20.07.2021
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RusHydro Group announces its operating results for 2Q 2021

July 20, 2021. Moscow, Russia. PJSC RusHydro (ticker symbol: MICEX-RTS, LSE: HYDR; OTCQX: RSHYY) announces operating results for the 2nd quarter of 2021, of the parent company and subsidiaries of RusHydro Group reflected in consolidated financial statements.


Total electricity output in 1H 2021 was at the normal level or above, yet below year-on-year on the back of high base effect.


Key highlights of 2Q 2021:

  • 39,564 GWh - total electricity generation by RusHydro Group including Boguchanskaya hydropower plant (-1.9%) 1;
  • 29,503 GWh - electricity output from hydro and pumped storage plants excl. Boguchanskaya HPP (-1.7%);
  • 5,628 GWh – electricity output from thermal power plants (-6.5%);
  • 4,904 thousand Gcal/h – heat output from thermal power plants in the Far Eastern Federal District (+1.3%);
  • 8,788 GWh – sales by Group’s electricity retail companies in (+3.1% y-o-y).


Key highlights of 1H 2021:

  • 73,147 GWh - total electricity generation by RusHydro Group including Boguchanskaya hydropower plant (-6.0%);
  • 49,453 GWh - electricity output from hydro and pumped storage plants in Boguchanskaya HPP (-9.7%);
  • 14,065 GWh – electricity output from thermal power plants (+0.6%);
  • 17,884 thousand Gcal/h – heat output from thermal power plants in the Far Eastern Federal District (+5.4%);
  • 21,260 GWh – sales by Group’s electricity retail companies in (+3.9% y-o-y).


Electricity generation by the plants of RusHydro Group, GWh


2Q'21

2Q'20

chg, %

1H'21

1H'20

chg, %

1H’21 / 1H’19

Center of Russia

13,251

16,386

-19.1%

21,161

28,759

-26.4%

9.3%

South of Russia and North Caucasus

2,540

2,013

26.2%

3,726

3,282

13.5%

12.4%

Siberia

9,079

7,541

20.4%

14,800

13,588

8.9%

38.8%

Total for the price zones

24,870

25,941

-4.1%

39,687

45,629

-13.0%

19.0%

Far East

4,160

3,567

16.6%

8,474

7,936

6.8%

28.8%

RAO ES East

6,214

6,627

-6.2%

15,579

15,414

1.1%

-0.4%

TOTAL

35,242

36,135

-2.5%

63,739

68,978

-7.6%

14.7%

incl. by HPPs, PSPPs 2

29,503

30,006

-1.7%

49,453

54,774

-9.7%

19.4%

incl. by TPPs and other

5,628

6,019

-6.5%

14,065

13,978

0.6%

1.1%

Incl. by alt. renewables (geothermal, solar, wind)

111

110

1.3%

221

226

-2.2%

0.5%

Boguchanskaya HPP 3

4,321

4,207

2.7%

9,409

8,843

6.4%

27.8%


The underlying factors of the production change in January-June 2021 were:

  • water inflows to the reservoirs of the Volga-Kama cascade, Siberia and the Far East at the normal level or slightly above, yet below last year’s level;
  • water inflows to the reservoir of Chirkeyskaya HPP at the normal level;
  • increase of electricity consumption in the Far East by 1.0%
  • increase of heat output in the Far East driven by weather conditions.


Heat output by thermal plants of RAO ES of the East Subgroup, ‘000 GCal


2Q'21

2Q'20

Chg.

1H'21

1H'20

Chg.

JSC DGK incl.

3,138

3,074

2.1%

12,031

11,294

6.5%

   Primorye power system

704

706

-0.3%

2,544

2,382

6.8%

   Khabarovsk power system

1,768

1,703

3.8%

6,836

6,502

5.1%

   Amur power system

356

365

-2.6%

1,457

1,346

8.2%

   South Yakutsk power district

310

299

3.6%

1,195

1,063

12.4%

JSC RAO ES East (CHPP Vostochnaya)

133

166

-19.8%

499

519

-4.0%

PJSC Yakutskenergo

355

330

7.7%

1,521

1,398

8.8%

UES of East

3,626

3,570

1.6%

14,051

13,211

6.4%

Yakutsk power system incl.

182

165

10.2%

788

680

15.8%

   JSC Sakhaenergo

10

12

-14.8%

38

40

-7.0%

   JSC Teploenergoservice

172

153

12.1%

750

640

17.3%

Kamchatka power system incl.

416

442

-5.9%

1,167

1,203

-3.0%

   PJSC Kamchatskenergo

401

434

-7.7%

1,120

1,165

-3.9%

   JSC KSEN

15

8

92.8%

47

38

22.6%

Magadan power system

267

249

7.3%

760

723

5.1%

Chukotka AO power system

84

91

-8.2%

232

251

-7.9%

Sakhalin power system

330

325

1.5%

888

895

-0.8%

Isolated power systems

1,278

1,272

0.5%

3,834

3,753

2.2%

TOTAL

4,904

4,842

1.3%

17,885

16,971

5.4%


Electricity retail


Total electricity output by RusHydro Group’s energy retail companies in 2Q 2021 increased by 3.0% to 10,763 GWh as compared to 2Q 2020. In the first half of 2021, output increased by 3.7% to 25,817 GWh as compared to the corresponding period of 2020. The increase came on the back of climate factor aided by economic recovery as electricity consumption increased following lifting of restrictions implemented in 2020 on the back of COVID-19 pandemic spread.


Electricity output by RusHydro Group’s retail companies, GWh


2Q'21

2Q'20

Chg.

1H'21

1H'20

Chg.

PJSC Krasnoyarskenergosbyt

2,554

2,365

8.0%

6,107

5,707

7.0%

JSC Chuvash retail company

747

692

8.0%

1,728

1,603

7.9%

PJSC Ryazan retail company

565

555

1.9%

1,248

1,203

3.8%

JSC ESC RusHydro

360

463

-22.3%

724

934

-22.4%

PJSC DEK

4,561

4,451

2.5%

11,452

11,026

3.9%

Total

8,788

8,525

3.1%

21,260

20,472

3.9%

Isolated energy systems (for reference)

1,975

1,924

2.7%

4,557

4,415

3.2%

Total by Group

10,763

10,449

3.0%

25,817

24,887

3.7%


Water inflows forecast


According to the forecast of the Hydrometeorology Center of Russia, the following dynamics of water inflows to the major reservoirs is expected in the 3rd quarter of 2021:

  • In Siberia, water inflows to Sayano-Shushenskoye reservoir are expected above the normal level, to Novosibirskoye reservoir – close to the normal level
  • In the Far East, inflows to Zeyskoye and Kolymskoye reservoirs are expected to be close to the long-run average.
  • Total water inflows to reservoirs of the hydropower plants of the Volga-Kama cascade and Chirkeyskoye reservoir are expected below the normal level or close to it.




1 Hereinafter data is reported excluding Armenia and Primorskaya GRES. On 11.03.2020 RusHydro has finalized divestment of its assets in Armenia to PJSC Hrazdan Power Company (HrazTES, Tashir Group). Primorksaya GRES was sold to SUEK Group in June 2020

2 Includes generation by HPPs of JSC RusHydro, Kolymskaya HPP and Viluiskie HPPs (RAO ES East Subgroup).

3 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.

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