MAIN FINANCIAL HIGHLIGHTS (millions of RUB)
|
9M 2021 |
9M 2020 |
Change |
Revenues |
35,148 |
32,002 |
+9.8% |
EBITDA |
5,613 |
7,306 |
-23.2% |
EBIT |
3,249 |
4,949 |
-34.3% |
Net income |
2,451 |
3,160 |
-22.4% |
Net debt at the end of the period |
25,917 |
13,697[1] |
+89.2% |
[1] As of December 31st, 2020
“Compared with last year, the company’s 9M revenues are quite strong and reflect higher demand and prices, while the change in composition of revenue streams and increased investments in our renewable and modernization projects negatively affect other financial metrics. As for our 2021 financial indicators, we confirm our business plan net income guidance.”
– Stephane Zweguintzow, General Director of Enel Russia
Moscow, October 28th, 2021 – PJSC Enel Russia publishes its unaudited financial results for 9M 2021 in accordance with the International Financial Reporting Standards (IFRS).
- On a positive side, revenues were affected by an increase in prices and volumes of electricity and heat sales. Sales volumes increased in connection with higher demand in the energy system compared to the last year, mainly caused by favorable weather conditions and continued growth of economic activity in the country. This, in turn, triggered a continued growth of market electricity (DAM) prices throughout the whole period in European Russia and the Urals (the first price zone). Finally, the annual increase of regulated tariffs and indexation of free capacity (KOM) prices for 2021 further contributed to the growth of revenues.
- On a negative side, revenues were impacted by lower capacity sales, which were affected by the expiration of thermal CSAs on our 829 MW CCGT units at Nevinnomysskaya GRES and Sredneuralskaya GRES. This was only partially compensated by the start of renewable CSA of our 90 MW wind farm in Azov.
OPERATIONAL HIGHLIGHTS
|
9M 2021 |
9M 2020 |
Change |
Net power production (GWh) |
15,971 |
13,123 |
+21.7% |
including: |
|
|
|
- gas output |
15,890 |
13,123 |
+21.1% |
- wind output |
80 |
- |
- |
Power sales (GWh) |
18,043 |
15,311 |
+17.8% |
Heat sales (thousand Gcal) |
2,749 |
2,545 |
+8.0% |
Going into deeper analysis, all Enel Russia’s power plants increased their output due to higher loading by the System Operator, and in particular:
- Conventional gas units’ output showed a substantial growth of 23.4% YoY during 9M 2021, mostly caused by strong demand in the energy system, backed by favorable operating environment.
- Combined cycle units’ output recorded a solid increase of 15.2%, due to stable higher loading during 9M 2021 compared to a low base during 9M 2020, which was affected by planned maintenance activities.
- Wind output continued to positively impact our total production figures during the whole 3Q.