year, the reservoir
level amounted to 113.27 m, which is slightly lower than normal,
but the accumulation of water in the storage resumes.
Currently, the Boguchanskaya hydropower plant is
operating under the regime of allowing the navigation in the
downstream and maintaining the reservoir water level at 188.5
m.
Total electricity generation by RusHydro?s Siberian
hydropower plants and the Boguchanskaya HPP in the 2nd
quarter of 2013 increased by 41% to 7,551 GWh, in the
1st half of 2013 ? by 29% to 14,173 GWh.
South of Russia and North
Caucasus
In the 2nd quarter of 2013, water inflow to
the Chirkeyskaya HPP on the Sulak river, Vladikavkazskaya HPP on
the Terek river and Krasnodarskiy reservoir on the Kuban? river was
10-35% lower than normal.
In the 3rd quarter water inflow to
reservoirs is expected to be close to long-run average or 10-25%
lower than normal.
The electricity generation by the hydropower plants of
the South of Russia and North Caucasus in the 2nd
quarter of 2013 rose by 15% to 2,368 GWh; in the 1st
half of 2013 ? by 21% to 3,789 GWh.
Far East
In the 2nd quarter of 2013, water inflow to
the Kolymskiy and Zeyskiy reservoirs was higher than long-run
average by 55-70%. In the end of May, the Bureyskaya HPP
experienced the highest inflow to its dam on record starting from
2003, when the plant was built and put into operation. This was
caused by heavy rains in May and melting of the snow packs. The
plant had been operating in a drawdown mode to keep the reserve
storage.
The total electricity generated by hydro and
geothermal power plants of the Far East in the 2nd
quarter increased by 21% to 3,675 GWh, in the 1st half
of 2013 ? by 23% to 7,796 GWh.
The over-the-balance production by the Far Eastern
hydropower plants (the balance set by the Federal Tariff Service of
Russia) was 2,041 GWh and was a result of additional electricity
supply to China, as well as lower production by thermal
generators.
In the 2nd quarter of 2013, the
predominantly fossil fuel generation of RAO ES of the East, a
subsidiary of RusHydro, produced 6,625 GWh of electricity, 3%
decrease as compared to the 2nd quarter of 2012. In the
1st half of 2013, the generation decreased by 4% to
16,330 GWh.
Of this total, 74% (12,107 GWh) was generated by Far
East Generating Company, which decreased production by 3.6% as
compared to the last year, mainly due to increased capacity of
hydropower plants. In the 1st half of 2013 electricity
generation by companies operating in isolated energy systems of the
Far East amounted to 4,023 GWh, which is in line with the previous
year. At the same time Magadanskaya and Chukotskaya energy systems
increased electricity generation by 12%.
In the 1st half of 2013, heat output by
thermal plants of RAO ES of the East amounted to 19,238 GCal, a 1%
increase as compared to the same period of last year.
Armenia
In the 2nd quarter of 2013, electricity
generation by the Sevan-Hrazdan cascade of hydropower plants in
Armenia decreased by 33% to 189 GWh, in the 1st half of
the year ? by 19% to 273 GWh. The power generation by the plants of
the cascade is dependent on water inflows of Hrazdan river and
water releases from lake Sevan.
Power retail
In the 2nd quarter of 2013, total
electricity output by RusHydro?s four retail companies, operating
in Bashkiria, Chuvashia, Ryazan and Krasnoyarsk regions, decreased
by 6% to 9,100 GWh, in the 1st half of the year ? by 9%
to 20,876 GWh. Almost all retail companies experienced the decrease
after several major industrial consumers switched to their own
wholesale purchases following market liberalization.
***
RusHydro Group operating results for the
2nd quarter and 1st half of 2013 are
available on RusHydro?s website at: http://www.eng.rushydro.ru/investors/reports/
About
RusHydro:
RusHydro Group is one of Russia?s largest generating
companies. RusHydro is the leading producer of renewable energy in
Russia with over 70 generating facilities in Russia and abroad. The
company also manages a number of R&D, engineering and
electricity retail companies. Group?s thermal assets are operated
by subsidiary ? RAO Energy System of East in the Far East of
Russia. Total electricity generation capacity of the Group is 36.5
GW, heat capacity ? 16.2 thousand GCal/h.
Russian Federation owns 67.1% in RusHydro, the rest is
held by other institutional and individual shareholders (over
360,000). The company?s stock is traded on the MICEX and RTS stock
exchanges, and included in MSCI EM ? MSCI Russia indexes. Company?s
GDRs in the IOB section of LSE, ADRs ? in OTCQX.
For more
information:
JSC RusHydro, Investor Relations
Department
Tel. +7 (495) 225-3232 ext. 1319,
1607
ir@rushydro.ru
DISCLAIMER
The information in this press release may contain
projections or other forward-looking statements regarding future
events or the future financial performance of RusHydro. One 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 and rapid technological
and market changes in our industries, as well as many other risks
specifically related to RusHydro and its
operations.
[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.
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