Thursday, 14 May 2015

Gazprom already fulfilled two-thirds of obligations to commission generating facilities - 14/05/2015

Gazprom already fulfilled two-thirds of obligations to commission generating facilities

The Gazprom headquarters hosted today Press Conference “Gazprom's Power Generation Strategy” held on the threshold of the Company's annual General Shareholders Meeting. Taking part in the Press Conference was Denis Fyodorov, Directorate Head of Gazprom – Director General of Gazprom Energoholding.

It was highlighted that Gazprom Group maintained the leading position in the Russian power market in terms of the aggregate installed electric (some 38 GW) and thermal (over 70 thousand Gcal/h) capacity.

In 2014 the Group's main companies (Mosenergo, MOEK, TGC-1 and OGK-2) produced a total of 152.2 billion kWh of electricity (4.63 per cent down compared to 2013) and 120 million Gcal of heat (two per cent down). Lower power generation rates are conditioned by optimizing the load on inefficient power units as well as a slump in electricity demand throughout the Group's business activity regions.

The total proceeds (Mosenergo, TGC-1, OGK-2 and MOEK under RAS, excluding the Murmansk CHPP, MOEK's subsidiary) amounted to RUB 448.8 billion (0.9 per cent up versus 2013) and net profit – RUB 3.8 billion (50 per cent down) in 2014. The MOEK losses dropped to RUB 6.8 billion (from RUB 8.8 billion – by 14.4 per cent), and all generating companies (Mosenergo, TGC-1 and OGK-2) of the Group closed 2014 with the total profit of RUB 10.6 billion. In 2015 the Group's companies are expected to generate 162.1 billion kWh (6.5 per cent up) of electricity, and 122.9 million Gcal (2.4 per cent up) of heat.

Total revenues under RAS are forecast to grow by 6.4 per cent (to RUB 477.6 billion), net profit – 2.2 times (to RUB 8.4 billion) and net losses of MOEK will drop by another 32 per cent (to RUB 4.6 billion).

In 2014 Gazprom Group commissioned 905 MW of new generating capacities in Russia: two combined-cycle gas turbine units with the capacity of 420 MW each – at the Cherepovets SDPP (OGK-2) and at CHPP-16 (Mosenergo) as well as a 65 MW gas turbine unit at CHPP-9 (Mosenergo). Between 2007 and 2014 the Group commissioned about 6 GW of new generating capacities under the capacity supply agreements.

Thus, Gazprom has already fulfilled more than two-thirds of its obligations assumed in 2007 upon its entry into the power industry. At present, the Company is planning to construct the Grozny TPP pursuant to the Russian Federation Government Decision.

The Press Conference also addressed the issues concerning the operation of Gazprom's generating facilities in Russian regions.

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