April 13, Moscow, Russia. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting via videoconference on April 9, 2020.
The Board of Directors approved the report on execution of PJSC RusHydro’s business plan for 2019 including the report on execution of investment program for 2019 as well as comprehensive rehabilitation and modernization program for 2019.
PJSC RusHydro’s RAS net profit for 2019 increased by 5% as compared with 2018 and amounted to RUB 38.7 bn. Net profit adjusted for non-cash items* increased by 3% to RUB 44.2 bn. PJSC RusHydro’s EBITDA reached RUB 78.2 bn.
In 2019, 62.5 MW have been commissioned following rerating of equipment in the scope of comprehensive modernization program of PJSC RusHydro’s facilities**.
Total electricity production in 2019 exceeded plan by 2.3%. The increase came on the back of effective water regime planning amidst decrease of water inflows to the reservoirs of the HPPs on the Volga-Kama cascade in the first half of the year followed by increased water inflows in the second half of the year as well as increased water inflows to the reservoirs of the HPPs in the Far East throughout the year. Bureyskaya, Votkinskaya, Kamskaya HPPs as well as Zagorskaya PSHPP have set historic electricity production records in 2019.
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The Board of Directors approved the report on execution of RusHydro Group’s consolidated business plan for 2019 including the report on execution of consolidated investment program for 2019 as well as cost optimization and efficiency Plan.
The Group’s IFRS EBITDA amounted to RUB 97.5 bn, its net profit – to RUB 643 mn and adjusted net profit*** - to RUB 51.6 bn.
In 2019, the Group has inaugurated 320 MW Nizhne-Bureyskaya HPP in the Amur region, the largest hydropower plant constructed in post-soviet period and 346 MW Zaramagskaya HPP-1 in North Ossetia, 120 MW Sakhalinskaya GRES-2 in Khabarovsk region and power output facilities of CHPP in city of Sovetskaya Gavan, scheduled for commissioning in 2020. The Group has also commissioned 300 GCal/h peaking boiler in Yakutia which helps improve reliability of heat supply and partially substitutes the phased-out Yakutskaya GRES.
The Group’s affiliated companied have commissioned 6.07 MW of electric capacity, 26.39 GCal/h of heat capacity, 399.84 MVA, 1,624.97 km of power lines and 45.41 km of heat networks. Up to 20.5 thousand consumers with total capacity of 773 MW have been connected to grids including 435 MW major consumers such as floating nuclear power plant in Chukotka, municipal state-funded organization Anivskiy OKS in Sakhalin region, PJSC Gazprom’s Zeyskaya compressor station, second phase of gold mining facility along with open-pit mine Albyn in Amur region.
According to preliminary results of implementation of cost optimization and efficiency Plan for 2017 – 2019, the Group’s expenses have decreased by RUB 22.6 bn or 64.3% above plan, including reduction of RUB 2.2 bn in general and administrative expenses.
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The Board of Directors approved RusHydro Group’s technical policy. The document went for a second review after update to reliability, efficiency and safety KPIs.
RusHydro Group’s technical policy is aimed at fulfillment of the Group’s main responsibilities such as development of the power infrastructure, ensuring reliability and safety via modernization of generation assets and their efficient operation, development of the Far East’s power system, including renewable energy sources as well as carrying out the instructions of the President and Government of the Russian Federation.
The document takes into account technological development priorities, latest updates to the regulations in the utilities sectors and includes the mandatory, possible and forbidden technical solutions. Adoption of single technologies and technological solutions allows for scheduled changes to operating facilities in accordance with the Group’s development strategy.
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The Board of Directors took into consideration the information on execution status of priority projects in the Far East as of December 31, 2019. The Group is currently in the final stage of construction of CHPP in the city of Sovetskaya Gavan and has completed engineering and technological and price audit of the first phase of construction of two single-circuit 110 kV Pevek-Bilibino overhead lines.