inter rao international activities...2014/01/28 · manufactures 6fa gas turbines in russia •...
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Inter RAO international activities
January 2014
2
Inter RAO Group
Группа «ИНТЕР РАО»
* As of 2012
GENERATION
SALES
TRADING
INTERNATIONAL ASSETS ENGINEERING
The largest energy holding in Russia focused on electricity and heat generation and sales, electricity export and import, and engineering services
57,000 people 556.2 billion RUB
total staff
46 TPPs (including 8
mini TPPs), 13 HPPs (including 8 mini HPPs), 2 wind farms
33.5 GW of installed capacity
149 TWh generated*
9 electricity retailers
15% share of the
Russian retail market
153 TWh sold*
We are the leading
Russian electricity exporter with 97% market share.
18.4 TWh exported*
2.6 TWh imported*
20 new generation and
rehabilitation projects
6.3 GW of new capacity in the pipeline
Consolidated value of
current projects:
207.7 billion RUB
Operating in
more than 15 countries
6 GW of installed capacity
34 thousand km of
power lines
2012 revenue (IFRS)
3
On Track to Deliver Strategy
STRATEGIC PRIORITIES
• Organic growth through construction of new electricity generation capacity in Russia and M&A
• Selective expansion into target foreign markets through M&A, developing greenfield
• Raising efficiency of existing assets, getting new cash flow from Capacity Delivery Agreements (CDA)
• Extending Geography & product line
• Increasing market share with independent suppliers
45 TWH 25%
TRADING VOLUME
SUPPLY MARKET SHARE IN RUSSIA
€2.8 BN CONSOLIDATED EBITDA 25% INSTALLED CAPACITY ABROAD
TOTAL INSTALLED CAPACITY 40 GW
€23 BN CONSOLIDATED REVENUE
250 TWH
ELECTRICITY SUPPLIED
Key Targets 2015E
4
Engineering Assets of Inter RAO Group
100% subsidiary
100% 25% LLC Inter RAO Export
LLC Russian Gas Turbines
Manufactures 6FA gas turbines in Russia • Joint venture of JSC Inter RAO, General Electric and Rostec
• Established in 2011
• Designed to manufacture 14 gas turbines per year, with potential upgrades up to 20 gas turbines per year
• Manufacturing site: Rybinsk, Yaroslavl Oblast
• The manufacturing plant will be completed in Q2 2014 and production of first turbin is planed for Q3 2014
LLC Inter RAO — Engineering
A leading engineering service provider focused on construction and rehabilitation of energy facilities in Russia and worldwide
• 8 successful new construction and rehabilitation projects with 2.3 GW of combined capacity • Current portfolio includes 4 GW of generation capacity spread across 12 projects • A team of 500 highly skilled professionals
Sales of energy equipment and services in the international markets • 8 active contracts for delivery of energy equipment, spare parts
and services for heat and hydro power projects
• Large network of representative offices abroad
• Key markets: Latin America, Africa, Middle East & Southeast Asia
5
BOT/BOO project organization
Sales of core and auxiliary
equipment
Decommissioning of legacy equipment
Start-up and adjustment of new
facilities
Integrated offer based on 6FA gas
turbines
Owner's Engineering
Design of energy facilities
EPC/EPCM project management
Our Services
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12
3
6 7
18
14 13
11
5 10
2
1
9
15
8 4
16
17 19
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Project Geography
8 completed projects with
combined capacity of 2.3 GW
12 projects in progress with combined
capacity of 4 GW
1. Sochinskaya TPP, 80 MW, 2009
2. Kaliningradskaya TPP-2, 450 MW, 2011
3. Urengoyskaya TPP, 491 MW, 2012
4. Kharanorskaya TPP, 225 MW, 2012
5. Ivanovskiye CPP, 325 MW, 2012
6. Tomskaya TPP-1, 15 MW, 2012
7. Omskaya TPP-3, 85 MW, 2013
8. Gusinoozyorskaya TPP, 210 MW, 2013
9. Dzhubginskaya TPP, 180 MW, 2013
10. Cherepetskaya TPP, 450 MW, 2013-2014
11. Yuzhnouralskaya TPP-2, 850 MW, 2013-2014
12. Nizhnevartovskaya TPP, 400 MW, 2014
13. Verkhnetagilskaya TPP, 420 MW, 2015
14. Permskaya TPP, 800 MW, 2015
Tajikistan 15. Sangtuda HPP-1, 670 MW, 2009
Venezuela 16. Delivery of gas turbines with combined rating of 423.8 MW for BARIVEN S.A., 2015
Ecuador 17. Toachi Pilaton Hydro Project, 252 MW, 2015
Kazakhstan 18. Ekibastuzskaya TPP-2, 636 MW, 2015
Ecuador 19. Termogas Machala TPP, 170 MW, 2016
Projects in Progress
Completed Projects
International projects
Russian projects
8
7
Actual project geography
Russian Federation
Morocco
Uganda
Pakistan
Vietnam Yemen
Iraq Lebanon
Jordan
Serbia
8
Electricity export to Japan
General information
Benefit to the regional integration
The part of Asia super grid
New start-up of the old project
1
Location
New generation and power transmission
Power generation units construction plan:
Total capacity – up to 3 GW
Three stages realization
First stage: coal-fired power plant, 1050 MW
Second stage: coal-fired power plant, 1050 MW
Third stage: gas-fired power plant, 800 MW
Power transmission plan:
Different combinations of HVDC cable routing possible
(submarine, underground, areal)
Connection points:
RF: cape Krilyon, t. Korsakov, t. Uglegorsk
Japan: cape Soya, t. Niigata, t. Wakkanai
2
3
1 2
3
Uglegors
cape Soya
Korsarov
Poronaysk
Wakkanai
cape Krilyon
Niigata
isl. Hokkaido
isl. Sakhalin
isl. Honshu
THANK YOU
FOR YOUR ATTENTION!
10
Asset Management Structure
– Omskaya CHPP-5 (695 MW)
– Omskaya CHPP-3 (387 MW)
– Omskaya CHPP-4 (435 MW)
– Tomskaya TPS-2 (331 MW)
– Tomskaya CHPP-3 (140 MW)
– Tomskaya CHPP-1 (15 MW)
GENERATION (27,622 MW)
INTER RAO Electro-
Generation (21,792 MW)
– Kostromskaya TPS -3,600 MW
– Iriklinskaya TPS - 2,430 MW
– Permskaya TPS – 2,400 MW – Kashirskaya TPS - 1,910 MW
– Nizhnevartovskaya TPS – 1,600 MW
– Verkhnetagilskaya TPS – 1,497 MW
– Cherepetskaya TPS – 1,285 MW
– Gusinoozerskaya TPS – 1,130 MW
– Pechorskaya TPS – 1,060 MW
– Severo-Zapadnaya CHPP - 900 MW
– Yuzhnouralskaya TPS - 882 MW
– Kaliningradskaya CHPP-2 - 875 MW
– Kharanorskaya TPS - 655 MW – Urengoyskaya TPS - 484 MW
– Ivanovskie CCGT - 325 MW
– Sochinskaya TPS - 158 MW
– Djubginskaya CHPP – 201 MW
LLC “MC INTER RAO –
ElectroGeneration”
TGK-11 (2,003 MW(2))
Bashkir GenCo (4,227 MW)
100%
100%
100%
100%
SUPPLY
Guaranteed Suppliers:
– JSC Mosenergosbyt (50,92%)
– St. Petersburg Supply Group of
companies (100%)
– JSC Saratovenergo (56,97%)
– JSC Altayenergosbyt (100%)
– JSC Tambov Energy Retail
Company (59,38%)
– JSC IRAO – Orelenergosbyt
(100%)
– Tomsk Energy Retail Company
(43,18%)
– Omsk Energy Retail Company⁽²⁾
(100%)
Non-Guaranteed Suppliers:
– LLC Rn-Energo (100%)
– JSC Industrial Energetics (51%)
– LLC RT-Energotrading (50%)
FOREIGN ASSETS (5,965 MW)
Moldova, Transdniestria
Republic:
‒ CJSC Moldavskaya
GRES (100%) – 2,520
MW
Georgia:
– Mtkvari Energy LLC
(100%) – 600 MW
– JSC Khramesi GES I
(100%) – 112.8 MW
– JSC Khramesi GES II
(100%) – 114.4 MW
– JSC Telasi (75%)
Armenia:
– JSC RazTES (100%) –
1,110 MW
– CJSC Elektricheskiye
seti Armenii (100%)
Kazakhstan:
– Ekibastuzskaya GRES-2
(50%) – 1,000 MW
Lithuania:
– Vydmantai (51%) – 30
MW
Turkey:
– Trakiya (100%) – 478
MW
TRADING
– RAO NORDIC OY (Finland)
(100%)
– AB INTER RAO Lietuva
(Lithuania ) 51%
– SIA INTER RAO Latvia
(Latvia) (51%)
– INTER RAO Eesti OU
(Estonia) (51%)
– INTER RAO Green
Renewables and Trading
AB (75%)
– LLP Kazenergoresurs
(Kazakhstan) (100%)
– JSC Eastern Energy
Company (100%)
– IRL Polska (Poland) (51%)
ENGINEERING
– INTER RAO Engineering
(100%)
– Quartz New technology
(100%)
– Quartz Group (100%)
– INTER RAO Worley
Parsons (51%)
– INTER RAO
Interenergoeffect (50%)
– INTER RAO Power
Efficiency Center
– JW with Rostec (25%),
GE (50%) & INTER RAO
(25%) (RUS Gas
Turbines Holding)
– INTER RAO Export
(100%)
– Fund Energy without
Borders (100%)
– Engineering Center Gas-
Turbine Technologies
(45.27%)
– Karmanovskaya TPS – 1,810 MW
– 10 CHPPs (including Zauralskaya
gas-piston plant) – 2,180 MW
– 5 gas-turbine units - 25 MW
– 9 HPPs (including 7 small-size
plants) - 212 MW
(1) As of February, 2014
(2) In December, 2013 Inter RAO won the competitive tender for getting the guaranteed supplier status in Omsk region
INTER RAO GROUP
11
38 35 33.6
23,4 19,5
16
10,3 9,2
0%
5%
10%
15%
20%
25%
0
10
20
30
40
GEN Rus Hydro Rosatom ESE IES Holding E.ON Russia Enel OGK-5
INTER RAO At Glance
RUB bn. 2011 2012
Revenue 536.2 556.2
EBITDA 41.7 26.5
Total Assets 531.9 528.6
Adjusted Debt 48.6 64.8
Adjusted Net Debt -33.5 10.6
Debt/EBITDA 1.2x 2.4x
Ranking Among Major Integrated Utilities
One of the largest national power generators with total installed electricity capacity of 33.6 GW(1) and electricity output of 148.7 TWh
Ranks among the largest European integrated utilities by overall installed capacity
Operates and manages 46 thermal, 13 hydro power plants and 2 wind farms
Leading Russian export-import operator, 2012 export amounting to 18.4 TWh and import 2.6 TWh
Largest Russian electricity supplier with 15% market share
Majority owned by the Russian Federation
Rated BB+ by Fitch, Ba1 by Moody’s
INTER RAO Ownership Structure
Financial Perfomance
(1) INTER RAO’s installed capacity includes Russian generation assets, Bashkir GenCo and foreign generation assets (updated on 2nd of September, 2013). (2) Market shares are based on the output (3) Excluding Unallocated & Elimination and Other (4) Includes share in debt of jointly controlled entities
Installed Capacity (GW)
Market Share (%)
(2)
(1)
(4)
(4)
Company Overview EBITDA Breakdown⁽³⁾ FY2012
Generation 50%
Trading 14%
Supply 21%
Federal Grid Company 18,57%
State 13,76%
Rosneftegaz 12,60%
VEB 5,11%
RusHydro 4,92%
Norilsk Nickel 13,21%
Treasure shares 13,93%
Minorities 17,91%
Foreign assets 15%
12
6 176
7 757
11 011
680
21 161 1 986
4 214
5 965
Electricity and Heat Production
Installed Electric Capacity
TGK-11 IRAO – Electricity Generation Bashkir Generation Foreign Generation
Total: 33 326 MW
Note: Operational results of Bashkir Generation and Trakya Elektrik are presented on LFL basis, operational results of Group’s subsidiaries are presented on an aggregate basis without excluding inter-segment transactions
48,5 50,1
4,9 4,8
11,0 10,2
8,5 7,1
0
10
20
30
40
50
60
70
80
1H2012 1H2013
Electricity Production
72.3
-0.8% TWh
72.9
Installed Heat Capacity
Heat Production
Total: 25 622 Gcal/h
Load Factor 49.9%
Load Factor 21.4%
2,6 2,5
9,0 9,2
13,2 11,8
0,1 0,1
0
5
10
15
20
25
1H2012 1H2013
23.6
-5.0% Mln. Gcal
24.9
TGK-11 IRAO – Electricity Generation Bashkir Generation Foreign Generation
TGK-11 IRAO – Electricity Generation Bashkir Generation Foreign generation TGK-11 IRAO – Electricity Generation Bashkir Generation Foreign generation
13
22%
10%
68%
Electricity Supply
Electricity Sales to Customers⁽¹⁾
TWh
Retail Electricity Sales Breakdown
Number of Customers Supply Margins of Guaranteed Suppliers⁽²⁾
(1) Includes electricity sales in retail and wholesale markets (2) Weighted average supply margin by group of customers
Legal entities, thousand accounts
Households, thousands accounts
382 400
1H2012 1H2013
+4.9% +1.6%
RUB/MWh
1H2013 1H2012
Non-guaranteed suppliers Guaranteed suppliers
77.5 76.2
-1.7%
11 199 11 378
1H2012 1H2013
Loss compensation Households and equated groups of customers Other customers
84
104 98 88
98 103 103
139
113 115 109 118
0
20
40
60
80
100
120
140
160
Mosenergosbyt Group
PSK Group
Altayenergosbyt Saratovenergo Tambov Supply Company
IRAO- Orelenergosbyt
+15.2%
64,0 64,0
13,5 12,2
0
20
40
60
80
1H2012 1H2013
Average change of supply margins
14
1,2
+1.3
2,6
0
2
4
6
8
10
12
14
1H2012 1H2013
9,7
Electricity Spot Prices in 1H2013⁽¹⁾
Electricity Export Breakdown in 1H2013 Comments
Export Import
International Activity
€/MWh
Nord Pool 2nd price zone 1st price zone Balt Pool
(x%) Percentage change yoy
2.6 TWh (+111%) 9.9 TWh (+2%)
In 1H2013 Inter RAO exported about 9.9 TWh of electricity. Finland, Lithuania,
Belarus and China accounted for over 80% of electricity exported
Electricity export to Kazakhstan reduced by 28% (yoy) due to lower fluctuations
in concurrent operation of national energy systems, and also due to marginal
slowdown of commercial sales
Electricity export to Lithuania decreased by 20% (yoy) due to electricity price
increase in the Russian Wholesale Electricity and Capacity Market
Electricity export volumes to China in 1H2013 doubled as a result of demand
growth in accordance with current long-term agreement
Aggregate import of electricity for reported period reached 2.6 TWh due to
threefold growth of electricity imports from Kazakhstan
Export/Import Volumes
Import Export
TWh
Export Import
(1) Electricity prices in EUR are based on the following average exchange rate for 1H2013: EUR/RUB = 40.76
Finland 24%
Belarus 22%
Lithuania 20%
China 19%
Kazakhstan 9%
Others 6%
Kazakhstan 86%
Georgia 10%
Others 4%
+14.3%
12.4 10.9
TWh
+5%
+9%
+11%
+15%
#% Price change yoy
23 24 24 24 24 26
18 19 19 19 18 17
42 39
45 44
37 39
44 43
46 45 43
55
10
20
30
40
50
60
January Ferbuary March April May June
+0.2
9.9