OJSC EvroSibEnergo Draws Work Results for 2010
OJSC EvroSibEnergo draws work results for 2010.
• 5% energy production growth, up to 87.056 bln kWh.
• 2% heat energy production growth, up to 29.853 mln HCal.
• 21% growth in coal production, up to 14.563 mln tons.
• 21% growth of revenue, up to 87.15 bln RUR.
• net profit — 8.37 bln RUR.
• 68% growth of investment in asset modernization, up to 12.6 bln RUR.
• beginning of partnership with China Yangtze Power Co. in the field of construction of new generation facilities in Siberia.
OJSC EvroSibEnergo, the largest Russian private energy company announces production and financial results of their work in 2010.
In 2010, OJSC EvroSibEnergo power plants produced 87.056 bln kWh of electric energy, which is 5% higher than in 2009. The production of company’s HPPs — Krasnoyarskaya, Bratskaya, Ust-Ilimskaya and Irkutskaya — totaled more than 72 bln kWh, which is 4.59% higher year-on-year. Increase in HPP production is caused by the high inflow in artificial lakes of HPPs, favorable work mode of Angaro-Eniseysk cascade of HPPs as well as by effect from modernization programs of Krasnoyarskaya and Bratskaya HPP.
Production of heat energy by plants of EvroSibEnerrgo totaled 29.853 mln Hcal, which is 2% higher year-on-year.
The volume of coal production at company’s mines grew by 21% year-on-year and reached 14.563 mln tons. Volume of coal consumption by OJSC EvroSibEnergo plants totaled 11.84 mln tons. In 2010, Company’s own resources provided more than 85% of its needs in coal. In 2011, OJSC EvroSibEnergo plans to increase this share up to 97%.
In 2010, consolidated revenue of OJSC EvroSibEnergo (IFRS) grew by 21% and reached 87.15 bln RUR. The significant increase in revenue was the consequence of the growth of main production indices, efficient work of company’s plants at the wholesale energy market as well as by comprehensive selling strategy of the company.
Net profit of OJSC EvroSibEnergo in 2010 totaled 8.37 bln RUR with an adjustment for production utilities, unsold exchange rate differences and one-time effects.
The volume of OJSC EvroSibEnergo investment in the development of company’s assets in 2010 totaled 12.6 bln RUr, which is 68% higher year-on-year. The key projects are:
• Reconstruction of hydroelectric unit No. 10 of Krasnoyarskaya HPP;
• Resuming the construction of heating network No. 6 — Angarsk-Irkutsk (Maly Yug project);
• Resuming the project on replacing of Bratskaya HPP wheels;
• Reconstruction of No. 4 unit of Ust-Ilimskaya HPP;
• Organization of external power supply to the Taishet industrial node (under construction);
• Creating own railway car park for coal transportation.
In 2010, OJSC EvroSibEnergo and China Yangtze Power Co., the largest Chinese hydroenergy corporation signed the agreement on collaboration in the area of energy industry development. Companies agreed to develop the projects on construction of 10GW of new capacities, primarily HPP, at the territory of Siberia and Russia’s Far East in order to meet the energy demand in Siberia and to organize its supply to northern and northeastern provinces of China. Currently, the companies research first three projects with the total capacity of approximately 3 GW and expect to prepare banking FS on them by the end of 2011.
Different projects with total volume of more than 200 mln RUR are financed by the company as a part of social responsibility program.
Commentary of Evgeny Fedorov, the CEO of OJSC EvroSibEnergo:
— In 2010, OJSC EvroSibEnergo power plants provided the steady supply of consumers with electric and heat energy, having satisfied the growing demand in East Siberia and at the same time having preserved one of the lowest energy tariffs for population in Russia. The considerable increase in financial indices of company’s work in 2010 will allow us to more actively invest in the asset modernization, increasing their reliability and efficiency, as well as to start developing new energy capacities in order to satisfy the growing demand for energy in Siberia. Modernization program has also started at Avtozavodskaya CHPP — the asset located in the European part of the country.
According to our estimates in the following decade the annual growth of energy consumption in East Siberia, the key region of OJSC EvroSibEnergo work, will equal at least 45 which provides favorable perspectives of long-term development for the company.
Press service of OJSC EvroSibEnergo
April 18, 2011
April 18, 2011