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INTER RAO UES Generating Assets: Target Shareholding Structure
March,16 2012
1. Strategy recap and update
3
INTER RAO at a Glance
A Leading Russian Power Company Diversified Group Structure
Broad Geographical Coverage
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
Total installed electricity capacity of 29GW and electricity output of 117 TWh⁽¹⁾ in 2011
Leading Russian export-import operator accounting for 97% of Russian electricity export in 2011
Operations in over 14 countries, including Russia, Belarus, Lithuania, Georgia, Armenia, Kazakhstan, Tajikistan, Moldova, and Finland
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
__________________________________________________________________________(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;
INTER RAO –
Electrogeneration
(100%)
OGK-1 (75%)
OGK-3 (82%)
TGK-11 (68%)
Domestic Generation
9 supply companies
Customer base:
314 thousand legal
entities and 9.8
million residential
customers
Supply
Quartz Group
JV with Worley
Parsons
JV with Rosatom
JV with GE
EMAlliance
Engineering
Engineering
RAO Nordic Oy
(Finland)
Kazenergoresurs
(Kazakhstan)
TGR Enerji (Turkey)
INTER RAO Lietuva
(the Baltics)
Trading
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)
International
Ownership Structure
(3)
Russia
China
Russia
Mongolia
China
Mongolia
China
Mongolia
China
Mongolia
China
China
Russia
MongoliaMongoliaMongolia
Kazakhstan
ArmeniaTajikistan
Azerbaijan
Georgia
Moldovia
Tajikistan
Ukraine
BelarusLithuania
BelarusLithuania
Latvia
BelarusLithuania
BelarusLithuania
Latvia
BelarusLithuania
BelarusLithuania
BelarusLithuania
BelarusLithuania
Finland
South Ossetia
Latvia
Tajikistan
Kaliningrad
Russia
China
Russia
Mongolia
China
Mongolia
China
Mongolia
China
Mongolia
China
China
Russia
MongoliaMongoliaMongolia
Kazakhstan
ArmeniaTajikistan
Azerbaijan
Georgia
Moldovia
Tajikistan
Ukraine
BelarusLithuania
BelarusLithuania
Latvia
BelarusLithuania
BelarusLithuania
Latvia
BelarusLithuania
BelarusLithuania
BelarusLithuania
BelarusLithuania
Finland
South Ossetia
Latvia
Tajikistan
Kaliningrad
Russia
China
Russia
Mongolia
China
Mongolia
China
Mongolia
China
Mongolia
China
China
Russia
MongoliaMongoliaMongolia
Kazakhstan
ArmeniaTajikistan
Azerbaijan
Georgia
Moldovia
Tajikistan
Ukraine
BelarusLithuania
BelarusLithuania
Latvia
BelarusLithuania
BelarusLithuania
Latvia
BelarusLithuania
BelarusLithuania
BelarusLithuania
BelarusLithuania
Finland
South Ossetia
Latvia
Tajikistan
Kaliningrad
Russia
China
Russia
Mongolia
China
Mongolia
China
Mongolia
China
Mongolia
China
China
Russia
MongoliaMongoliaMongolia
Kazakhstan
ArmeniaTajikistan
Azerbaijan
Georgia
Moldovia
Tajikistan
Ukraine
BelarusLithuania
BelarusLithuania
Latvia
BelarusLithuania
BelarusLithuania
Latvia
BelarusLithuania
BelarusLithuania
BelarusLithuania
BelarusLithuania
Finland
South Ossetia
Latvia
Tajikistan
Kaliningrad
INTER RAO UES
Generation Assets
Supply Assets
Distribution Assets
Countries with trading presence
4
Strategic Development
Shareholder value creation
Leadership in Russian power sector
Expansion of presence and operations abroad
Leadership in innovations and energy efficiency
Ensuring safety of Russian power supply
Organic growth through construction of new
electricity generation capacity in Russia
Selective expansion into target foreign
markets
Improvement of efficiency and
modernization of existing assets
Integration of core assets in electricity
generation and supply
Efficient management of minority stakes
in the asset portfolio
Ensuring visibility into shareholder
structure and stock performance
Strategic Objectives Strategic Steps and Priorities Key Targets
Reorganization of INTER RAO to convert minorities of OGK-1 and OGK-3 into INTER RAO shares
International Credit Rating assessment
Potential international SPO with full London listing envisaged
Potential privatization of state-owned stake in INTER RAO as envisaged by Russian government privatization programme (until 2017)
2015 - 20172012 - 2013
Key milestones
5
Minority Stakes Disposal
Portfolio of Minority Stakes(1) Value-Creative Management
Minority participations are split into two categories with respective agreed strategies for each:
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
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 buy-out). 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%)
Enel OGK-5: Signed agreement for sale 26.43%______________________(1) As of March, 12 2012;
Stakes being disposed / disposed
AssetMCap,
$m.As of
30 Jun 2011 Sold/SwappedCurrent
StakeCurrent
Value, $m.RusHydro 11 624 1.63% 1.83% 213Federal Grid Company 15 265 0.37% 0.37% (sold) 0.00% 0E.ON Russia 5 633 3.26% 3.26% (sold) 0.00% 0Irkutskenergo 2 886 40.01% 40.01% 1 155Mosenergo 2 412 5.05% 5.05% 122Enel OGK-5 2 658 26.43% 26.43% (will be sold) 0.00% 0TGK-7 (Volzhskaya TGK) 1 935 39.39% 39.39% 762Bashkirenergo 1 539 26.65% 26.65% 410TGK-1 1 350 1.97% 1.97% 27OGK-2 1 637 3.05% 0.62% (sold) 5.70% 93Fortum 793 3.04% 3.04% (swapped) 0.00% 0
OGK-6 - 13.20%3.47% (sold),
9.73% (swapped)0.00% -
TGK-9 605 1.71% 1.71% 10Kuzbassenergo 487 1.97% 1.97% 10Quadra 515 2.25% 2.25% 12TGK-6 419 26.09% 26.09% 109Eniseyskaya TGK 370 2.16% 2.16% 8RAO Energy System of Far East 522 4.29% 4.29% (swapped) 0.00% 0TGK-2 153 1.19% 1.19% 2TGK-14 74 0.60% 0.60% 0.4Tomsk Energy Retail Company n/a 31.27% 31.27% n/aKuban Generation Company n/a 26.26% 26.26% (sold) 0.00% n/aKuban Supply Company 118 26.26% 26.26% (sold) 0.00% 0Tomskenergoremont n/a 25.88% 25.88% (sold) 0.00% n/aNovosibirskenergo n/a 0.16% 0.16% n/aMinority stakes (Total), $m. 2 933INTER RAO Market Cap, Sm. 11 209
INTER RAO's Stake
Consolidation of Generating Assets by InterRAO
6
OAO «OGK-3»OAO «OGK-1» OAO «Bashkirenergo» (generating assets)
• OGK-1 comprises of 6 thermal power plants with total installed capacity of 9,861 MW and 2,398 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
• 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 of the 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 2011-2015
• OGK-3 owns 6 thermal power plants with total installed capacity of 8,357 MW and 1,768 Gcal per hour
• 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
• 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
• 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
75% 82% 27%
#% - Inter RAO ownership
2. Transaction Details
Transaction 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
(1) 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» (2) 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)(3) Assuming that all minority shareholders will convert their shares
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
Short overview
Transaction Structure: Consolidation of 100% in OGK-1 and OGK-3
Overview 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
1. 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;
2. 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;
3. 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
4. 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 decisions of all the Parties of the Transaction will be scheduled in parallel
INTER RAO
State and state-owned Companies
100%
OGK shares conversion into
INTER RAO
>50% <50%
Merger of OGK-1 and OGK-3 with INTER RAO
INTER RAO
State and state-owned
Companies
INTER RAO minorities
OGK-1/OGK-3
OGK-1/OGK-3 minorities
75%/82%
>50% <50%
25%/18%
INTER RAO ElectroGeneration
100%
OGK-1’/OGK-3’
INTER RAO
State and state-owned
Companies
INTER RAO minorities
OGK-1/OGK-3
OGK-1/OGK-3 minorities
75%/82%
>50% <50%
25%/18%
INTER RAO ElectroGeneration
<50%
OGK-1’/OGK-3’
Merger INTER RAO
ElectroGeneration
OGK-1’/OGK-3’>50%
INTER RAO, OGK-1, OGK-3 minorities
Spin-off of OGK-1’ and OGK-3’ followed by a merger with INTER RAO – ElectroGeneration
Target shareholding structure
Spin-off of 100% subsidiaries with the following merger
Transaction Structure: Bashkirenergo Reorganisation and Consolidation of 100% in Bashenergoaktiv
10
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
Merger of Bashenergoaktiv with INTER RAO
Target shareholding structureReorganization of Bashkirenergo via a
disproportionate split of the parent company into BashGridco and Bashenergoaktiv
State and state-owned
companies
INTER RAO minorities
>50% <50%
INTER RAO
Bashenergoaktiv
[Bashenergoaktiv] minorities
75%+
25%-
Bashenergoaktiv shares conversion into INTER RAO
Merger
State and state-owned
companies
>50% <50%
INTER RAO
Bashenergoaktiv
100%
INTER RAO and Bashenergoaktiv
minorities
1. 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
2. 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
Minorities
26%
49%
25%
Generation Grids Others
OJSC “Bashkirenergo”
Bashenergoaktiv BashGridco
Reorganization via splitting w
ith an im
mediate m
erger with IN
TE
R R
AO
Overview Corporate actions*
(*) Corporate decisions of all the Parties of the Transaction will be scheduled in parallel
Minorities
OJSC «Bashkirenergo»
Conversion Ratios
11
(1) INTER RAO shares per one share of OGK-1, OGK-3, Bashenergoaktiv(1) INTER RAO shares per one share of OGK-1, OGK-3, Bashenergoaktiv
Company Conversion ratios Buy-back price, RUB.
INTER RAO - 0.0284
OGK-1 24 0.6816
OGK-3 40 1.1360
BashGenco (common) 602.8 17.12
BashGenco (preferred) 458.1 13.01
Methodology for determining conversion ratios
Transaction deal metrics
⁽¹⁾
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).
Key Corporate Actions
12
№ Action Timeline
1INTER 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 Until 26 March 2012
4 INTER RAO’s GSM regarding the reorganization 26 April 2012
5 EGMs of OGK-1, OGK-3, Bashkirenergo, IRAO-ElectroGeneration (decision of a single shareholder) regarding the reorganization June 2012
6 Receipt of share buyback requests from INTER RAO’s shareholders, buyback of tendered shares April-June 2012
7State 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).
July 2012
8 Receipt of buyback requests from shareholders of OGK-1, OGK-3, Bashkirenergo, buyback of tendered shares June-August 2012
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
10State 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
OAO “INTER RAO UES” Shareholding Structure Evolution
13
Pre-deal shareholding structure of OAO “INTER RAO UES”
Post-deal shareholding structure of OAO “INTER RAO UES”
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%
State and state-owned companies 55%+
State and state-owned companies 60%+
Free-float 20.39%
82%
68%
A Move to the Target Generation Assets Management Structure
14
Target Management StructureCurrent Management Structure
INTER RAO INTER RAO
(*) 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
ООО “MC INTER RAO – ElectroGeneration”
ООО “MC INTER RAO – HeatGeneration”
INTER RAO ElectroGeneration
INTER RAO Plants*
OAO “OGK-1”
OAO “OGK-3”
OAO “TGK-11”
ОАО “Bashkirenergo”
100%
27%
100%
75%
ООО “BGK”
ООО “PGU HPP-5”
ООО “BashRTS”
100%
100%
100%
INTER RAO ElectroGeneration
ОАО “TGK-11”
ООО “BGK”
ООО “PGU HPP-5”
ООО “BashRTS”
68%
100%
100%
100%
INTER RAO Plants*
100%
100%
100%
OGK-1 Plants**
OGK-3 Plants***
- ownership
- management
#%
ООО “MC INTER RAO – ElectroGeneration”
Conclusion
Management remains confident about strategy and future prospects
Increased free-float and liquidity directly benefits investors and inevitability of shares
Enables INTER RAO to maximise financial synergies of consolidation and accelerate delivery
Significant simplification of structure and increased efficiency and transparency
Transactions continue INTER RAO's transformation into the leading Russian Utility
3. Minority Stakes Disposal: Enel OGK-5
Enel OGK-5 Equity Stake Sale
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 Rationale
Payment at closing
Additional potential exit payment
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 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)
Additional potential payment if Enel OGK-5 starts paying dividends
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
2
3
4
Transaction Terms
17
Investor Consortium Composition – Buyers of Enel OGK-5 equity stake
1 Rusenergo Fund Russian Direct Investment Fund (RDIF) Macquarie Renaissance Infrastructure Fund (MRIF)
Appendix
Bashkirenergo overview
19
HL 500 kW BSK
HL 500 kW BSK
BSK
BashRES
TS 110 kW BashRES
HL 110 kW BashRES
BashRTS
TS 220 kW BSK
Thermal power plants BGK
BGK
TS 500 kW BSK
PGU TEC-5
BashRTS-Neftekamsk
Arlan
Red’kino
Argamak
Birsk
Chekmagush
Bakaly
Priufimskaya thermal power plant (200 MW capacity)Thermal power plant 1,2,3,4 (980 MW capacity)
YazikovoTyimazy
SubkhankulovoBlagovar
Chishmy
Ufa
NurlinoRefinery
Yfa-Yuzhnaya
Beketovo
Raevka
ShkapovoAksakovo Novo-Sterlitamakskaya thermal
power plant (255 MW capacity)
Sterlitamakskaya thermalpower plant (375 MW capacity)BashRES-SterlitamakBashRTS-Sterlitamak
Ashkadar
Salavatskaya thermal power plant (245 MW capacity)
Burzyan
Mrakovo
Meleuz
Samarovka
Kumertaunskaya heat station
Sibaiskiy PP
BashRESBeloretck
Beloretck-110
Beloretck-220
Tukan
UchalyIremel
V.Kigi
N.KigiMesyagutovo
Lemez-Tamak
Novobelokatay
KubiyazyShtandy
Kundashly
VostochniyUfimskaya
Tatishly
Tyuldi
Yanaul
Buyskaya
Isyangulovo
Karmanovskaya power plant
BashRES-Neftekamsk
Dema
Zilair
Galiakhmetovo
Buribay
Zauralskaya heat station
BashRES-Neftekamsk
BashRES-Ufa
BashRES-Beloretck
BashRES-Sterlitamak
Republic of Bashkortostan
The Republic of Bashkortostan is among the Russia’s most industrially developed and rapidly growing regions:
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
Company overview
Geography of operations
Bashkirenergo is a large holding company engaged in electricity and heat generation, transmission and distribution in the Republic of Bashkortostan
Bashkirenergo’s total installed electric and heat capacity amounts to 4,295 MW, and 13,141 Gcal/h respectively
The Company is currently reorganizing by splitting its generating and power grid assets as required by the Russian antimonopoly laws
Bashkirenergo is listed on MICEX-RTS
Corporate structure of Bashkirenergo
20
Heat generation and distribution
Electric and thermal energy transmission (high-voltage)
Electric and thermal energy generation
Electric and thermal energy distribution (low-voltage)
LLC BGKLLC PGU TEC-5
LLC BashRTS
LLC BSK
LLC BashRES
POWER GENERATION POWER TRANSMISSION ENGINEERING AND SERVICE
LLC Energoremont
LLC Energoteploremont
LLC Energoavtomatika
LLC Bashenergouchet
LLC Bashenergotrans
LLC Energosnabkomplekt
NON-CORE
NNOU UTC “Bashkirenergo”
LLC LOC “Energetik
LLC Agrokhozaystvo “Mir
Installed electric capacity, GW 4.2
Installed heat capacity, K Gcal/h 15.7
Total length of pipelines and heating grid, km
2,024
Source: Company data
Key operating indicators
Key operating indicators
Inter RAO Generating Assets: 2011 Production Highlights (incl. generating assets of Bashkirenergo)
Electricity Generation EvolutionInstalled Capacity
OGK-1INTER RAO- Electrogeneration TGK-11 BashkirenergoOGK-3
Total: 26.8 GW
13,5
52,4 55,5
33,3
8,722,6
9,2
32,1
9,1
22,8
0
20
40
60
80
100
120
140
2010 2011
Load Factor Reference Fuel Consumption Rate
125.6 133.9+6,8%TWh
g/kWh
21
OGK-1INTER RAO- Electrogeneration TGK-11 BashkirenergoOGK-3 OGK-1INTER RAO- Electrogeneration TGK-11 BashkirenergoOGK-3
OGK-1INTER RAO- Electrogeneration TGK-11 BashkirenergoOGK-3
THANK YOU FOR YOUR ATTENTION!
