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LENENERGO 2004. GENERAL OUTLOOK. 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
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GENERAL OUTLOOK • The largest power company in the North-West Russia • Installed capacity – 3244.5 MW, of which Hydro – 649MW • 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 Transmission lines by voltage less than 220kV 97% 330kV 1% 220kV 2% Length of transmission lines • Overhead transmission lines – 38.9 thousand km • Cable lines – 15.2thousand km
LENENERGO GENERATING CAPACITIES IN ST.PETERSBURG TPP-21 TPP-17 TPP-7 Central TPP TPP-15 TPP-5 TPP-14 TPP-22
RAO UES 49% SHAREHOLDER STRUCTURE Fortum 21% Foreing financial investors 18% Russian financial investors 5% Individual investors 7%
PRODUCTION 2003 ELECTRICITY Installed capacity 3 245 MW Working capacity1 785 MW Electricity generated12 421 mln. kW·h Electricity purchased17 753 mln. kW·h Electricity sold24 730 mln. kW·h
ELECTRICITY SUPPLY 30 ANNUAL GROWTH RATE, % 4.6% 3.1% 5.1% 0.8% 24.9 24.7 25 23.5 22.8 21.8 20 17.8 16.7 16.2 16.1 16.1 billion kWh 15 13.3 12.4 12.4 12.0 10.7 10 5 0 2000 2001 2002 2003 2004 F Purchased electricity Electricity deliveries Generation
PRODUCTION 1H 2004 ELECTRICITY (in mln. kW·h) 1H 2003 1H 2004 Electricity generated6 543 7 332 Electricity purchased8 986 8 358 Electricity sold12 754 12 533
CONSUMPTION WE ARE NOTICING A STEADY CONSUMPTION INCREASE SINCE 1999: From 24.1 billion kwh in 1999to 28.9 billion kwh in 2003 38.0 37.0 36.0 35.0 34.0 33.0 billion kWh 32.0 31.0 30.0 28.9 THE MOST LIKELY SCENARIO 29.0 27.6 28.0 26.8 27.0 25.3 26.0 24.1 25.0 24.0 23.0 1999 2000 2001 2002 2003 2004 F 2005 F 2006 F
25 24 23 22 21 20 HEAT SUPPLY 24.86 DUE TO EXPIRY OF KIRISHY LEASE mln. GCal 22.98 22.50 22.06 22.10 2000 2001 2002 2003 2004 F
PRODUCTION 1H 2003 HEAT (thousand GCal) 1H 2003 1H 2004 Heat generated13 758 12 694 Heat sold 13 428 12 378
FINANCIAL POSITION Revenue/net profit (mln. USD) Growth rate (2000-2003) 1010 90 1050 868 900 75 718 750 60 580 600 250 % 40.8 45 34.5 450 363 30 300 20.0 II 15 150 7.1 0 0 2000 2001 2002 2003 2004 F -15 -10.7 THE HIGHEST RESULT AMONGST OTHER REGIONAL AO-ENERGO Revenue Net profit
REVENUE SPLIT FOR ELECTRICITY Industry48% Other consumers3% Housing20% Wholesalescompanies9% Transport7% Commercial sector20%
REVENUE SPLIT FOR HEAT Industry6% Otherconsumers26% Social sector68%
8000 7000 6000 5000 4000 RUR mln. Debtors 3000 2000 1000 0 01.01.2003 01.04.2003 01.07.2003 01.10.2003 01.01.2004 01.04.2004 01.07.2004 Creditors DEBTORS AND CREDITORS Debtors/Creditors
400 300 200 100 0 EFFECTIVE TARIFF SETTING SCHEMES Leningrad Region St.Petersburg 85 85 850 650 65 65 450 45 45 Electricity, kop./kWh Heat, RUR/GCal Electricity, kop./kWh Heat, RUR/GCal 250 25 25 5 5 0 01.01.04 01.01.04 31.05.00 31.08.00 30.11.00 28.02.01 31.05.01 31.08.01 30.11.01 28.02.02 31.05.02 31.08.02 01.02.03 31.01.00 30.04.00 31.07.00 31.10.00 31.01.01 30.04.01 31.07.01 31.10.01 31.10.02 30.04.02 31.07.02 01.02.03 Electricity, kop/kWh Heat, RUR/GCal DUE TO EXPIRY OF KIRISHY LEASE Average current tariffs: Electricity 89.81 kop/kWhElectricity90.02 kop/kWh Heat 329.9 RUR/GCalHeat 325.4 RUR/GCal
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)—1400 mln. RUR • Power unit #1 of TPP-5 with installed capacity of 180 МW и 260 Gcal/h –– 1400mln. 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
GENERATION DEVELOPMENTNEW CONSTRUCTION • Соnstruction of power unit #2 of TPP-5 (Steam Power Facility 300 MWand 200 Gcal/h) to supplyheat 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
Central TPP TPP-5 TPP-7 TPP-14 TPP-15 TPP-17 TPP-21 TPP-22 TPP-8 HEPP-6 Cascade-1 Cascade-2 HEPP-13 PRESENTSTRUCTURE RESTRUCTURING MANAGEMENT Electric networks Heat networks Sales Maintenance Services Generation High-voltage Heat network Energosbit CPRР IAC CIT Cable ASP Assets share as of 01.01.04 Suburban ATP Vyborgskie Generation Gatchinskie Electric networks Kingiseppskie Lodeinopolskie Heat networks Luzhskie Sales Novoladozhskie Tihvinskie Maintenance & Services
75% ZAO Petroelectrosbyt 50% ZAO LEIVO 21,6% OAO Petroenergobank MSK HEPP-6 High-voltage Central TPP or Cascade-1 TPP-5 MMSK C-З Cascade-2 TPP-7 HEPP-13 TPP-14 TPP-15 Heat Networks TPP-17 TPP-21 TPP-22 HEPP-8 TARGET STRUCTURE Managing Company Management assets EIO Regional Network Company Regional Generating Company Energy Sales Company Cable Other non-core assets and services Energosbyt Suburban Vyborgskie Gatchinksie Kingiseppskie Lodeinopolskie Luzhskie Novoladozhskie Tihvinskie 100% OAOCPRP-Energoservice 13,8% ZAO North-Western TPP 3,46% OAO Power Machines
12 882 631 48.9 5 075 273 53.8 3 495 193 55.2 14 900 1908 128.1 8 263 180 21.8 4 750 273 57.5 2 625 125 47.6 1 884 136 72.2 60.6 3 253 550 169.0 10 146 1 617 159.4 13 000 4 982 383.2 4 547 1 472 323.7 5 555 1 545 278.1 47 000 10 831 230.4 275.0 42 000 12 133 288.9 27 000 9 980 369.6 13 000 5 454 419.5 34 000 32 998 970.5 512.1 LENENERGO IS AN EXPENSIVE COMPANY COMPARISON OF INSTALLED CAPACITY COST Market Capitalization(mln US$),as of 02.02.04 Cost of InstalledCapacity (US$ / kW) Installed Capacity(MW) AO-energo Irkutsk Bashkir Samara Mos Sverdlov Kuzbass Novosibirsk Chelyab RUSSIAN AVERAGE LENENERGO CEZ (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
ELECTRICITY DEMAND FORECAST • According to forecasts electricity consumption in Russia will grow annually by 1,5-2,5% • By the year 2010electricity 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
TARGETS - 2010 REVENUE TARGETS 1750 1537,83 1488,13 1439,57 1500 1285,07 1149,00 1250 1028,56 921,19 • 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 1000 827 718 750 500 250 0 1 2 3 4 5 6 7 8 9 PRODUCTION TARGETS 35.00 30.60 31.82 29.42 27.21 28.29 26.17 30.00 25.16 24.00 23.52 25.00 20.00 24.86 22.39 22.27 22.14 22.02 21.89 21.77 21.65 21.53 15.00 10.00 5.00 0.00 2002 2003 2004 2005 2006 2007 2008 2009 2010 Heat Sales, mln.GCal Electricity Sales, TWh