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LENENERGOLENENERGO
20042004
2
GENERAL OUTLOOK
Transmission lines by voltage
less than 220 kV 97%
330 kV 1%
220 kV 2%
The largest power company in the North-West Russia
Installed capacity – 3244.5 MW, of which Hydro – 649 MW
Franchise to 6.4 mln. people in St.Petersburg and Leningrad region covering 85.9 thousand sq.km
We distribute 99% of electricity and 55% of heat consumed in the region
Export access to Finland and Estonia
Length of transmission lines
Overhead transmission lines – 38.9 thousand km Cable lines – 15.2 thousand km
3
LENENERGO GENERATING CAPACITIES IN ST. PETERSBURG
TPP-14
TPP-15
TPP-7 Central TPP
TPP-5
TPP-22
TPP-21
TPP-17
4
SHAREHOLDER STRUCTURE
Foreing financial investors 18%
Individual investors7%
RAO UES49%
Russian financial investors 5%
Fortum21%
5
PRODUCTION 2003
Installed capacity 3 245 MW Working capacity 1 785 MW
Electricity generated 12 421 mln. kW·hElectricity purchased 17 753 mln. kW·hElectricity sold 24 730 mln. kW·h
ELECTRICITY
6
ELECTRICITY SUPPLY
Electricity deliveries Generation Purchased electricity
bil
lion
kW
h
0
5
10
15
20
25
30
2000 2001 2002 2003 2004 F
21.8
16.1
10.7
22.8
16.2
12.0
23.5
16.7
12.4
24.7
12.4
17.8
24.9
13.3
16.1
4.6% 3.1% 5.1% 0.8% ANNUAL
GROWTH RATE, %
7
PRODUCTION 1H 2004
(in mln. kW·h) 1H 2003 1H 2004
Electricity generated 6 543 7 332
Electricity purchased 8 986 8 358
Electricity sold 12 754 12 533
ELECTRICITY
8
CONSUMPTION
24.1
25.3
27.6
28.9
26.8
23.0
24.0
25.0
26.0
27.0
28.0
29.0
30.0
31.0
32.0
33.0
34.0
35.0
36.0
37.0
38.0
1999 2000 2001 2002 2003 2004 F 2005 F 2006 F
THE MOST LIKELY SCENARIO
WE ARE NOTICING A STEADY CONSUMPTION INCREASE SINCE 1999:
From 24.1 billion kwh in 1999to 28.9 billion kwh in 2003
bil
lion
kW
h
9
mln
. G
Ca
l
20
21
22
23
24
25
2000 2001 2002 2003 2004 F
HEAT SUPPLY
DUE TO EXPIRY OF KIRISHY LEASE
22.06
22.98
24.86
22.50
22.10
10
PRODUCTION 1H 2003
(thousand GCal) 1H 2003 1H 2004
Heat generated 13 758 12 694
Heat sold 13 428 12 378
HEAT
11
II
0
150
300
450
600
750
900
1050
2000 2001 2002 2003 2004 F-15
0
15
30
45
60
75
90
FINANCIAL POSITION
Revenue/net profit (mln. USD) Growth rate (2000-2003)
250 %
Revenue Net profit
THE HIGHEST RESULT AMONGST OTHER
REGIONAL AO-ENERGO
363
718
580
868
1010
7.1
40.834.5
-10.7
20.0
12
REVENUE SPLIT FOR ELECTRICITY
Housing20%
Industry48%
Wholesalescompanies
9%
Other consumers3%
Commercial sector20%
Transport7%
13
REVENUE SPLIT FOR HEAT
Otherconsumers
26%
Industry6%
Social sector 68%
14
DEBTORS AND CREDITORS
Debtors/Creditors
0
1000
2000
3000
4000
5000
6000
7000
800001
.01.
2003
01.0
4.20
03
01.0
7.20
03
01.1
0.20
03
01.0
1.20
04
01.0
4.20
04
01.0
7.20
04
RU
R m
ln.
Creditors
Debtors
15
EFFECTIVE TARIFF SETTING SCHEMES
Electricity 89.81 kop/kWh Electricity 90.02 kop/kWh Heat 329.9 RUR/GCal Heat 325.4 RUR/GCal
Average current tariffs:
St.Petersburg Leningrad Region
5
25
45
65
85
Ele
ctr
icit
y,
ko
p./
kW
h
Electricity, kop/kWh Heat, RUR/GCal
31.0
1.00
30.0
4.00
31.0
7.00
31.1
0.00
31.0
1.01
30.0
4.01
31.0
7.01
31.1
0.01
31.1
0.02
30.0
4.02
31.0
7.02
01.0
2.03
0
250
450
650
850
Hea
t, R
UR
/GC
al
5
25
45
65
85
Ele
ctr
icit
y,
ko
p./
kW
h
31.0
5.00
31.0
8.00
30.1
1.00
28.0
2.01
31.0
5.01
31.0
8.01
30.1
1.01
28.0
2.02
31.0
5.02
31.0
8.02
01.0
2.03
Hea
t, R
UR
/GC
al
0
100
200
300
400
DUE TO EXPIRY OF KIRISHY LEASE
01.0
1.04
01.0
1.04
16
GENERATION DEVELOPMENT IN 2004
TOTAL GENERATION INVESTMENTS IN 2004 — 1 940 mln. RUR,
of which:
own funds — 540 mln. RUR
long-term credit financing (EBRD) — 1 400 mln. RUR
Power unit #1 of TPP-5 with installed capacity of 180 МW и 260 Gcal/h –– 1 400 mln. RUR
Boiler installation on TPP-7 –– 200 mln. RUR
Turbine with installed capacity of 30 MW and 75 Gcal/h on TPP-15 –– 58 mln. RUR
17
GENERATION DEVELOPMENT
NEW CONSTRUCTION
Соnstruction of power unit #2 of TPP-5 (Steam Power Facility 300 MW and 200 Gcal/h) to supply heat to densely populated areas of Nevskij and Krasnogvardeiskij districts
Соnstruction of power unit # 4 of TPP “South”(SPF 300 МW и 200 Gcal/h) to supply heat to Frunzenskij and Nevskij districts
Соnstruction of circuit water supply system of TPP-14
18
PRESENT STRUCTURE
MANAGEMENT
Heat network CPRР
TPP-22
TPP-5
Central TPP
TPP-7
TPP-14
TPP-15
TPP-17
TPP-21
TPP-8
HEPP-6
Cascade-1
Cascade-2
HEPP-13
Luzhskie
Cable
High-voltage
Suburban
Vyborgskie
Gatchinskie
Kingiseppskie
Lodeinopolskie
Novoladozhskie
Tihvinskie
Energosbit
CIT
IAC
ASP
ATP
Generation Heat networks MaintenanceSales ServicesElectric networks
Assets share as of 01.01.04
Generation
Electric networks
Heat networks
Sales
Maintenance & Services
RESTRUCTURING
19
TARGET STRUCTURE
MSK
High-voltage
MMSK C-З
or
Regional Network Company Regional Generating Company Energy Sales Company
TPP-22
TPP-5
Central TPP
TPP-7
TPP-14
TPP-15
TPP-17
TPP-21
HEPP-8
Luzhskie
Cable
Suburban
Vyborgskie
Gatchinksie
Kingiseppskie
Lodeinopolskie
Novoladozhskie
Tihvinskie
EnergosbytOther non-core assets and
services
100% OAO CPRP-Energoservice
13,8% ZAO North-Western TPP
3,46% OAO Power Machines
HEPP-6
Cascade-1
Cascade-2
HEPP-13
Heat Networks
Managing Company
21,6% OAO Petroenergobank
50% ZAO LEIVO
75% ZAO Petroelectrosbyt
Management assets
EIO
20
LENENERGO IS AN EXPENSIVE COMPANY
COMPARISON OF INSTALLED CAPACITY COST
12 882
5 075
3 495
14 900
8 263
4 750
2 625
1 884
3 25310 146
13 000
4 547
5 555
47 000
42 000
27 000
13 000
34 000
631
273
193
1 908
180
273
125
136
5501 617
4 982
1 472
1 545
10 831
12 133
9 980
5 454
32 998
Irkutsk
Bashkir
Samara
Mos
Sverdlov
Kuzbass
Novosibirsk
Chelyab
RUSSIAN AVERAGELENENERGOCEZ (Czech)
Huaneng Power (China)
Copel (Brasil)
Cemig (Brasil)
Korea Electric Power (Korea)
Developing Markets Average
Endesa (Spain)
Entergy (USA)
Cinergy (USA)
E-ON (Германия)
Developed Markets Average
48.9
53.8
55.2
128.1
21.8
57.5
47.6
72.2
60.6169.0159.4
383.2
323.7
278.1
230.4
275.0288.9
369.6
419.5
970.5
512.1
AO-energo Installed Capacity(MW)
Market Capitalization(mln US$),
as of 02.02.04
Cost of InstalledCapacity (US$ / kW)
OUR AIMS FOR OUR AIMS FOR
20102010
22
ELECTRICITY DEMAND FORECAST
According to forecasts electricity consumption in Russia will grow annually by 1,5-2,5%
By the year 2010 electricity consumption in the North-West region of Russia could grow by 20%
It is necessary to reconstruct the existing and build new electricity transmission lines and energy supply sources to satisfy the growing demand for electricity
The estimated need for investments in reconstruction and technical renovation of transmission lines, which supply our existing customers, amounts to more than 620 mln. USD. Thorough technical audit is needed to estimate real condition of the gridlines
Approximately 240 mln. USD of investments are needed for reconstruction and building new gridlines to satisfy growing demand
23
TARGETS - 2010
Growth of Net margin up to 20% (based on IAS)
Electricity generation efficiency ratio growth up to 45%
Strengthening our positions on the international capital markets
REVENUE TARGETS
PRODUCTION TARGETS
Electricity Sales, TWh Heat Sales, mln.GCal
25.1626.17 27.21 28.29 29.42 30.60 31.82
22.14 22.02 21.89 21.77
23.52 24.00
21.65 21.5322.3924.86 22.27
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
2002 2003 2004 2005 2006 2007 2008 2009 2010
921,19 1028,56
1149,001285,07
1439,57 1488,13 1537,83
827718
0
250
500
750
1000
1250
1500
1750
1 2 3 4 5 6 7 8 9