INTER RAO UES Inter RAO Group announced operating results for the first six months of 2015.
Power and heat generation across the Group:
Indicator | First six months of 2015 | First six months of 2014 | +/- |
Installed power generation capacity at the end of the reporting period, GW | 34.972 | 34.336 | +1.9% |
Installed heat production capacity at the end of the reporting period, thousand Gcal/hour | 26.417 | 27.022 | -2.2% |
Power generation, billion kWh | 68.894 | 68.552 | +0.5% |
Utilization of installed capacity | 45.5% | 46.3% | - |
Heat distribution from collectors, million Gcal | 21.953 | 23.353 | -6.0% |
Russian generation:
Indicator | First six months of 2015 | First six months of 2014 | +/- |
Installed capacity at the end of the reporting period, GW | 29.007 | 28.371 | +2.2% |
Installed heat production capacity at the end of the reporting period, thousand Gcal/hour | 25.737 | 26.342 | -2.3% |
Power generation, billion kWh | 62.399 | 61.766 | +1.0% |
Utilization of installed capacity | 49.7% | 50.6% | |
Heat distribution from collectors, million Gcal | 21.816 | 23.203 | -6.0% |
Installed power generation capacity across Inter RAO Group increased by 635.9 MW from late 2014 to early 2015. This change reflects the addition of new Capacity Delivery Agreement (CDA) facilities with combined installed capacity of 867 MW, including the second power generation unit at Yuzhnouralskaya TPP-2 rated at 417 MW, as well as the eighths and the ninth power generation units at Cherepetskaya TPP, each rated at 225 MW. The Group has also upgraded turbines at the Omsk power plants under the CDA program, increasing the total installed capacity of JSC TGK-11 by 30 MW. Upon the recertification of the first power generation unit at Yuzhnouralskaya TPP-2, its installed capacity increased by 9.4 MW to 417.4 MW, while the capacity of Urengoyskaya TPP increased by 14.4 MW to 474.4 MW. At the same time, the power generation capacity of Yuzhnouralskaya TPP and Verkhnetagilskaya TPP reduced by 276 MW altogether, and the capacity of Bashkir power plants reduced by 36 MW altogether due to retirement of legacy equipment.
Reduction of installed heat production capacity also resulted from the retirement of the aforementioned legacy assets.
The increase in power generation by the Russian assets of Inter RAO Group primarily reflects the addition of new capacity to Nizhnevartovskaya TPP and Yuzhnouralskaya TPP-2, and the increased utilization of Kostromskaya TPP and Gusinoozyorskaya TPP by the System Operator. The Bashkir power plants were able to increase their electricity output as they had fewer repairs than in the first quarter of 2014. However, many of the Group's Russian power plants reduced their output due to reduced utilization of commercially unsustainable power generation units in order to cut losses (using the Selection of Active Generation Equipment technology), and also due to a larger amount of repairs at power generation units in the second quarter of 2015.
Reduction of heat output reflects the overall warmer weather during the winter of 2015.
International generation:
Indicator | First six months of 2015 | First six months of 2014 | +/- |
Installed capacity at the end of the reporting period, GW | 5.965 | 5.965 | - |
Installed heat production capacity at the end of the reporting period, thousand Gcal/hour | 0.68 | 0.68 | - |
Power generation, billion kWh | 6.495 | 6.785 | -4.3% |
Utilization of installed capacity | 25.1% | 26.2% | - |
Heat distribution from collectors, million Gcal | 0.138 | 0.150 | -8.1% |
The most significant drop in production is attributable to Ekibastuzskaya TPP-2 in Kazakhstan and reflects lower demand for electricity produced by power plants with significant investment tariff. Razdan TPP in Armenia also contributed to the overall reduction as per decisions of the Energy System Operator. However, Inter RAO power plants in other countries increased their output: Moldova TPP increased deliveries from Transnistria to Moldova due to discontinuation of deliveries from Ukraine; the Georgian hydro plants increased their output due to heavy precipitation in 2015; and Trakiya TPP in Turkey increased its output following the completion of repairs in 2014.
Russian sales
Indicator | First six months of 2015 | First six months of 2014 | +/- |
Consumer base, million | 12.678 | 12.450 | +1.8% |
Retail electricity sales, billion kWh | 86.608 | 80.699 | +3.6% |
Share of Russian retail market* | 16.1% | 15.5% |
* Share of Russian retail market is defined as the ratio of our retail sales to total actual electricity consumption (520.9 bn kWh in the first six months of 2015 compared to 519.9 bn kWh in the first six months of 2014 according to current data of the System Operator of the Russian Unified Energy System).
The increased performance of Russian retail sales assets primarily reflects the expansion of the geographical presence of suppliers of last resort within the Group in February and March of 2014 (in Omsk and Oryol regions), and the acquisition of new industrial and residential consumers across all regions served. Moscow Power Supply Company achieved the strongest increase with the expansion of its geography beyond Moscow region, which added 459 million kWh to its sales.
International distributors and grid operators (Georgian Telasi and Electric Networks of Armenia):
Indicator | First six months of 2015 | First six months of 2014 | +/- |
Total length of power lines, km | 36,456 | 35,837 | +1.7% |
Electricity deliveries to the grid, billion kWh | 4.294 | 4.126 | +4.1% |
Electricity losses | 10.4% | 11.7% | - |
The grid companies increased the length of their transmission lines in both Georgia and Armenia as new grid connections were added and the infrastructure was upgraded. Higher electricity sales primarily reflect increased residential electricity consumption.
Commercial electricity import and export by Inter RAO Group across Russian borders:
Indicator | First six months of 2015 | First six months of 2014 | +/- |
Export, million kWh | 9,189 | 6,462 | 42.2% |
Including: | |||
Finland | 2,229 | 1,152 | 93.4% |
Ukraine | 1,559 | 22 | 70-fold |
Lithuania | 1,382 | 1,250 | 10.5% |
China | 1,470 | 1,676 | -12.2% |
Belarus | 1,256 | 1,020 | 23.2% |
Kazakhstan | 803 | 839 | -4.2% |
Georgia | 248 | 217 | 14.4% |
Mongolia | 135 | 188 | -28.0% |
South Ossetia | 79 | 73 | 7.5% |
Azerbaijan | 28 | 26 | 9.5% |
Import, million kWh | 824 | 1,846 | -55.4% |
Including: | |||
Kazakhstan | 555 | 1,615 | -65.6% |
Lithuania | 63 | 20 | 222.7% |
Georgia | 106 | 138 | -23.1% |
Azerbaijan | 52 | 59 | -12.6% |
Mongolia | 23 | 14 | 63.7% |
Finland | 23 | 0.234 | 100-fold |
Ukraine | 0.772 | 0 | 100% |
Belarus | 0.058 | 0.26 | -77.6% |
Electricity export spiked due to appreciation of euro against ruble resulting in more profitable and larger supplies to Finland and Lithuania. Besides that, Inter RAO Group has been selling electricity to Ukraine since December 2014.
Import from Kazakhstan reduced due to economic reasons, most importantly currency depreciation. We also made our first-ever commercial deliveries of electricity from Finland to Russia in the second quarter of 2015 following successful tests of the reverse power supply system in 2014.
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Inter RAO Group is a diversified energy holding serving various segments of Russian and international electric power industry. The Group is the leading exporter and importer of electricity in Russia actively increasing electricity generation and sales, and developing new lines of business. The corporate strategy of Inter RAO is focused on making Inter RAO a global energy enterprise, a key player in the global energy market, and the leading Russian energy company by energy efficiency. Inter RAO Group owns and operates 35 GW of installed power generation capacity. www.interrao.ru
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