RusHydro Group announces its operating results for 3Q 2021

October 19, 2021. Moscow, Russia. PJSC RusHydro (ticker symbol: MICEX-RTS, LSE: HYDR; OTCQX: RSHYY) announces operating results for the 3^rd quarter of 2021, of the parent company and subsidiaries of RusHydro Group reflected in consolidated financial statements.

Strong output in 3Q 2021 following hydropower production growth, 9M results slightly below year-on-year on the back of high base effect.

Key highlights of 3Q 2021:

• 35,794 GWh - total electricity generation by RusHydro Group including Boguchanskaya hydropower plant (+2.1%)¹;
• 27,802 GWh - electricity output by hydro and pumped storage plants excl. Boguchanskaya HPP (+10.1%);
• 4,788 GWh – electricity output from thermal power plants (-12.2%);
• 2,047 thousand Gcal/h – heat output from thermal power plants in the Far Eastern Federal District (-4.9%);
• 8,324 GWh – sales by Group’s electricity retail companies in (+1.8% y-o-y).

Key highlights of 9M 2021:

• 108,942 GWh - total electricity generation by RusHydro Group including Boguchanskaya hydropower plant (-3.5%);
• 77,254 GWh - electricity output by hydro and pumped storage plants excl. Boguchanskaya HPP (-3.5%);
• 18,853 GWh – electricity output from thermal power plants (-3.0%);
• 19,931 thousand Gcal/h – heat output from thermal power plants in the Far Eastern Federal District (+4.2%);
• 29,577 GWh – sales by Group’s electricity retail companies in (+3.2% y-o-y).

Electricity generation by the plants of RusHydro Group, GWh

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

• water inflows to the reservoirs of the Volga-Kama cascade at the normal level or slightly below;
• water inflows to the  reservoirs in Siberia, Far East and Northern Caucasus above the normal level;
• increase of electricity consumption in the Far East by 4.7%
• 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

Electricity retail

Total electricity output by RusHydro Group’s energy retail companies increased y-o-y by 1.6% and 3.1% in 3Q and 9M respectively. 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

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 4^th quarter of 2021:

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

⁴ Data as of 23.09.2021, date of transaction conclusion on divestment of 100% share in Chuvash retail company to Transenergoprom