January 30, 2017. 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, 2016, of the parent company and the
subsidiaries of RusHydro Group reflected in consolidated financial
statements.
Key highlights:
Record operating results boosted by wise
utilization of increased water inflows to major reservoirs, new
capacity commissioning as well as substitution of inefficient
condensing electricity power generation from thermal power plants
with hydro in the Far East of Russia in the 2nd
half of 2016;
Total electricity generation by power
plants of RusHydro Group in 4Q 2016 amounted to 30,682
GWh (+0.1%), in 2016 – 124,799 GWh (+9.2%);
In 4Q 2016, total production by HPPs/PSPPs
amounted to 22,132 GWh (+2.8%), in 2016 – 94,976 GWh (+15.7%);
In 2016, total water inflow to reservoirs
in the Far East of Russia was 30-60% higher than long-run average,
to reservoirs of Volga-Kama cascade, Siberia and HPPs of the South
of Russia – close to long-run average;
Electricity generation by the plants of
RAO ES East in 4Q 2016 – 9,231 GWh (-5.1%), in 2016 – 31,672GWh
(-6.8%);
The electricity generation by the
Boguchanskaya hydropower plant in 4Q 2016 amounted to 3,452 GWh
(+19.8%); in 2016 – 13,970 GWh (+6.8%)[1];
Electricity output by RusHydro Group’s
retail companies in 4Q 2016 amounted to 8,754 GWh (-1%), in 2016 –
33,905 GWh (-2.3%);
In 2016, heat output by thermal plants of
RAO ES East increased by 4% to 31,494 ths. GCal as compared to the
same period of 2015;
Water inflow to reservoirs of major
hydropower plants of the Group in 1Q 2017 is expected to be close or
slightly higher than long-run average.
Installed electric
capacity of RusHydro Group, MW
|
December 31, 2016
|
December 31, 2015
|
Center of Russia HPPs /PSPPs
|
11,640.4
|
11,580.6
|
S. of Russia and N.Caucasus
|
2,945.3
|
2,776.5
|
Siberia
|
7,191
|
7,186.0
|
Total for the price zones
|
21,778.3
|
21,543.1
|
HPPs of the Far East
|
5,112.8
|
5,112.8
|
RAO ES East
|
8,365.3
|
8,406.0
|
Geothermal PPs, RES
|
79.5
|
76.89
|
Total for non-price zones
|
13,555.9
|
13,597.4
|
Armenia
|
561.4
|
561.4
|
TOTAL
|
35,897.4
|
35,702.1
|
incl. by HPPs, PSPPs
|
27,452.6
|
27,237.6
|
incl. by TPPs and other
|
8,365.3
|
8,404.5
|
incl by Geothermal PPs, RES
|
79.5
|
78.6
|
Boguchanskaya HPP
|
2,997.0
|
2,997.0
|
Installed heat
capacity of RusHydro Group, Gcal
|
December 31, 2016
|
December 31, 2015
|
JSC DGK, incl.
|
12 813,4
|
12 585,1
|
Primorye power system
|
2,755.0
|
2,755.0
|
Khabarovsk power system
|
7,429.7
|
7,390.0
|
Amur power system
|
1,243.7
|
1,055.1
|
South-Yakutsk power district
|
1,385.0
|
1,385.0
|
Blagoveschenskaya TPP (2nd stage)
|
188.0
|
188.0
|
Isolated energy systems
|
5,335.5
|
5,387.4
|
PJSC Yakutskenergo
|
1,175.7
|
1,175.7
|
SC Sakhaenergo
|
92.4
|
92.4
|
SC Teploenergoservice
|
754.1
|
761.2
|
PJSC Kamchatskenergo
|
1,292.0
|
1,336.9
|
SC KSEN
|
42.9
|
42.9
|
PJSC Magadanenergo
|
773.3
|
773.3
|
SC Chukotenergo
|
404.4
|
404.4
|
PJSC Sakhalinenergo
|
800.7
|
800.7
|
Total
|
18,148.9
|
18,160.5
|
In the 4th quarter of 2016, total
electricity generation by power plants of RusHydro Group amounted to
30,682 GWh, a 0.1% increase as compared to the same period of 2015,
total power generation in 2016 amounted to 124,799 GWh (a 9.2% growth
as compared to the same period of 2015). In the 4th
quarter of 2016, hydropower (HPPs) and pumped storage power plants
(PSPPs) of RusHydro Group increased electricity generation by 2.8% to
22,132 GWh, in 2016 generation increased by 15.7% to 94,976 GWh,
output by thermal (TPPs) and geothermal plants located in the Far
East of Russia in the 4th quarter of 2016 decreased by
6.2% to 8,549 GWh, in 2016 – by 7.3% to 29,823 GWh.
Electricity generation by the plants of RusHydro
Group, GWh
|
4Q'16
|
4Q'15
|
chg, %
|
2016
|
2015
|
chg, %
|
Center of Russia
|
8,442
|
9,640
|
-12.4%
|
39,372
|
38,029
|
3.5%
|
S. of Russia and N.Caucasus
|
1,386
|
1,229
|
12.7%
|
8,239
|
6,578
|
25.2%
|
Siberia
|
7,029
|
6,563
|
7.1%
|
29,208
|
22,718
|
28.6%
|
Total for the price zones
|
16,857
|
17,432
|
-3.3%
|
76,819
|
67,325
|
14.1%
|
Far East
|
4,563
|
3,459
|
31.9%
|
15,904
|
12,516
|
27.1%
|
RAO ES of the East
|
9,231
|
9,729
|
-5.1%
|
31,672
|
33,970
|
-6.8%
|
Armenia
|
31
|
32
|
-2.5%
|
405
|
453
|
-10.6%
|
TOTAL
|
30,682
|
30,651
|
0.1%
|
124,800
|
114,265
|
9.2%
|
incl. by HPPs, PSPPs[2]
|
22,132
|
21,532
|
2.8%
|
94,976
|
82,079
|
15.7%
|
incl. by TPPs and other
|
8,549
|
9,119
|
-6.2%
|
29,823
|
32,186
|
-7.3%
|
Boguchanskaya HPP
|
3,452
|
2,881
|
19.8%
|
13,970
|
13,077
|
6.8%
|
The underlying factors of the production change in
January-December 2016 were:
total water inflow to reservoirs of the
Volga-Kama cascade and major reservoirs of Siberia in 2016 was close
to long-run average;
increased electricity generation by
hydropower plants of the South of Russia against the backdrop of
water levels close to long-run average and launch of 100 MW
Gotsatlinskaya HPP in 2015;
growth of electricity generation by
hydropower plants in the Far East due to increased water inflows
(30-60% higher than normal) and substitution of inefficient
condensing electricity power generation from thermal power plants of
RAO ES East Holding.
Center of Russia
In the 1st quarter of 2016, water
inflow to reservoirs of the Volgo-Kama cascade was 1.3-2.2x higher
than long-run average. In the 2nd quarter of 2016, water
inflow to reservoirs located at the Upper Volga was 20-35% lower than
long-run average, to Volgogradskoe reservoir – only 25% of norm, to
Gorkovskoe, Cheboksarskoe, Kuybyshevskoe and Nizhnekamskoe reservoirs
– close to normal, to Kamskoe and Votkinskoe reservoirs – 25-65%
higher than long-run average.
Total water inflow to reservoirs of the Volgo-Kama
cascade in 2016 amounted to 259.2 km3 as compared to the
average of 256.4 km3.
Total electricity generation by RusHydro’s
hydropower plants of the Volgo-Kama cascade together with Zagorskaya
pumped storage plant in the 4th quarter of 2016 amounted
to 8,442 GWh, a 12.4% decrease as compared to the same period of
2015. In 2016, generation reached 39,372 GWh, which is 3.5% higher
than in the same period of the previous year.
South of Russia and North Caucasus
In 2016, water conditions on the rivers of the
South of Russia and North Caucasus were close to long-run average. In
2016, water inflow to the Chirkeyskoe reservoir was 5% higher than
long-run average.
Hydropower plants of the Dagestan branch of
RusHydro successfully went through the peak flood period, which took
place in the first decade of June. In July, Kubanskoe reservoir was
filled to its normal level of 629 m. By the beginning of September
Chirkeyskoe reservoir was also filled up to its normal water level of
355 m.
The electricity generation by the hydropower
plants of the South of Russia and North Caucasus in the 4th
quarter of 2016 increased by 12.7% to 1,386 GWh, in 2016 – by 25.2%
to 8,239 GWh due to wise utilization of increased water inflows.
Siberia
In 2016, water inflow to the Ob and Yenisei rivers
was close to normal. In 2016, the spring flood period in the basin of
the Sayano-Shushenskaya HPP started later than usual. In the end of
August, reservoir of the Sayano-Shushenskaya HPP was filled to its
maximum level of 538.5 m. On September 2, 2016, the plant generated
its all-time high daily amount of electricity – 110,306,939 kWh.
The flood period in the basin of Novosibirskoe
reservoir started earlier than usual. There were two peak periods of
flooding: in April and July 2016.
The Boguchanskaya hydropower plant in 2016
generated 13,970 GWh, 6.8% increase as compared to the same period of
the previous year. The reservoir of the Boguchanskaya HPP had been
drawn down to 207.0 m. In June-October, the reservoir water level had
been maintained at 207.5 m.
Total electricity generation by RusHydro’s
Siberian hydropower plants in the 4th quarter of 2016
increased by 7.1% to 7,029 GWh, in 2016 –by 28.6% to 29,208 GWh.
Far East
Hydrological conditions in the region and low
water reserves didn’t allow to fill the reservoir of the Zeyskaya
HPP to its normal water level by the beginning of autumn-winter
period which limited the plant’s output to 2.2 TWh from Sepmber
2015 to April 2016. In the 2nd quarter of 2016, water
inflow to Kolymskoe reservoir was 25% lower than long-run average, to
reservoir of the Zeyskaya HPP – 60% higher than normal. In the 3rd
quarter of 2016, water inflow to reservoirs of the Zeyskaya and
Kolymskaya HPPs was 1.8x and 1.9x higher than normal (respectively).
In 2016, water inflow to the Far Eastern rivers was 30-60% higher
than normal.
In 2016, unlike two previous years, the reservoir
of the Zeyskaya HPP was filled over its normal water level of 315 m
and limitations of output were removed allowing the plant to reach
its annual output of 4.3 TWh.
In 2016, the amount of electricity generated by
the Bureyskaya HPP exceeded its maximum established in 2013 and
totaled 6.58 TWh.
Total electricity generated by hydro and
geothermal power plants of the Far East in the 4th quarter
of 2016, increased by 31.9% to 4,563 GWh. In 2016, generation
increased by 27.1% to 15,904 GWh.
In the 4th quarter of 2016, generating
assets of RAO ES East Holding, a subsidiary of RusHydro, produced
9,231 GWh of electricity, 5.1% decrease as compared to the 4th
quarter of 2015, in 2016 generation decreased by 6.8% and amounted to
31,672 GWh. Of this total, 74% was generated by JSC Far East
Generating Company (DGK), which decreased production by 8.9% in 2016
to 23,528 GWh, mainly due to 35% increase in electricity output by
the Zeyskaya and Bureyskaya hydropower plants. In 2016, electricity
generation by companies operating in isolated energy systems of the
Far East increased by 2.2% as compared to 2015.
In 2016, heat output by thermal plants of RAO ES
East increased by 4% to 31,494 ths. GCal as compared to the same
period of 2015.
Heat output by thermal plants of RAO ES East, ths.
GCal
|
4Q'16
|
4Q'15
|
chg, %
|
2016
|
2015
|
chg, %
|
JSC DGK
|
8,021
|
7,606
|
6%
|
22,144
|
21,206
|
4%
|
PJSC Yakutskenergo
|
938
|
954
|
-2 %
|
2,497
|
2,438
|
2%
|
SC Sakhaenergo
|
29
|
33
|
-12%
|
88
|
100
|
-12%
|
SC Teploenergoservice
|
510
|
513
|
-
|
1,334
|
1,359
|
-2%
|
PJSC Kamchatskenergo
|
653
|
699
|
-7%
|
2,120
|
1,993
|
6%
|
SC KSEN
|
27
|
27
|
-
|
80
|
76
|
4%
|
PJSC Magadanenergo
|
398
|
432
|
-8%
|
1,232
|
1,253
|
-2%
|
SC Chukotenergo
|
123
|
144
|
-15%
|
442
|
478
|
-8%
|
PJSC Sakhalinenergo
|
561
|
493
|
14%
|
1,558
|
1,486
|
5%
|
Total
|
11,261
|
10,902
|
3%
|
31,494
|
30,389
|
4%
|
Armenia
In the 4th quarter of 2016, electricity
generation by the Sevan-Hrazdan cascade of hydropower plants in
Armenia decreased by 2.5% to 31 GWh, in 2016, electricity generation
decreased by 10.6% to 405 GWh. Power generation by the plants of the
cascade is dependent on water inflows of the Hrazdan river and water
releases from Sevan lake.
Electricity retail
In the 4th quarter of 2016, total
electricity output by RusHydro’s four retail companies, operating
in Bashkiria, Chuvashia, Ryazan and Krasnoyarsk regions and ESC
RusHydro, amounted to 8,754 GWh, a 1% decrease as compared to the
same period of 2015; in 2016 output amounted to 33,905 GWh (-2.3%).
In the reporting period ESC RusHydro, a holding
company for all electricity retail operations, increased electricity
output by 601 GWh (+34.1%), JSC Chuvash retail company increased its
output by 6 GW (+0.2%) as compared to the same period of 2015 due to
addition of major consumers.
The decrease in electricity output by JSC
Krasnoyarskenergosbyt by 467 GWh or 3.3%, and PJSC Ryazan retail
company by 106 GWh (-3.8%) in 2016 is attributable to recession in
manufacturing industry, transfer of a number of major consumers to
independent wholesale electricity purchases.
Electricity output by RusHydro Group’s retail
companies, GWh
|
4Q'16
|
4Q'15
|
chg, %
|
2016
|
2015
|
chg, %
|
Krasnoyarskenergosbyt
|
3,970
|
4,074
|
-2.5%
|
13,580
|
14,047
|
-3.3%
|
Bashkiria retail company[3]
|
2,481
|
2,581
|
-3.9%
|
11,978
|
12,794
|
-6.4%
|
Chuvash retail company
|
940
|
921
|
2.1%
|
3,274
|
3,268
|
0.2%
|
Ryazan retail company
|
741
|
774
|
-4.3%
|
2,711
|
2,817
|
-3.8%
|
ESC RusHydro
|
621
|
497
|
25.1%
|
2,362
|
1,761
|
34.1%
|
Total
|
8,754
|
8,847
|
-1.0%
|
33,905
|
34,688
|
-2.3%
|
Water inflows forecast
According to the forecast of the
Hydrometeorological Center of Russia, the following dynamics of water
inflows to the major reservoirs is expected in the 1st
quarter of 2017:
total expected water inflow to reservoirs of
the Volgo-Kama is expected to be 20-60% higher than normal and may
amount to 24.5-30.5 km3 as compared to the average of
21.3 km3;
water inflow to the reservoir of Chirkeyskaya
hydropower plant in the North Caucasus is expected to be close to
long-run average;
water inflow to Novosibirskoe and
Sayano-Shushenskoe reservoirs is expected to be 15-40% higher than
normal, to other reservoirs of Siberia – close to normal;
water inflow to the HPP’s of the Far East
is expected to be close to or slightly higher than 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]
Includes generation by HPPs of JSC RusHydro, Kolymskaya HPP and
Viluiskie HPPs, part of RAO ES East Subgroup.
[3] In
December 2016, RusHydro sold 100% share in LLC Power Retail Company
of Bashkortostan (LLC ESCB) to companies of Inter RAO Group.
Electricity output by LLC ESCB is calculated for 11 months of 2016.
|