Rus News Journal

Plus on a minus of the Russian power

the Russian power companies have finished a reporting season under the Russian standards of accounting (RSBU) for the past year., Of course, these results caused the greatest interest from the point of view of those ambiguous events with which the given period abounded. On the one hand, past year there should come full liberalisation of the wholesale market, having brought with itself those bonuses of reform of the Russian Open Society promised to investors “ EUROPEAN ECONOMIC COMMUNITY “ for the sake of which they put up money in branch.
on the other hand, the crisis phenomena in world economy and that is especially important, changes in state internal policy in the relation elektroenergetikov have forced to tell about work of the last in conditions a swagger - a major. Perhaps, therefore the majority of experts find it difficult to define, what all - taki was the past year for the companies from the point of view of their financial results.
In expectation of losses
the Half-received gain of the past year in branch have started to consider to its beginning, when in the autumn 2010γ. The government has decided to leave to itself the right to increase a share of the electric power delivered by the generator on the wholesale market under adjustable contracts (that is at the price defined by Federal Agency under tariffs) in volume to 35 % from the general development. Then other measures directed on restraint of growth of tariffs for the electric power among which cancellation of inflationary indexation for secondary capacity and reduction of a payment for generation work in the so-called compelled mode at which unprofitable power stations cannot be taken out of service owing to their social importance is allocated have followed.
as a result of the given measures, by estimations of the authorities, power have missed in the planned gain as a whole nearby 64 mlrd rbl. from which about third was a share thermal generation. As to the separate companies, even at Open Society “ E. IT Russia “ the Russian Open Society which have received during reform “ EUROPEAN ECONOMIC COMMUNITY “ not such the power stations worn out on the general background and besides had time to put into operation new effective powers, according to its head Sergey Tazina, the half-received gain has made nearby 1 mlrd rbl.
However, it is possible to remind still and that the fact of intervention of the state in under construction market relations carried for branch not only demoralising character, but also has made quite real financial impact - first of all, from the point of view of investment appeal of the companies which capitalisation within the past year has failed in ones and a half, and even twice. Though the largest players who were carrying out reorganisation of the affiliated societies or the transaction on merges and absorption, also have been compelled to bring consequences of such exchange falling in the column of losses.
Losses on a paper
For example, our largest state holdings following the results of the past year preferred to speak not about losses, and about the corrected net profit. So, Open Society “ FSK EUROPEAN ECONOMIC COMMUNITY “ received according to the report dead loss in 2,5 mlrd rbl., without the so-called paper losses connected, in particular, with revaluation of actives, declared profit in 33 with superfluous mlrd rbl. which in comparison with the past year has grown on third. And at “ RusGidro “ the net profit reduced in 2011γ. On 19 %, after corresponding correction, on the contrary, has shown 11 - percentage growth.
and at “ Inter the Russian Open Society “United Power Systems“ “ together with holding MRSK, counted for a year under the Russian standards milliard losses, in the financial reporting under the international standards (MSFO) were found out ten billions the net profit which has grown besides accordingly in 2,2 times and on 14 %. The gain of the mentioned companies, by the way, too has grown: from 4 % at “ RusGidro “ to 24 % at FSK EUROPEAN ECONOMIC COMMUNITY.
that is, despite the governmental measures, increase in volumes of energy made and transferred on networks in aggregate with a rise in prices on corresponding production and services, power gain growth nevertheless have provided. And practically all large network holding MRSK, thanks to transition in 2010 - 2011γγ. On tariff RAB - regulation (on the basis of norm of profitableness of the invested capital), have increased also net profit.
if to return to the generating companies which should suffer from aforementioned measures first of all largest of them - all five OGK (see the table) - not only have not appeared at a loss, but also net profit have managed to increase, and already mentioned “ E. IT Russia “ - even more than on 40 %. And almost all companies connect gain increase first of all with growth of development of the electric power and the prices in noncontrollable sector.