Page 140 - RusRPTAug21

CCGTs at Surgut GRES-2 are set to expire this month and in August.
IRAO reported a 20.9% y/y increase in electricity generation to 24.6mn MWh in 2Q21 thanks to the 6.7% y/y growth in total electricity consumption in Russia during the quarter. Heat distribution was up 4.8% y/y to 6.5mn GCal in 2Q21.
Parent company. IRAO’s parent company, which focuses primarily on electricity exports and imports, saw its top line almost triple to RUB13.4bn in 2Q21. Its export revenue increased 4.4x to RUB11.4bn in 2Q21 due to export volumes (mostly to Finland and other Baltic countries) nearly doubling to 4.3bn kWh. COGS also more than doubled to RUB8.8bn. Profit from sales reached RUB1.9bn vs. a loss of RUB1.4bn in 2Q20. The parent company’s net income was up 78.1% y/y to RUB4bn in 2Q21.
Generation segment. In 2Q21, Inter RAO’s GenCo revenue was up 21.2% y/y to RUB48.4bn and its net profit was up 35.5% y/y to RUB8.8bn. Revenue from IRAO’s Bashkir GenCo was up 13% y/y to RUB12bn during the quarter, but its net profit was down 17.2% y/y to RUB1.5bn. TGK-11’s revenue was up 11.9% y/y to RUB4.2bn, while net profit more than tripled to RUB500mn in 2Q21.
Electricity retail. Mosenergosbyt’s revenue was up 16.9% y/y to RUB93.8bn and its net income reached RUB1bn (vs. a net loss of RUB500mn in 2Q20) during 2Q21. St. Petersburg Retail Company’s (PESC) revenue was up 17% y/y to RUB32.7bn, and its net profit surged to RUB206mn vs. RUB32mn in 2Q20.
9.2.11 Metallurgy & mining corporate news
● Gold & Diamonds
Alrosa restarted operations at its Zarya mine aiming for 31mnct of production in 2021, the company reported. With 0.26mnct of diamond production, the Zarya mine contributed around 1% of ALROSA’s 2020 diamond production before operations were stopped in May 2020 due to pandemic restrictions. A restart of the Zarya mine is an integral part of ALROSA’s plan to produce 31mnct in 2021 (30mnct in 2020, 7.5mnct in 1Q21), we believe. After production of 7.5mnct and sales of 15.5mnct in 1Q21, supported by 8mnct of inventory release, ALROSA’s diamond sales could reach 29-30mnct in April-December 2021, assuming 25-26mnct of production, c. 4mnct of further inventory release and a 100% production-to-sales conversion, we estimate.
The diamond sales of Russian diamond mining company ALROSA grew by 12.3% on the month to US $410mn in June, the company said on Friday. Sales of rough diamonds amounted to $374mn and of polished diamonds to $36mn. In January–June, the company’s diamond sales rose to $2.336bn from $999.1mn in the same period of 2020.
140 RUSSIA Country Report August 2021 www.intellinews.com