Transcript Слайд 1 - Inter RAO

Contents
I
Information
about the
Company
II
Activities
III
Development
prospects
2
I
Information about the Company
II
III
INTER RAO UES — transnational energy holding
I
II
III
Incorporates 29 companies in 15 countries of Europe
and Asia
Controls energy production and distribution assets in
Russia and abroad
Total number of employees — 15,000 persons
HQ — Moscow, the Russian Federation
Taking dominant position in Russia in the
area of power export-import
Active investment activity
4
INTER RAO UES: reference
I
Purchase of electric power, million MW
II
33.8
III
37.1
38.1
24.3
Operations w/o
transit via RF
Import
RF home
market
2004
2005
2006
2007
Source: calculations of INTER RAO
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INTER RAO UES: reference
I
II
III
Diversified operations and a wide portfolio of energy assets in Russia,
Armenia, Georgia, Moldova, Kazakhstan, Ukraine, Northern and Eastern
Europe
Presence in 15 countries with above-average indicators of economic
growth
Team of skilled managers with proven work history
Value of current assets has increased since the merger with INTER RAO
UES
Principal import-export trader (over 90%) of electricity in Russia
A leading company in electricity trading in Armenia, Belarus, Georgia,
Moldova, Kazakhstan, Ukraine, Azerbaijan
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Board of Directors
I
Nikolai Anoshko
II
Evgeny Dod
III
Sergei Kiriyenko
Vyacheslav Kravchenko
Grigory Kurtser
Alexander Lokshin
Sergei Maslov
Yuri Petrov
Kirill Seleznyov
Igor Sechin
Sergei Shmatko
7
Chairman of the Management Board:
Evgeny Dod
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II
III
Evgeny Dod has been the head of JSC INTER
RAO UES since 1999 and after the Company’s
reorganization became Chairman of the
Management Board of OJSC INTER RAO UES
Under the leadership of Evgeny Dod, the
company has become a dynamic international
enterprise, operating in all segments of the
energy market. The Company is successfully
developing and its activities are constantly
expanding.
Before coming to the electric power industry,
Evgeny Dod had a successful career as a
manager in a number of investment
companies.
In 1995 Evgeny Dod graduated from the
Moscow Aviation Institute with a specialism in
“economy and management of an enterprise”.
He got the second higher education in
Academy of Management of the President of
the Russian Federation.
Evgeny Dod has Ph.D. in economics.
8
INTER RAO UES —
a successfully developing company
I
II
Uses the latest methods of corporate management and
the most up to date technologies in the electricity industry
III
Directly or indirectly assists in expanding generation
capacities and the development of a grid infrastructure
within the RF
Participates in implementation of investment projects
Making a significant contribution to the international
economic activity of Russia
9
Activity areas
I
II
III
Foreign trade activity:
Electricity export and import
Sales and purchases of electricity outside the RF
Sales-and-purchase activities on the wholesale electricity market of
the RF:
Purchase of electricity for further export
Sale of imported electricity
Purchase of electricity and supply to the Kaliningrad Oblast
Sales and purchase of electricity on the domestic wholesale market
Additional sales of electricity.
Production and investment activities
Management of electricity assets in the RF and abroad
10
Key performance indicators of JSC INTER RAO
UES Group and Company in 2004-2007
I
2004
2005
2006
2007
Installed capacity of the Holding power
stations, MW
2495
6915
7365
7578
Electricity generation by the Holding
companies, bln. KWh
4,02
7,842
11,742
12,325
Electricity exports under company
contracts, bln. KWh
9,98
20,93
20,52
18,14
Electricity imports under company
contracts, bln. KWh
11,46
10,14
5,11
5,62
4,47
17,10
16,41
14,48
3,1
32,7
32,7
35,3
II
III
Average number of employees in the
Holding companies, thsd.
Electricity transmission lines of the
Holding (length), thsd. km
11
Since 2004 the installed capacity of the INTER RAO UES
Group’s power plants has increased more than 3 times
MW
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II
III
7 578
2007
2006
7 365
2005
2004
6 915
2 495
12
And the length of the power transmission lines has
increased more than 10 times
km
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II
III
2007
35 300
2006
32 700
2005
32 700
2004
3 100
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INTER RAO UES: stages of development
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II
1997
III
JSC INTER RAO UES was established as a 100% affiliate
of RAO UES of Russia
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INTER RAO UES: stages of development
I
II
1997
2001
III
Commencement of projects for supply of non-Russian electricity
on foreign markets
Supply of electricity produced by the Ignalinskaya AES
(Lithuania) to Belarus and Russia
Three affiliates established for operation on foreign energy
markets
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INTER RAO UES: stages of development
I
II
1997
2001
2002
III
Commencement of independent electricity export from
Russia to Scandinavia (Nord Pool)
Commencement of own production of electrical power at a
leased facility of the Iriklinskaya GRES
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INTER RAO UES: stages of development
I
II
1997
2001
2002
2003
III
Rosenergoatom became a shareholder of the Company,
purchased 40% of the stock
Export-import contracts of OJSC RAO UES of Russia transferred
to JSC INTER RAO UES
Generation and distribution assets in Georgia and Armenia
purchased
17
INTER RAO UES: stages of development
I
II
1997
2001
2002
2003
2004
III
The Company started trading on the RF wholesale electricity
market
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INTER RAO UES: stages of development
I
II
1997
2001
2002
2003
2004
2005
III
Expansion to Central Asian markets; purchase of generation assets
in Kazakhstan and Tajikistan
Purchase of distribution assets in Armenia and generation assets in
Moldova
Expansion in own production of electricity in RF by means of
additional leasing of the Kaliningradskaya TETs; and increase in
the share held in the Severo-Zapadnaya TETs
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INTER RAO UES: stages of development
I
II
1997
2001
2002
2003
2004
2005
2006
III
INTER RAO UES JSC manages a group of companies,
operating in 15 countries of the world
Issue of CLN valued at USD 150 mln is organized
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INTER RAO UES: stages of development
I
II
1997
2001
2002
2003
2004
2005
2006
2007
III
On February 9, 2007, the Board of Directors of OJSC RAO UES of
Russia approved the main provisions of JSC INTER RAO UES
strategy
A decision on the incorporation of the generation assets below into
JSC INTER RAO UES authorized capital is made:
JSC Severo-Zapadnaya TETs
JSC Ivanovskiну PGU
JSC Kaliningradskaya TETs-2
JSC Sochinskaya TES
JSC Sangtudinskaya GES
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INTER RAO UES: stages of development
I
II
1997
2001
2002
2003
2004
2005
2006
2007
2008
III
Acc. to Decree of the RF President OJSC INTER RAO UES is
incorporated into GK Rosatom
Vneshekonombank approves the funding plans of the OJSC INTER
RAO UES investment program through credit arrangements and
participation in the Company’s authorized capital
Shares of the Company are quoted on Russian stock exchanges
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Tasks of the Company
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II
III
A steady increase in business value
Ensuring a stable and active presence on target markets
Expansion of areas of activity
Transformation of the Company into a vertically
integrated holding with a wide range of activities in the
electricity industry
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I
Activities
II
III
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II
III
Export-Import
Assets
Management
Investment
Activities
25
Trading activities of OJSC INTER RAO UES
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II
III
2008
Finland
1,460
Latvia
700
Kazakhstan
(West)
350
Lithuania
400
Belarus
Mongolia
180
Kyrgyzstan
900
Ukraine Georgia
250
365
Romania
Moldova
Kazakhstan
(South)
Azerbaijan
350
Export from RF
Kazakhstan
(North)
1,000
China
50
Tajikistan
Import to RF
w/o transit via RF
* Maximum capacity of crossflows is indicated in the main directions
26
Trading activities of OJSC INTER RAO UES
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II
III
INTER RAO UES participates in parallel in the work of the
energy system of RF by providing emergency capacity
reserves and ensures the reliability of the RF energy system
through transmitting electrical power via neighboring countries
(Kaliningrad, Northern Caucasus, etc.)
One of the main tasks of the company is use of trading
activities to increase the presence and influence of RF on the
target power markets of the company
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Electric power exports structure in 2007
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15%
II
III
0,2%
12%
1%
19%
Finland
54%
Norway
6%
Latvia
8%
Belarus
Lithuania
Kazakhstan
Ukraine
2%
Mongolia
Georgia
Azerbaijan
China
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Export of electricity by
JSC INTER RAO UES in 2007
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II
Supplies: 18.14 billion kWh
(2.38 billion kWh less than in 2006)
III
Main buyers:
Finland (over 54%)
Belarus (15%)
Kazakhstan (12%)
Latvia (8%)
Lithuania (6%)
Border trade: to Norway and northern regions of Finland from
dedicated hydroelectric generators of Borisoglebskaya GES,
Rayakoski GES, and Kaitakoski GES
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Dynamics of electricity supplies as per
contracts of INTER RAO UES in 2002–2007
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2002
II
2003
2004
2005
2006
2007
Name
Volume of electricity deliveries, billion kWh
III
Volume of deliveries, in
total
0.85
13.35
14.52
22.12
21.17
19.14
Export
0.85
7.91
9.97
20.93
20.52
18.14
CIS countries
0.70
7.02
5.46
9.19
5.95
5.38
Other foreign countries
0.15
0.89
4.52
11.74
14.57
12.76
5.44
4.55
1.19
0.65
1.004
Deliveries w/o transit via
RF
30
Import of electricity by INTER RAO UES in 2007
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II
III
Total volume: 5.62 billion
kWh
(up 0.51 over 2006)
5%
4%
6%
8%
Insignificant change in
imports from Kazakhstan to
Lithuania in comparison with
2006
Imports from Ukraine and
Moldova increased
59%
17%
Kazakhstan
Lithuania
Georgia
Ukraine
Azerbaijan
Moldova
31
Electric power imports structure in 2007
I
0,25%
II
17%
III
8%
6%
1%
4%
59%
5%
Latvia
Lithuania
Ukraine
Kazakhstan
Moldova
Mongolia
Georgia
Azerbaijan
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Export and Import Turnover
in 2004-2007, bln kWh
Export
I
II
Import
20,9
III
20,5
18,14
10
10,0
10,5
10,1
5,1
Finland
Norway
Latvia
Lithuania
Ukraine
Moldova
2004
2005
2006
5,62
2007
Belarus
Kazakhstan
Georgia
Azerbaijan
Mongolia
China
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Electricity sales
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II
III
During 2007, the Oryol affiliate company sold electricity on the
retail market of the Oryol Oblast as a provider of last resort in acc.
with Order of the Tariff Service for the Oryol Oblast No. 01-06-16.
Covered by the service are:
6 cities
17 districts of the region
196,000 consumers
28% of the total consumption of the Oryol Oblast
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II
III
Export-Import
Assets
Management
Investment
Activities
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Principles of management of foreign assets
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II
Improve financial and economic indicators of the activities of
these foreign companies
III
Expand operating and sales activities, gaining a
supplementary benefit on external markets
Increase the company’s capitalization
Increase the business value for shareholders via:
Improvement of the quality of operating activities
Stability of payment for electricity sold
Parallel work with UES of Russia in energy systems of
neighboring countries
Expansion of the geographical spread of export-import
operations
Organizational and technical preparations for access to
new energy markets
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The Group’s assets are located
in a number of countries of the world
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II
III
Severo-Zapadnaya TETs
Kaliningradskaya TETs-2
Sochinskaya TES
Ivanovskiye PGU, Stend
Orel Region Branch
Finland
Moldova
Kazakhstan
Ukraine
Armenia
Georgia
Tadzhikistan
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Assets of OJSC INTER RAO UES
I
II
Severo-Zapadnaya TETs Ivanovskiye PGU and bench
435 MW, gas
900 MW, gas
?
Kazakhstan
Ekibastuzskaya, GRES-2
1000 MW, coal,
50% in ownership ,
.
III
Trading
Generation
Distribution
Affiliate
companies
Kaliningradskaya TETs-2
450 MW, gas
Moldavskaya GRES
Armenia
2520 MW, gas/coal/fuel oil
51% ownership
Armenian Nuclear Power Plant
815 MW, control
Sevano-Razdanskiy cascade
560 MW, 90% ownership
Electric Networks of Armenia
67% ownership
Sochinskaya TES
Georgia
78 MW, gas
Мktvari
Khramihesi I and II
Telasi
600 MW, gas.
100% ownership
220 MW
control, hydro
75% ownership
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Russia: Severo-Zapadnaya TETs
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II
III
Installed electrical capacity: 900 MW
Installed heating capacity: 700 Gcal
Heat and power station with a binary combined-cycle plant, the
first heat and power station of the new generation of Russian
energy sector
December, 2000 — Start-up of the first power unit of PGU-450T
November, 2006 — Start-up of the second power unit
from October, 2007 — heat delivery from unit No. 2
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Russia: Severo-Zapadnaya TETs
I
II
Northwestern region is the
second-highest in Russia in
terms of the rate of energy
consumption growth
III
Priority tasks in 2008:
Completion of technical re-equipment and revamp of the process
water supply for power units 1 and 2
Construction of the second evaporative cooling tower, reflux area of
3,200 sq.m. Commissioning date : Q3 2008
40
Russia: Kaliningradskaya TETs-2
I
II
III
November, 2005: The first power unit
of 450 MW was put into pilot
operation
2008–2010: construction of power
unit PGU-450 MW No.2
2008 — engineering and survey work for construction of a heat
pipeline from from Kaliningradskaya TETs-2 to the southern part
of Kaliningrad
Heat delivery (preliminary timeframe) — 2010
41
Russia: Ivanovskiye PGU
I
The base of the production
complex: combined cycle gas plant
of 325 MW
II
III
One of the first Russian electricity
stations in the country within the
scope of the investment program of
the RAO UES of Russia Holding
PGU’s objectives:
New effective technologies development
Creation of spare capacity in the region
Energy and power shortage coverage in the region
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Russia: Ivanovskiye PGU
I
II
III
The first combined-cycle electric
generating plant in Russia
constructed using domestic
equipment only
2007 — the first unit of PGU-325 MW
is commissioned via two start-up
complexes
May, 2008 — the first unit of the Ivanovo Combined-Cycle Plant
commissioned
Q2 2008 — commissioning of the third start-up complex
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Russia: Sochinskaya TES
I
II
III
Installed capacity: 78 MW
Annual average production :
565 million kWh
Commissioning:
December, 2004
Equipped with combined-cycle gas units PGU-39:
Russia-best technical, economic and environmental indicators
Up-to-date process control systems
44
Russia: Sochinskaya TES
I
II
III
Program for technical re-equipment and
development for 2008/2012:
Expansion of the Sochinskaya TES (2nd train)
double unit No.3, 80 MW,
including autotransformer AT 220/110
- Construction start: 2006
- Commissioning: Q2 2009
Construction of a heat pipeline to Sochi. Commissioning: 2008,
funding sources: own funds
45
Russia:
Affiliate in the Oryol Oblast
I
II
III
Covering 25% of energy consumption in the
region
One of the largest electric energy providers of
the Oryol Oblast to industrial plants and stateowned organizations.
Furthers the Company’s business diversification
Serving :
4 000 legal entities
194 000 individuals
6 cities
17 districts of the region
July, 2005 — established
October, 2005 — started operating
2006 — gained the status of a provider of last resort
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Kazakhstan
Stantsia Ekibastuzskaya GRES-2
I
II
III
Installed capacity: 1,000 MW
(2 units, 500 MW each)
Equity interest: 50%
GRES interest amounts to 10-12%
of the overall e/e capacity generated
in the republic
Prospect:
increase in supplies to Russia
e/e generation build-up, consolidation on
the local market
47
Tajikistan.
JSC Sangtudinskaya GES-1
I
II
III
Russia-Tajikistan joint venture, established for
completion and operation.
Set up on 16.02.2005 under preliminary
agreements between the Presidents of Tajikistan
and Russia and an execution agreement
Is being built on the Vakhsh River 200km away from Dushanbe:
the end of the 80s – the beginning of the 90s — the beginning of
construction and its suspension
since 2005 — massive project financing
(after negotiations between Russia and Tadzhikistan)
48
Tajikistan.
JSC Sangtudinskaya GES-1
I
II
III
Design capacity: 670 MW
4 units
20.01.08 — commissioning of the
first unit
02.07.08 — commissioning of the
second unit
Units 1 and 2 produce 72 million kWh/month each. Design capacity
of the thermal plant after start-up of all four units is 670 MW
Construction of the thermal plant is planned to be completed
by end-2008
49
Armenia
CJSC «Electric Networks of Armenia»
I
Number of consumers:
about 950,000
II
III
Among the largest
enterprises of Armenia
The Company owns:
8,111
transforming substations
24,300km of overhead transmission lines
5,300km
of cable transmission lines
50
Armenia
I
II
III
Sevano-Razdanskiy Cascade of HPPs
Capacity: 560 MW
Equity interest: 90%
The cascade consists of 7
HPPs on the Razdan River
51
Armenia
Armenian Nuclear Power Plant
I
Trust management from 2003
II
III
JSC Armianskaya Atomnaya Electrostantsia
(Armenian Nuclear Power Plant) is the sole
operating atomic station in the Caucasus
and neighboring countries (Turkey, Iran,
and Iraq)
Effective electricity supply to consumers in
Capacity: 815 MW
Main consumer is the
energy market of Armenia
2007 was 2.4 billion kWh
Positive results of management were many
times acknowledged by Ministry of Energy
of Armenia
52
Moldova. Moldavskaya GRES
I
II
III
Installed power: 2,520 MW
A unique station, operated
using three kinds of fuel
(gas, fuel oil, and coal)
March, 2005 — incorporation in the Group of INTER RAO
UES
1st April, 2007 — electricity supplies to Romania
53
Georgia
JSC Telasi
I
II
III
Supplies electric energy
to more than 410,000
consumers:
95% — population
3.7% — commercial sector
5,658km – total length of power transmission lines
54
Georgia
I
II
Khramhesi I and Khramhesi II
Mtkvari Energy
III
Capacity: 110 MW each
Capacity: 600 MW
Generated electric energy goes to
JSC Telasi for realization
The Company owns the 9th and the
10th units of Tbilisskaya GRES
55
Ukraine
I
II
III
Active
on the Ukrainian market
since September, 2000
Equity interest: 90%
Investment projects support implementation:
In the course of new energy complexes construction
In the course of the existing objects re-equipment and
reconstruction
56
Finland: RAO Nordic OY
I
II
III
Trading operations on the
Scandinavian electric
energy market since 2003
Equity interest: 100%
Among the largest enterprises of Finland
57
Toward 2008, activities geography has
embraced 15 countries of Europe and Asia
I
II
III
58
I
Development prospects
II
III
Means for meeting strategic
goals of the Company
I
Strategic goals of the Company
II
III
Development of the Company’s generation capacity
Heat
generation
Hydrogeneration
Nuclear
generation
60
Means for meeting strategic
goals of the Company
I
Strategic goals of the Company
II
III
Energy
wholesale
Развитие
генерации
Компании
Sales of energy
generated by
nuclear stations
owned by GK
Rosatom
Energy sales on the
markets where the
Company is present
61
Means for meeting strategic
goals of the Company
I
II
III
Strategic goals of the Company
Оптовая
торговля
электроэнергией
Развитие
генерации
Компании
Energy
retail
sales
Distribution of energy across the
territory of the RF together with GK
Rosatom via the CJSC PEK
62
Means for meeting strategic
goals of the Company
I
Strategic goals of the Company
II
III
Оптовая
торговля
электроэнергией
Rendering
Развитие
of
aгенерации
new multi-faceted
Компании
service
Розничная
торговля
электроэнергией
Provision of
funding for
construction of
new nuclear
generation
facilities
on RF territory
and abroad
Participation in
construction of
nuclear generation
facilities on RF
territory and abroad
(together with
Atomstroy-export)
Operation of
nuclear
generation
facilities (together
with GK Rosatom)
Electricity sales
63
Key objectives
of OJSC INTER RAO UES are
I
II
III
Development of new assets
Further penetration into target markets
64
Target energy markets
I
Scandinavia
II
Baltic region
III
Central Asia and
the Far East
Eastern Europe
The Black Sea
region
Pakistan
Central America
India
South-Eastern Asia
Africa
Current assets of INTER RAO
Potential acquisition targets
65
Key strategic targets to be achieved by 2015
determined by Russian Government
I
II
To increase installed capacity up to 30,000 MW:
owned capacity up to 15,000 MW
capacity under management & joint-venture up to 15,000 MW
III
To increase enterprise value to 14 billion US dollars
14***
* — Credit Swiss First Boston valuation
** — Based on Consortium of
independent appraisers of
RAO UES of Russia
2.9**
*** — Target value
1,1*
2005
2007
2015
66
Strategic goals
I
II
III
To create an international vertically-integrated energy holding
focused on generation of electricity with a perspective of building
vertically-integrated chains on target markets
To make efficient investments in construction of new and
modernization of existing energy objects and provide energy objects
management services
To provide a solid energy supply, saving and increasing the energy
safety both in Russian Federation and other regions of Company’s
presence
To execute functions of the operator of electricity export/import. To
coordinate commercial and technological activities of external and
internal markets’ participants
67
Contact information
I
II
7 Entrance, 12 Krasnopresnenskaya Embankment,
Moscow, 123610
III
Telephone: +7 (495) 967-05-27
Fax: +7 (495) 967-05-26
[email protected]
www.interrao.ru
68