Transcript [Investor Presentation]

INTER RAO UES Generating Assets: Target Shareholding Structure
March,16 2012
1. Strategy recap and update
INTER RAO at a Glance
A Leading Russian Power Company
Diversified Group Structure
 Diversified power holding involved in electricity/heat generation and
supply, export/import of electricity and engineering
 Operates and manages 27 thermal, 2 hydro power plants and 1 wind
power farm
Domestic
Generation
 Total installed electricity capacity of 29GW and electricity output of
117 TWh⁽¹⁾ in 2011
Trading
 INTER RAO –
 RAO Nordic Oy
Electrogeneration
 Leading Russian export-import operator accounting for 97% of Russian
electricity export in 2011
(Finland)
(100%)
 OGK-1 (75%)
 Operations in over 14 countries, including Russia, Belarus, Lithuania,
Georgia, Armenia, Kazakhstan, Tajikistan, Moldova, and Finland
 9 supply companies
 Customer base:
 Kazenergoresurs
 314 thousand legal
(Kazakhstan)
entities and 9.8
 OGK-3 (82%)
 TGR Enerji (Turkey)
million residential
 TGK-11 (68%)
 INTER RAO Lietuva
customers
International
Engineering
 Generation:
 2 Hydro PP - 0.2 GW
 4 Thermal PP - 5.2 GW
 1 wind power farm 0.03 GW
 Distribution
 c. 34 ths. km of power
lines (Georgia,
Armenia)
(the Baltics)
 Listed on RTS and MICEX (List A1), MCAP(2) of $11.1bn. Shares are
included into MSCI Large Caps Index (0,56%) (2). GDRs admitted to LSE
trading
Ownership Structure
Free-float
13.02%
Supply
 Quartz Group
 JV with Worley
Parsons
 JV with Rosatom
 JV with GE
 EMAlliance
Engineering
Broad Geographical Coverage
FGC
19.95%
INTER RAO UES
Finland
Generation Assets
Russia
Russia
Treasure shares
12.54%
Supply Assets
Distribution Assets
Latvia
Countries with
trading presence
Lithuania
Belarus
Kaliningrad
(3)
Rosneft
1.36%
State
14.79%
Ukraine
RusHydro
5.28%
Kazakhstan
Mongolia
Moldovia
South Ossetia
Georgia
VEB
5.45%
Armenia
Norilsk Nickel
14.19%
Rosatom
13.42%
Azerbaijan
China
Tajikistan
China
__________________________________________________________________________
(1) Not included Armenian NPP electricity output;
(2) As of March,12 2012;
(3) Russian State is represented by Russian Federal State Property Management Agency;
3
Strategic Development
Strategic Objectives
Strategic Steps and Priorities
Key Targets
 Organic growth through construction of new
electricity generation capacity in Russia
 Shareholder value creation
 Selective expansion into target foreign
 Leadership in Russian power sector
 Expansion of presence and operations
abroad
 Leadership in innovations and energy
efficiency
markets
 Improvement of efficiency and
2015E
Installed electricity capacity,
GW
29
40
Share of installed electricity
capacity abroad
22%
25%
Consolidated revenue, $ bn
18
32
Consolidated EBITDA, $ bn
1.4
3.9
Trading volume, TWh
24
45
Supply market share in
Russia
13%
25%
Electricity supplied, TWh
142
250
modernization of existing assets
 Integration of core assets in electricity
generation and supply
 Efficient management of minority stakes
 Ensuring safety of Russian power supply
2011E
in the asset portfolio
 Ensuring visibility into shareholder
structure and stock performance
Key milestones
2012 - 2013
2015 - 2017
 Reorganization of INTER RAO to convert minorities of OGK-1 and
OGK-3 into INTER RAO shares
 Potential privatization of state-owned stake in INTER RAO as
envisaged by Russian government privatization programme (until
2017)
 International Credit Rating assessment
 Potential international SPO with full London listing envisaged
4
Minority Stakes Disposal
Portfolio of Minority Stakes(1)
Asset
RusHydro
Federal Grid Company
E.ON Russia
Irkutskenergo
Mosenergo
Enel OGK-5
TGK-7 (Volzhskaya TGK)
Bashkirenergo
TGK-1
OGK-2
Fortum
OGK-6
TGK-9
Kuzbassenergo
Quadra
TGK-6
Eniseyskaya TGK
RAO Energy System of Far East
TGK-2
TGK-14
Tomsk Energy Retail Company
Kuban Generation Company
Kuban Supply Company
Tomskenergoremont
Novosibirskenergo
Minority stakes (Total), $m.
INTER RAO Market Cap, Sm.
MCap,
$m.
11 624
15 265
5 633
2 886
2 412
2 658
1 935
1 539
1 350
1 637
793
605
487
515
419
370
522
153
74
n/a
n/a
118
n/a
n/a
INTER RAO's Stake
As of
Current
Sold/Swapped
30 Jun 2011
Stake
1.63%
1.83%
0.37%
0.37% (sold)
0.00%
3.26%
3.26% (sold)
0.00%
40.01%
40.01%
5.05%
5.05%
26.43% 26.43% (will be sold) 0.00%
39.39%
39.39%
26.65%
26.65%
1.97%
1.97%
3.05%
0.62% (sold)
5.70%
3.04%
3.04% (swapped)
0.00%
3.47% (sold),
13.20%
0.00%
9.73% (swapped)
1.71%
1.71%
1.97%
1.97%
2.25%
2.25%
26.09%
26.09%
2.16%
2.16%
4.29%
4.29% (swapped)
0.00%
1.19%
1.19%
0.60%
0.60%
31.27%
31.27%
26.26%
26.26% (sold)
0.00%
26.26%
26.26% (sold)
0.00%
25.88%
25.88% (sold)
0.00%
0.16%
0.16%
Value-Creative Management
 Minority participations are split into two categories with respective agreed
strategies for each:
Current
Value, $m.
213
0
0
1 155
122
0
762
410
27
93
0
 Significant minority stakes (5-50%):
1. Obtaining control
2. Swap transactions to acquire core assets
3. Creation of JVs
 Small minority stakes (<5%):
1. Monetization to raise financing for the Group
2. Swap transactions to acquire core assets
Progress to Date
10
10
12
109
8
0
2
0.4
n/a
n/a
0
n/a
n/a
2 933
11 209
 Irkutskenergo: BoD resolution to swap for RusHydro
 RAO ES of Far East: Swapped for RusHydro (0,2%)
 OGK-6: Sold 3.47% in September 2011 (RUB1,571m raised under a buyout). Remaining OGK-6 shares converted into OGK-2 shares
 OGK-2: Sold 0.62% in September 2011 (RUB347m raised under a buy-out)
 Kuban Supply Company: Sold 26.26% in September 2011 (RUB 850m)
 Kuban Generation Company: Sold 26.26% in December 2011 (RUB
450m)
 Tomskenergoremont: Sold 25.88% in December 2011 (RUB 150m)
 E.ON Russia: Sold 3.26% in January 2012 (RUB 4,830m)
 FSK EES: Sold to IRAO Capital for further swap with FSK EES
 Fortum: Swapped for shares in PSK (31,01%)
______________________
(1) As of March, 12 2012;
 Enel OGK-5: Signed agreement for sale 26.43%
Stakes being disposed / disposed
5
Consolidation of Generating Assets by InterRAO
75%
82%
•
OGK-1 comprises of 6 thermal power plants with
total installed capacity of 9,861 MW and 2,398
Gcal per hour
•
•
OGK-3 owns 6 thermal power plants with total
installed capacity of 8,357 MW and 1,768 Gcal
per hour
100% of the Company’s generating capacities are
located in the First price zone (Europe and Urals
region) - in Russia’s most power-deficient regions
with high electricity consumption growth outlook
•
69% of the Company’s generating assets are
located in the First price zone (Europe and Urals
region), 18% - in the Second price zone (Siberia)
with the remaining 13% located in non-price
zones
The Company owns modern and efficient
generating capacities. Average fuel consumption
rate amounted to 328.6 g/kWh in 2011
•
Gas constitutes up to 93% share
Company’s fuel balance, coal – 7%
•
The Company’s key gas suppliers are Novatek
and ТНК-ВР
•
Current Company’s investment program implies
launching 1,680 MW of installed capacity in 20112015
#%
OAO «Bashkirenergo» (generating assets)
OAO «OGK-3»
OAO «OGK-1»
•
27%
of the
•
Average fuel consumption rate in 2011 equaled
345.1 g/kWh
•
OGK-3 has a diversified fuel balance split into
gas (56%) and coal (33%), which makes the
Company less vulnerable to gas price growth
rates
•
The Company’s gas suppliers: Novatek and
Gazprom
•
According to the Company's current investment
program 2,265 MW of installed capacity is
planned for launch in 2011-2015
- Inter RAO ownership
6
•
Bashkirenergo
assets
include
1
TPP
(Karmanovskaya TPP), 10 CHPPs (including
Zauralskaya gas-piston plant), 5 gas-turbine units
and 9 HPPs (including 7 small-size plants)
•
The total installed electric and heat capacity
amounts to 4,926 MW and 13,035 Gcal per hour
•
100% of the Company’s generating assets are
located in the First price zone (Europe and Urals
region)
•
Bashkirenergo sells its capacity in the Urals free
flow capacity zone (does not fall under any
capacity price caps)
•
Average fuel consumption rate amounted to 320
g/kWh in 2011
•
Gas constitutes up to 97% share of the Company’s
fuel balance
2. Transaction Details
Transaction Overview
Short overview
Consolidation of certain generating assets by OAO “INTER RAO UES” implies obtaining 100% ownership in OAO "OGK-1”,
OAO “OGK-3” and OAO “Bashenergoaktiv”⁽¹⁾
All minority shareholders of OAO “OGK-1”, OAO “OGK-3”, OAO “Bashenergoaktiv” will be granted an opportunity to convert
their shares into OAO “INTER RAO UES” stakes (INTER RAO share capital will increase by 9,56%⁽²⁾)
The Transaction is expected to be closed in 4Q 2012
Share swap coefficients of OAO “OGK-1”, OAO “OGK-3” and OAO “Bashenergoaktiv” into the shares of OAO “INTER RAO
UES” has been approved by INTER RAO’s Board of Directors. Consortium of investment banks (comprised of Troika Dialog
and Morgan Stanley) has provided an opinion that share swap coefficients for each of the companies fall within the range of fair
conversion ratios from a financial point of view
Benefits for minority shareholders from transaction :
 Optimized shareholder structure and wider free float will increase the level of investors’ interest in OAO “INTER RAO UES”
shares supporting company’s market capitalization
 Obtaining transparent shareholding structure of the generating assets
 Liquidation of uncertainty in respect to company’s shareholder structure as well as management decisions of the controlling
shareholder
 Unique opportunity to convert minority interest in the assets with limited liquidity into one of the blue-chips in the Russian
energy sector
(1)
(2)
(3)
Hera and hereafter, considering preliminary conception of reorganization scheme and that it will be approved by authorized bodies of JSC «Bashkirenrgo» and JSC «AFK Sistema»
OAO “Bashenergoaktiv” is a generating company which is to be established as the result of OAO “Bashkirenergo” reorganization via a split of the parent company into two subsidiaries (reflecting
generating and transmission businesses)
Assuming that all minority shareholders will convert their shares
Transaction Structure: Consolidation of 100% in OGK-1 and OGK-3
Spin-off of OGK-1’ and OGK-3’ followed by a
merger with INTER RAO – ElectroGeneration
State and stateowned
Companies
Merger of OGK-1 and OGK-3 with
INTER RAO
State and stateowned
Companies
INTER RAO
minorities
>50%
<50%
Target shareholding
structure
INTER RAO
minorities
>50%
State and
state-owned
Companies
<50%
100%
>50%
INTER RAO
INTER RAO
ElectroGeneration
75%/82%
75%/82%
OGK-1/OGK-3
minorities
OGK-1/OGK-3
INTER RAO
OGK shares
conversion into
INTER RAO
Merger
25%/18%
100%
INTER RAO
ElectroGeneration
OGK-1’/OGK-3’
Spin-off of 100% subsidiaries
with the following merger
<50%
<50%
INTER RAO
OGK-1/OGK-3
minorities
INTER RAO, OGK-1,
OGK-3 minorities
INTER RAO
ElectroGeneration
25%/18%
OGK-1/OGK-3
>50%
OGK-1’/OGK-3’
OGK-1’/OGK-3’
Overview
1.
2.
3.
4.
OGK-1 and OGK-3 are reorganized via a spin-off of
two 100% subsidiaries (OGK-1’ and OGK-3’,
respectively) with all the assets and liabilities to be
transferred to OGK-1’ and OGK-3’ property,
accompanied by an immediate merger of the
subsidiaries with INTER RAO-Electrogeneraciya;
OGK-1 and OGK-3 are reorganized via a merger with
INTER RAO along with a conversion of OGK-1 and
OGK-3 minority stakes into INTER RAO shares;
Shareholders who have voted against the transaction
can demand buy-out of their stakes, however the total
consideration is capped by 10% of net assets of the
corresponding companies
As of 30/09/2011, net assets value of INTER RAO
equals to 46,049 mln RUB, OGK-1 – 5,896 mln RUB,
OGK-3 – 9,021 mln RUB
Corporate actions*
 OGK-1/OGK-3 General Shareholder Meeting:
o
Decision on the reorganization of OGK-1/OGK-3 via a spin-off of OGK-1’/OGK-3’ with immediate merger of the
companies with INTER RAO- Electrogeneraciya;
o
Decision on OGK-1/OGK-3 reorganization via a merger with INTER RAO
 INTER RAO General Shareholder Meeting :
o
Decision on the reorganization of INTER RAO via a merger with OGK-1/ OGK-3
o
Decision on the increase of INTER RAO share capital
 INTER RAO –Electrogeneraciya:
o
Decision on the reorganization of INTER RAO – Electrogeneraciya via a merger with OGK-1’/OGK-3’
o
Decision on the increase of INTER RAO – Electrogeneraciya share capital
(*) Corporate decisions of all the Parties of the Transaction will be scheduled in parallel
Transaction Structure: Bashkirenergo Reorganisation and
Consolidation of 100% in Bashenergoaktiv
Reorganization of Bashkirenergo via a
disproportionate split of the parent company into
BashGridco and Bashenergoaktiv
26%
25%
OJSC
“Bashkirenergo”
Generation
Grids
Others
State and stateowned
companies
INTER RAO
minorities
>50%
Bashenergoaktiv
shares conversion
into INTER RAO
[Bashenergoaktiv]
minorities
Minorities
Target shareholding structure
<50%
State and stateowned
companies
INTER RAO and
Bashenergoaktiv
minorities
>50%
<50%
INTER RAO
75%+
INTER RAO
Merger
OJSC
«Bashkirenergo»
Reorganization via splitting with an
immediate merger with INTER RAO
Minorities
49%
Merger of Bashenergoaktiv
with INTER RAO
100%
25%Bashenergoaktiv
Bashenergoaktiv
Overview
1.
2.
Bashenergoaktiv
BashGridco
OAO “Bashkirenergo” is reorganized via a split into a
generating company (Bashenergoaktiv) and a
transmission company with an immediate merger of
Bashenergoaktiv with INTER RAO. As the result of
the
transaction
Bashenergoaktiv
minority
shareholders convert their shares into INTER RAO
stakes
Shareholders who have voted against the transaction
can demand buy-out of their stakes however the total
consideration is capped by 10% of Bashenergoaktiv
net assets
Corporate actions*
 INTER RAO General Shareholder Meeting :
o
Decision on the reorganization of INTER RAO via a merger with Bashenergoaktiv
 OAO “Bashkirenergo” General Shareholder Meeting :
o
Decision on the reorganization of OAO “Bashkirenergo” via a split of the parent company into OAO
“Bashkirskaya electrosetevaya kompaniya” and OAO “Bashenergoaktiv”
o
Decision on the reorganization of Bashenergoaktiv via a merger with INTER RAO
(*) Corporate decisions of all the Parties of the Transaction will be scheduled in parallel
10
Conversion Ratios
Transaction deal metrics
Conversion ratios ⁽¹⁾
Buy-back price, RUB.
-
0.0284
OGK-1
24
0.6816
OGK-3
40
1.1360
BashGenco (common)
602.8
17.12
BashGenco (preferred)
458.1
13.01
Company
INTER RAO
Methodology for determining conversion ratios
 An
independent appraiser, OOO Institute of Independent Valuation, was engaged for the purposes of
determining buy-back prices;
 The appraiser determined fair value of assets as of 30 November 2011 for purposes of calculating exchange
ratios for shares of OGK-1, OGK-3 and BashGenco;
A
consortium of investment banks consisting of Morgan Stanely & Co. Limited and ZAO Troika Dialog
Investment Company was engaged to provided an opinion that share swap coefficients for each of the
companies fall within the range of fair conversion ratios from a financial point of view, based on the definition of
all-round fairness (i.e. fairness for both the selling and buying party).
(1) INTER RAO shares per one share of OGK-1, OGK-3, Bashenergoaktiv
11
Key Corporate Actions
№
Action
Timeline
1
INTER RAO BoD on matters of EGM call regarding the reorganization and developing a position on the issues of reorganizing
subsidiaries and affiliates (OGK-1, OGK-3, Bashkirenergo, IRAO-ElectroGeneration)
15 March 2012
2
INTER RAO’s shareholders record date (EGM)
15 March 2012
3
BoD meetings at OGK-1, OGK-3, Bashkirenergo on matters of convening GSMs regarding the reorganization
4
INTER RAO’s GSM regarding the reorganization
5
EGMs of OGK-1, OGK-3, Bashkirenergo, IRAO-ElectroGeneration (decision of a single shareholder) regarding the reorganization
6
Receipt of share buyback requests from INTER RAO’s shareholders, buyback of tendered shares
7
State registration of additional share issues of INTER RAO and IRAO-ElectroGeneration for purposes of converting the shares of the
merging companies into them.
Assignment of identification numbers to share issues of interim companies (First Generation, Third Generation, BushGenco).
8
Receipt of buyback requests from shareholders of OGK-1, OGK-3, Bashkirenergo, buyback of tendered shares
9
Reorganization of OGK-1 and OGK-3 in the form of a spin-off of interim companies from them (First Generation and Third
Generation).
Reorganization of INTER RAO – ElectroGeneration in the form of its merger with First Generation and Third Generation.
Reorganization of Bashkirenergo in the form of a split up into the Grid company and BashGenCo.
Reorganization of BashGenCo in the form of its merger with INTER RAO.
Reorganization of INTER RAO in the form of a merger with First Generation, Third Generation and BashGenCo.
October 2012
10
State registration of reports on results of follow-on offerings of INTER RAO and IRAO-ElectroGeneration shares through a conversion
of shares in the merged companies into them.
November 2012
Until 26 March 2012
26 April 2012
12
June 2012
April-June 2012
July 2012
June-August 2012
OAO “INTER RAO UES” Shareholding Structure Evolution

Post-deal shareholding structure is based on share swap coefficients implied that all OGK-1/OGK-3/Bashenergoaktiv minority
shareholders convert their stakes into OAO “INTER RAO UES” shares

The proposed reorganization will increase INTER RAO’s share capital by 9,56%
Pre-deal shareholding structure of
OAO “INTER RAO UES”
Free-float
13.02%
Post-deal shareholding structure of
OAO “INTER RAO UES”
OGK-1, OGK-3,
BGC minorities
11.88%
Free-float
20.39%
FGC
19.95%
FGC
18.21%
IRAO minorities
8.51%
Treasure shares
12.54%
Rosneft
1.36%
State
13.50%
Treasure shares
11.67%
State
14.79%
Rosneft
1.24%
RusHydro
5.28%
VEB
5.45%
Norilsk Nickel
14.19%
RusHydro
4.82%
Rosatom
13.42%
State and state-owned
companies 60%+
Rosatom
12.25%
VEB
4.97%
Norilsk Nickel
12.95%
State and state-owned
companies 55%+
13
A Move to the Target Generation Assets Management Structure
Target Management Structure
Current Management Structure
INTER RAO
INTER RAO
100%
ООО “MC INTER RAO –
ElectroGeneration”
OAO “TGK-11”
ОАО “Bashkirenergo”
75%
68%
82%
ООО “MC INTER RAO –
ElectroGeneration”
ООО “MC INTER RAO –
HeatGeneration”
100%
INTER RAO
ElectroGeneration
ОАО “TGK-11”
100%
27%
OAO “OGK-1”
ООО “BGK”
100%
68%
100%
100%
OAO “OGK-3”
INTER RAO Plants*
ООО “BGK”
OGK-1 Plants**
ООО “PGU HPP-5”
OGK-3 Plants***
ООО “BashRTS”
100%
ООО “PGU HPP-5”
100%
INTER RAO
ElectroGeneration
ООО “BashRTS”
100%
INTER RAO Plants*
#%
100%
- ownership
- management
(*) Kaliningrad HPP-2, Sochi HPP, North-West HPP, Ivanov PGU
(**) Perm HEP, Verkhni Tagil HEP, Urengoi HEP, Kashira HEP, Iriklinskaya HEP, 75%+1 share of ZAO Nizhnevartovsk HEP
(***) Cherepetsk HEP, Kostroma HEP, Gusinoozersnk HEP, Kharanorskaya HEP, Pechora HEP, Soutn-Ural HEP
14
100%
Conclusion
Transactions continue INTER RAO's transformation into the leading Russian Utility
Significant simplification of structure and increased efficiency and transparency
Enables INTER RAO to maximise financial synergies of consolidation and accelerate
delivery
Increased free-float and liquidity directly benefits investors and inevitability of shares
Management remains confident about strategy and future prospects
3. Minority Stakes Disposal: Enel OGK-5
Enel OGK-5 Equity Stake Sale
Transaction Rationale
 Equity stake sale on market terms pursuant to INTER RAO Electric Power Assets Management Guidelines;
 Further implementation of the strategy for establishing a target generation assets ownership structure;
 Raising significant capital to fund INTER RAO operations, including the Power Delivery Contracts program;
Transaction Terms
1
2
3
Investor Consortium
Composition – Buyers
of Enel OGK-5 equity
stake



Rusenergo Fund
Russian Direct Investment Fund (RDIF)
Macquarie Renaissance Infrastructure Fund (MRIF)
Payment at closing

US$625 MM will be received by INTER RAO at the time Enel OGK-5 equity stake is transferred to the Investor Consortium
Additional potential
exit payment


4
Additional potential
payment if Enel OGK-5
starts paying dividends

Additional potential payment will be made to INTER RAO at the time the Investor Consortium exits the investment provided
the Consortium achieves the internal rate of return set
IRR below or equal to 18%: The Consortium pays nothing to INTER RAO
IRR above 18%: The Consortium will pay INTER RAO an additional potential payment of up to US$125 MM above the base
rate of return (18% p.a.) and 20% of any subsequent excess amounts (remaining 80% will be retained by the Consortium)
If Enel OGK-5 pays annual dividends representing at least 25% of net profit, the Consortium will pay INTER RAO an
additional potential payment of up to US$25 MM. The additional potential exit payment will be reduced by this amount
17
Appendix
Bashkirenergo overview
Republic of Bashkortostan
Company overview
Buyskaya
Karmanovskaya power plant
BashRTS-Neftekamsk
BashRES-Neftekamsk
 Bashkirenergo is a large holding company engaged in
electricity and heat generation, transmission and distribution in
the Republic of Bashkortostan
Tatishly
Yanaul
Tyuldi
Shtandy
Arlan
Kubiyazy
Lemez-Tamak
BashRESNeftekamsk
Kundashly
Red’kino
Novobelokatay
 Bashkirenergo’s total installed electric and heat capacity
amounts to 4,295 MW, and 13,141 Gcal/h respectively
N.Kigi
Mesyagutovo
Argamak
Birsk
V.Kigi
BashRES-Ufa
Bakaly
Chekmagush
Priufimskaya thermal power plant (200 MW capacity)
Refinery
Thermal power plant 1,2,3,4 (980 MW capacity)
Yazikovo Nurlino
Tyimazy
Dema
Vostochniy
Ufimskaya
Ufa
Yfa-Yuzhnaya
Blagovar
Chishmy
Subkhankulovo
 The Company is currently reorganizing by splitting its
generating and power grid assets as required by the Russian
antimonopoly laws
Beketovo
Iremel
Uchaly
 Bashkirenergo is listed on MICEX-RTS
Raevka
Aksakovo
Novo-Sterlitamakskaya thermal
power plant (255 MW capacity)
Shkapovo
Sterlitamakskaya thermal
power plant (375 MW capacity)
BashRES-Sterlitamak
BashRTS-Sterlitamak
Ashkadar
BashRESSterlitamak
Geography of operations
Samarovka
 The Republic of Bashkortostan is among the Russia’s most
industrially developed and rapidly growing regions:
Beloretck-110
Tukan
Salavatskaya
thermal power plant
(245 MW capacity)
BashRES
Beloretck
Beloretck-220
BashRESBeloretck
Burzyan
Meleuz
Zauralskaya heat
station
Kumertaunskaya
Mrakovo
heat station
Sibaiskiy PP
 Ranks in the top-10 by GRP and investment appeal across
Russia
 A major industrial hub hosting upstream assets of Bashneft,
downstream and petrochemical operations of the Ufa group of
refineries (Ufa Refinery, Novoil, Ufaneftekhim, Ufaorgsintez),
and Gazprom Neftekhim Salavat
Thermal power plants BGK
Isyangulovo
Galiakhmetovo
TS 220 kW BSK
Buribay
BSK
HL 500 kW BSK
HL 500 kW BSK
BGK
BashRES
19
Zilair
TS 500 kW BSK
BashRTS
TS 110 kW BashRES
HL 110 kW BashRES
PGU TEC-5
Corporate structure of Bashkirenergo
POWER GENERATION
POWER TRANSMISSION
Electric and thermal energy
generation
Electric and thermal energy
transmission (high-voltage)
LLC Energoremont
LLC BGK
LLC PGU TEC-5
LLC BSK
LLC Energoteploremont
Electric and thermal energy
distribution (low-voltage)
LLC Energoavtomatika
Heat generation and distribution
ENGINEERING AND
SERVICE
LLC Bashenergouchet
LLC BashRES
LLC Bashenergotrans
LLC BashRTS
Key operating indicators
Key operating indicators
Installed electric capacity, GW
4.2
Installed heat capacity, K Gcal/h
15.7
Total length of pipelines and heating
grid, km
2,024
LLC Energosnabkomplekt
Total length of transmission grid (220-500
kV), km
2,205
Total installed capacity of transformer
substation, МВА
5,971
Total length of overhead distribution lines
(0,4-110 kV), km
79,441
Total length of cable distribution lines, km
6,241
NNOU UTC “Bashkirenergo”
LLC LOC “Energetik
Total installed capacity of 35-110 kV
substation, МВА
10,564
Total installed capacity of 220-500 kV
substation, МВА
4,484
Source: Company data
20
NON-CORE
LLC Agrokhozaystvo “Mir
Inter RAO Generating Assets: 2011 Production Highlights
(incl. generating assets of Bashkirenergo)
Electricity Generation Evolution
Installed Capacity
TWh
4.3
Total: 26.8 GW
125.6
140
2.2
120
2.1
9.9
22,8
22,6
100
9,1
80
32,1
8,7
33,3
60
40
8.4
55,5
52,4
20
0
INTER RAO- Electrogeneration OGK-1
OGK-3
TGK-11
Bashkirenergo
9,2
13,5
2010
2011
INTER RAO- Electrogeneration
OGK-1 OGK-3 TGK-11 Bashkirenergo
Reference Fuel Consumption Rate
Load Factor
80%
133.9
g/kWh
68.8%
400
64.3%
62.0%
60%
45.6%
328.6
300
48.3%
40%
200
20%
100
0%
0
INTER RAO- Electrogeneration
OGK-1
OGK-3
TGK-11
345.1
21
320.0
246.5
INTER RAO- Electrogeneration OGK-1
Bashkirenergo
340.3
OGK-3
TGK-11
Bashkirenergo
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