En+ Group Investment Presentation
Capacity (KOM) Prices Provide 6-year Revenue Visibility
Capacity sales
1H 2021 sales
volume
1H 2021 revenue
contribution²
Capacity
auction
(KOM)
Annual capacity auctions by the System Operator for
the capacity supply in 6 years' time
Price is defined by supply-demand balances and set in
real terms with CPI-0.1% indexation
Regulated
contracts
(RC)
Heat
generation
and heat &
electricity
T&D
"
Signed between the power producers and power
sales companies who buy on behalf of residential
consumers
Regulated tariffs are set by FAS and generally
indexed to inflation
Tariffs are regulated by local authorities
on 'cost+' methodology
Source: FAS, System Operator, ATS, Federal laws, Rosstat, SEEPX Energy, En+ Group.
(1) Monthly capacity sales over 12 months period (x12).
(2) Based on Power segment's revenue of USD 1,513 mn in 1H 2021, of which 16% contributes to other revenues.
Development of capacity prices
(th. RUB/MW/month)
En+
GROUP
353
349
67.9 GW¹
328
Actual price
302
15%
(incl. indexation)
288
303 299
253
279
267
264
17.0 GW¹
210
211
1%
200
189 190
225
Base price
13.8 mGcal
(Heat)
21%
189
190 191
182 186
KOM prices in the 2nd
price zone
16.8 TWh
(T&D)
57
57
59
60
66
59
Regulated contracts
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
43
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