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RUSSIAN POWER . IN ANTICIPATION OF NEW PACES LONDON , 12.03-13.03.2012

INNOVATIONS IN THE RUSSIAN ELECTRIC POWER INDUSTRY. HOW TO ATTRACT INVESTMENTS ? Pavel Shatsky , First deputy to General Director of Gazprom Energoholding. RUSSIAN POWER . IN ANTICIPATION OF NEW PACES LONDON , 12.03-13.03.2012.

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RUSSIAN POWER . IN ANTICIPATION OF NEW PACES LONDON , 12.03-13.03.2012

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  1. INNOVATIONSINTHERUSSIAN ELECTRICPOWERINDUSTRY. HOWTOATTRACTINVESTMENTS? PavelShatsky, First deputy to General Director of GazpromEnergoholding RUSSIANPOWER.INANTICIPATIONOFNEWPACESLONDON,12.03-13.03.2012

  2. Market model should foster sustainable development of this industry sector Structure of an electric power cluster Electric power sector regulation model • Equipment and engineeringmarket Assets of TGK and OGK • Fuel market • Infrastructure services market • FINALCONSUMERS Priority development of electric power sector is an indispensable condition for a secure power and heat supply and inadmissibility of economic growth limits 2 INNOVATIONSINTHERUSSIANELECTRICPOWERINDUSTRY. HOWTOATTRACTINVESTMENTS?

  3. The field efficiency improvement is not possible without development of new technologies Innovative projects of companies belonging to the GazpromEnergoholding group New technologies should become a driving force in modernizing electric power field assets 3 INNOVATIONSINTHERUSSIANELECTRICPOWERINDUSTRY. HOWTOATTRACTINVESTMENTS?

  4. 30 GW of power delivery contract will not solve the technical upgrade problem of electric power field Main electric power equipment in this sector has a high rate of obsolescence and physical deterioration • Russia: need for technical upgrades, GW Russia: introduction of structures by years, GW 18 144 1991-2010 18 33 1981-1990 33 43 1971-1980 43 50 1961-1970 37 1951-1960 12 before1950 1 Accomplishment of the General Scheme of supplying Power Stations with capital investments will require 10 trillion rubles up to 2030 4 INNOVATIONSINTHERUSSIANELECTRICPOWERINDUSTRY. HOWTOATTRACTINVESTMENTS?

  5. Market model of this field doesn’t reflect the priority of capacity upgrading Generating companies receive only 25% of sale proceeds of final consumers ≈20-25% The actual distribution of incomings doesn’t cover the requirements of generating companies in their need for functioning and development 5 INNOVATIONSINTHERUSSIANELECTRICPOWERINDUSTRY. HOWTOATTRACTINVESTMENTS?

  6. Efficiency of business models in generating company blunts Tendencies of electric power field in 2009-2011 in view of OGK and TGK Operating efficiency Converting the potential Thermal generation (ТGК) finds itself in a worse situation than OGK because of the scenario conditions of the early period of reforms, whilst having higher needs for modernization 6 INNOVATIONSINTHERUSSIANELECTRICPOWERINDUSTRY. HOWTOATTRACTINVESTMENTS?

  7. Existing mechanisms don’t provide guarantees of a return on innovation investments Existing investment encouraging tools 2008-2020 • NOTOOLSTOENCOURAGEINVESTMENTS 20 GW • Innovation projects ≈ 10% Upgrading capacities ≈ 35% 30GW New construction ≈ 55% Implementing projects of Power Delivery Contracts Volume of financing covered by guarantees on return of innovation investments Cost of construction The guarantees on return of innovation investments (standard CAPEX for new construction) doesn’t cover risks of innovation projects ≈30% The actual situation with necessary and guaranteed volumes of financing causes conservation of equipment obsolescence 7 INNOVATIONSINTHERUSSIANELECTRICPOWERINDUSTRY. HOWTOATTRACTINVESTMENTS?

  8. It is necessary to add new tools to the economic model of the industry modernization Possible investments stimulation tools 2012-2020 Noncapital intensive projects ≈ 10% from 30% to 50% of standard CAPEX 20 GW Capital intensive projects ≈ 90% from 50% to 70% of standard CAPEX GROUP 1 GROUP 2 Limits of compensation of construction price at the cost of competitive power take-off – 118 thousand rubles/MW per month Cost of construction • NO GUARANTEE OF INVESTMENTS RETURN • The cost of competitive power take-off doesn’t cover more than 50% of expenses Standard CAPEX for new construction When not expensive “long” money for new construction are lacking, one should look at the projects of deep modernization with more attention 8 INNOVATIONSINTHERUSSIANELECTRICPOWERINDUSTRY. HOWTOATTRACTINVESTMENTS?

  9. Thankyouforyourkindattention RUSSIANPOWER.INANTICIPATIONOFNEWPACESLONDON,12.03-13.03.2012

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