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OGK-2: Company Information
Moscow, November 2009
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Second Generation Company of the wholesale electricity market
Fuel: gas
Pskovskaya GRES430 MW/121 Gcal/h
Fuel: coal, gas
Serovskaya GRES526 MW/220 Gcal/h
Fuel: gas
Surgutskaya GRES-13,280 MW/958 Gcal/h
Fuel: gas, black oil
Stavropolskaya GRES2,400 MW/220 Gcal/h
Fuel: coal
Troitskaya GRES2,059 MW/315 Gcal/h
North-Western GRID
Central GRID
Southern GRID
Middle Volga GRID
Urals GRID
Siberian GRID
Far Eastern GRID
Russian company OGK-2 was
founded on March, 2005.
OGK-2 generates and trades energy on the wholesale
electricity market.
Overall capacity is 8,695 MW.
OGK-2 is one of the largest sellers on the free market
The shares of OGK-2 are traded on RTS, MICEX,
LSE and are included in the main Russian
stock exchange indexes.
Since July, 2008 the controlling shareholder is “Gazprom”.
In December 2008 OGK-2 was included to the list of the main
Russian strategic enterprises
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OGK-2 in russian energy sector
46
49
57
62
65
75
OGK-3
OGK-6
OGK-5
OGK-1
OGK-2
OGK-4
average сapacity utilization rate, %8 487
8 630
8 672
8 695
9 052
9 531
OGK-3
OGK-4
OGK-5
OGK-2
OGK-6
OGK-1
MW
5667651500 49827
4302038381
33912
0
10 000
20 000
30 000
40 000
50 000
60 000
OGK-4 OGK-1 OGK-2 OGK-5 OGK-6 OGK-3
MW
h
Installed capacity
The country’s second most modern OGK
High capacity load factor
Electricity output
Source: OGK-2 evaluation
3133
39 3943 45
0
5
10
15
20
25
30
35
40
45
50
OGK-4 OGK-2 OGK-3 OGK-6 OGK-1 OGK-5
ye
ars
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Shareholder Structure
Listing
Stock Exchange List
•MICEX А2
•RTS А2
•LSE Main market
free-float: 30-35%
GDR: ~5%
Ordinary shares: 32,734,568,382
Charter capital: 11,872.8 mln. rub.
Indices
RTS MICEX
•RTS •MICEX PWR
•RTS-2 •MICEX SC
•RTSeu
57%
38%
5%
Gazprom GroupMinority shareholders, from them:GDR
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Operating results
9m 2008 2008 9m 2009
Electricity output, mln. KWh 36,773.47 49,826.60 34,955.36
Electricity useful output, mln. KWh 34,876.2 47,327.20 33,179.02
Heat output, mln. GCal. 1.1 2.336 1.559
Fuel efficiency (electricity), gce/kWh 348.3 347.5 347.7
Fuel efficiency (heat), kgce/GCal 153.8 152.7 152.8
Capacity load factor 64.31% 65% 61.36%
Actual and estimated operating results for 9M 2009
34 955
33 179
33 634
34 478
31 000
31 500
32 000
32 500
33 000
33 500
34 000
34 500
35 000
Electricity output Electricity useful output
mln. kW h
Actual Estimated
Operating results
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Fuel
The average price for consumed fuel Fuel
*Based on volume of standard fuel equivalent
Coal23%
Gas 77%
Black oil 0%
CoalOGK-2 uses coal, extracted on a deposit “Bogatyr" (Ekibastuz, Kazakhstan).
GRES Fuel Unit of meas. 3Q 2008 2008 3Q 2009
Stavropolskaya gas rub/thous.cub.m 2,379.27 2,254.7 2,583.99
Surgutskaya gas rub/thous.cub.m 1,353.8 1,374.1 1,524.78
Serovskaya coal rub/ton 834.70 812.7 916.01
Serovskaya coal without trans.
rub/ton 303.17 301.9 330.96
Serovskaya black oil rub/ton 5,237.4 5,200.2 4,891.8
Serovskaya gas rub/thous.cub.m. 1,887.2 2,014.3 2,092.5
Troitskaya black oil rub/ton 8,149.61 7,190.65 8,425.42
Troitskaya coal rub/ton 667.15 651.9 742.79
Troitskaya coal without trans.
rub/ton 277.98 276.2 320.39
Pskovskaya gas rub/thous.cub.m. 2,253.50 2,116.1 2,344.76
Gas
Suppliers:
“Surgutneftegaz” (40%),
“Gazprom” (60%)
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Electricity Market
Regulated contracts: electricity sales in 3Q 2009
Serovskaya6%
Troitskaya16%
Surgutskaya53%
Stavropolskaya21%
Pskovskaya4%
Regulated contracts: capacity sales in 3Q 2009
Pskovskaya5%
Stavropolskaya27%
Serovskaya6%
Troitskaya24%
Surgutskaya38%
In addition to producing its own electricty, the Company actively trades in electric power bought in the market
OGK-2 electricity sales in 3Q 2009Volumes and prices of sales and purchase on the free market in 3Q 2009
31112 275 264
1 202520412
925280
6 032
3 275
1 140
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
Pskovskaya Stavropolskaya Serovskaya Troitskaya Surgutskaya OGK-2
0
200
400
600
800
1 000
Purchase volume, mln. kW h Sales volume, mln. kW hSales price, rub./MW h Purchase price, rub./MW h
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Financial Results
9m 2008 2008 9m 2009
Revenue from sales of electricity 23,815 31,796 21,790
Revenue from sales of capacity 5,832 8,014 6,814
Revenue from sales of heat 435 656 490
Others 48 67 51
Total revenue 30,130 40,533 29,145
Income from sales 989 794 3,095
Net income - (1,364) 1,360
Actual and estimated financial results for 9M 2009
26 050
29 145 29 135 28 363
0
5000
10000
15000
20000
25000
30000
Rev enue Costs
mln
. rub
les
Actual Estimated
Financial results, mln rub (RAS)
Actual and estimated financial results for 9M 2009
3 095
1 896
1 360
142
792
440
500
1000
1500
2000
2500
3000
3500
Income from sales Income before taxes Net income
mln
. ru
ble
s
Actual Estimated
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Financial Results
Capacity23%
Heat2%
Electricity75%
Others0%
9M 2009 (e) 9М 2009
ROE 0.13 % 4 %
EBITDA,
bln. rubles1.3 3.0
EBITDA margin
0.05 0.1
Revenue structure
Cost of sales and Revenue
29 145
30 130
29 141
26 050
24 000
25 000
26 000
27 000
28 000
29 000
30 000
31 000
9m 2008 9m 2009
mln
. rub
les
Revenue Cost of sales
Financial indicators
Cost saving
28 363
666
266
446
291118
526
26 05025 500
26 000
26 500
27 000
27 500
28 000
28 500
Esti
mat
ed
cost
s Fuel
Purc
hase
d
elec
tric
ity
Mai
nten
ance
Rem
uner
atio
n
of lab
our
Out
sour
ced
serv
ices
Oth
ers
Act
ual co
sts
mln
.rub
les
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Financial Results
Financial debt profile (thous. rubles)
Currency Interest rate September 30, 2009 Interest rate December 31, 2008
OJSC “Sberbank" Rubles 13.3 % 3,006,110 14.8 % 1,503,553
CJSC “International Industrial Bank”
Rubles - - 17.0 % 1,000,000
JSCB “Evrofinance Mosnarbank" Rubles 15.0% 500,000 - -
Bond loan Rubles 7.7% 5,095,975 7.7 % 5,191,950
Total 8,602,085 7,695,503
5 9066 789
7 6968 602
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
9 000
2006 2007 2008 9M 2009
mln
. ru
b
Financial debt
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Investment Program
GRES Project Commis-sioning date*
Commissioning date
(corrected)**
New capacity
Fuel Type
Cost (with VAT)
Cost (with VAT)
Serovskaya 2x
CCGT-400
4 Q 2011
4 Q 2012
November 2012
November 2013
800 MW gas 36.2 bln. Rub.
140.8 bln. Rub.Troitskaya 2x
PSU-660
4 Q 2011
4 Q 2012
November 2013
November 2014
1 320 MW coal 68.4 bln. Rub.
Stavropolskaya 2x
CCGT-400
4 Q 2010
4 Q 2011
after 2015 800 MW gas 36.2 bln. Rub.
* RAO UES Dec.12.2007 (№1794pr/2)
** The Decision of Board of Directors’ Nov.28.2008 (№7)
GRES Project Commissioning date New capacity
Fuel Type
Cost (with VAT)
Serovskaya 1x
CCGT-400
4 Q 2013 400 MW gas
76.8 bln. Rub.Troitskaya 1x
PSU-660
4 Q 2013 660 MW coal
Stavropolskaya 1x
CCGT-400
4 Q 2015 400 MW gas
Our new plan (on agreement with the Government)
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Summarizing the Strategy
Maximization of profitability on existing capacities
Building of new generating capacities in power-scarce
regions
Increase of operational stability
• Growth of operations on the free market as a result of market liberalization
• Gaining a position in the market as the wholesale supplier and trader• Optimization of volumes output based on free-market prices• Optimization of costs and increase of operational efficiency of existing capacities
•Use of modern technology
•Achievement of high level of fuel efficiency
•Increase in reliability and flexibility of operations
Focus on opportunities on the markets of capacity and
system services
•The conclusion of long-term agreements with consumers and suppliers
•Diversification of fuel balance and gas deliveries
•Capacity sale at free market prices
•Taking a leading position in the planned market of system services
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OGK-2 Stations
Stavropolskaya GRES(2400 MW)
Kirishskaya GRES( 2,100 MW)
Pskov(9,5 MW)
Novgorod(190 MW)
Saint-Petersburg(2,084 MW)
Pskovskaya GRES( 430 MW)
Severo-Zapadnaya TETs( 450 MW)
Sredneuralskaya GRES(1,182 MW)
Troitsk Magnitogorsk
Chelyabinsk(731 MW)
Ekaterinburg(626 MW)
Perm(862 MW)
Ufa
Orenburg(450 MW)
Verkhnetagilskaya GRES(1,497 MW)
Permskaya GRES(2,400 MW)
Serovskaya GRES( 526 MW)
Bogoslovskaya CHPP(141 MW)
Nevinnomyskaya GRES(1290 MW)
Novocherkasskaya GRES(2112 MW)
Stavropol(471 MW)
Nevinnomysk
Novocherkassk Rostov(620 MW)
Makhachkala(44MW)
Krasnodar(648 MW)
Astrakhan(380 MW)
Volgograd(1429 MW)
Nizhnevartovskaya GRES(1600 MW)
Surgutskaya GRES-1(3280 MW)
Surgutskaya GRES-2(4800 MW)
Urengoiskaya GRES(24 MW)
Tyumen(1227 MW)
Tobolsk(452 MW)
Surgut
Iriklinskaya GRES( 2,430 MW)
Troitsk
Chelyabinsk(731 MW)
Ufa
Yuzhnouralskaya GRES
(882 MW)
Magnitogorsk
Orenburg(450 MW)
Ekaterinburg(626 MW)
Troitskaya GRES(2,059 MW)
Reftinskaya GRES(3,800 MW)
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Contacts:
Investor relations department
Alina Rassmagina