Page 76 - UKRRptJul20

frontage on the Black and Azov Seas, Kherson has six wind power plants with 338 MW generating capacity and 50 solar plants with 401 MW capacity.
Romania’s biggest power producer plans to build the Black Sea’s first offshore wind park​, reports Balkan Green Energy News. Hidroelectrica SA, 80% owned by the Romanian state, plans to build by a €590mn, 500 MW wind park with turbines on towers anchored on the floor of the sea. Aiming for commissioning in 2026, Hidroelectrica expects to win funding for about half of the project cost from the European Commission, through its new European Green Deal program.
State losses due to lawsuits from green energy producers could hit $1bn a year​, predicts Oleg Gramotenko, General Director of Tesla Energy. “More than half of investors in renewable energy are already negotiating with international law firms regarding the preparation of lawsuits against the state of Ukraine,” he said at a press conference at Interfax-Ukraine. He said that nine months of talks over green tariffs have not resulted in a compromise
The Guaranteed Buyer of electricity, known as GarPok, has fallen almost half abn dollars behind in payments to green producers, ​says acting Minister of Energy Olga Buslavets. According to the GarPok website, the level of its settlements with renewable producers was: 11% in March; 5% in April; and 7% in May. According to Ukrenergo, the installed capacity of wind and solar plants in Ukraine now is 5.2 GW, about triple the level of 18 months ago.
9.2.11 ​Metallurgy & mining corporate news
● Metinvest
EBITDA at Ukraine’s largest steelmaker​ ​Metinvest​ dropped 26.3% m/m to $126mn in April​, according to its monthly results published on July 1. The holding’s revenue lost 13.2% m/m to $742mn. EBITDA excluding that of joint ventures (JVs) decreased 22.4% m/m to $111mn in April. Metinvest’s operating cash flow before working capital changes slid 35.4% m/m to $84mn in April, whereas cash flow from operations after working capital changes (but before profit tax and interest) plunged 76.7% m/m to $52mn in April. Cash flow due to changes in accounts receivable was a positive $37mn in April, compared with a negative $94mn in March. Cash flow due to changes in accounts payable was a negative $70mn in April, compared with a positive $199mn in March. The holding’s cash outflow from investment activities dropped 33% m/m to $67mn. Metinvest’s outflow from financing activities amounted to $11mn and its end-of-month cash balance decreased 17.7% m/m to $270mn. Its gross debt dropped $34mn m/m to $3,073mn, while net debt increased $24mn m/m to $2,803mn. Metinvest’s metallurgical segment EBITDA (including JVs) plunged 40.7% m/m to $64mn in April, while its mining segment EBITDA slid 6.0% m/m to $94mn. Excluding JVs, Metinvest’s metallurgical segment EBITDA lost 41.4% m/m to $65mn in April, while its mining segment EBITDA advanced 13.0% m/m to $78mn. The ratio of Metinvest’s net debt to its last-12-month (LTM) EBITDA (excluding JVs) rose to 2.96x at the end of April, up from 2.84x a month ago. In 4M20, Metinvest’s revenue dropped 14.1% y/y to $3,278mn, while its EBITDA including JVs dropped 17.9% to $499mn and EBITDA excluding JVs lost 18.4% y/y to $439mn. Iron and steel product prices showed mixed m/m dynamics in April, losing 10% for pig iron and 3% for billets, gaining 3% for slabs, and remaining flat for flat and long finished products. Its iron ore concentrate price slid 3% m/m, while the pellet price inched up 3% m/m.
76​ UKRAINE Country Report​ July 2020 ​ ​www.intellinews.com