Investor Presentaiton
En+
GROUP
BUSINESS REVIEW
7.1%
increase in the the average
electricity spot price on
the day-ahead market
in the 2nd price zone
40
Capacity prices
Price determined in capacity auctions (excl. CPI, '000 RUB/MW/month):
Second price zone
2020
191
2021
225
2022 2023
264
267
2024
279
2025
303
2026
299
2021
2020
Change, %
CAPACITY PRICE (INCL. CPI MINUS 0.1% INDEXATION):
First price zone
'000 RUB/MW/month
Second price zone
151.0 126.5
253.2 209.2
+19.4%
+21.0%
The CCO price for the European-
Ural (first) pricing zone grew by 19.4%
year-on-year in 2021 (including CPI
minus 0.1% indexation). The capacity
price for the Siberian IES (second)
zone increased by 21.0% y-o-y in 2021
(including CPI minus 0.1% indexation).
An increase in demand (+4.5%),
considered for CCO procedure,
was the key factor of the CCO
price growth y-o-y in 2021.
Electricity prices
2021
2020
Change, %
ELECTRICITY SPOT PRICES:
First price zone
RUB/MWh
1,406
Second price zone
RUB/MWh
934
1,211
872
+16.1%
+7.1%
Nizhny Novgorod Region
RUB/MWh
Irkutsk Region
RUB/MWh
Krasnoyarsk Territory
RUB/MWh
1,454
1,259
+15.5%
807
793
+1.8%
857
789
+8.6%
In 2021, the average electricity spot price
on the day-ahead market in the second
price zone increased by 7.1% to 934 RUB/
MWh y-o-y. This dynamic was driven
by fewer low-price periods compared
to 2020, when there were transmission
constraints on the transit between East
and West Siberia on the back of high HPP
generation. These factors predominantly
affected prices in 4Q 2021. Higher coal
prices, which affected the CHPs' price
bids levels on the market, and change
in market demand structures also
contributed to the price increases.
In 2021, average electricity spot
prices in the Irkutsk Region and
Krasnoyarsk Territory increased by
1.8% to 807 RUB/MWh and by 8.6% to
857 RUB MWh, respectively. The lower
prices in the Irkutsk Region reflected
ongoing transmission constraints on the
transit between East and West Siberia in
the period from October to December.
Day ahead market prices, data from ATS and Association "NP Market Council".
En+ Group Annual Report 2021
90.4 TWh
The Group's total electricity
production in 2021
Operational performance
As at 31 December 2021, the total installed
electricity capacity of the Group's power
assets amounted to 19.4 GW', while its
total installed heat capacity amounted
to 15.0 Gcal/h. As at 31 December
2021, 77.8% of the installed electricity
capacity was represented by HPPS,
with the remaining 22.2% accounted
for by CHPS (which are predominantly
coal-fired) and one solar plant.
The Company produced 90.4 TWh² of
electricity in 2021, which represented 8.0%
of Russia's total electricity generation
and 41.9% of the Siberian IES's total
electricity generation for the period.
Hydropower generation
Hydropower generation is the main focus
of the Group's Power segment. The Group
operates five HPPS3, including three
of the five largest HPPs in Russia and
of the twenty largest HPPs globally, in
each case in terms of installed electricity
capacity. In 2021, the Power segment's
HPPS produced 77.7 TWh of electricity,
which accounted for 85.9% of the total
electricity generated by the Group.
Total electricity output by the Angara
cascade HPPs (Irkutsk, Bratsk and Ust-
Ilimsk HPPs) increased by 12.1% y-o-y
to 53.0 TWh in 2021, due to increased
water reserves in the reservoirs.
Water levels in Lake Baikal reached
457.23 metres in 2021 vs. 457.12 metres
in 2020. Water levels in the Bratsk
reservoir reached 402.03 metres
in 2021 vs. 400.60 metres in 2020.
In 2021, Krasnoyarsk HPP's total
power generation increased by 12.3%,
from 22.0 TWh in 2020 to 24.7 TWh.
The increase was the result of a more
intensive state-regulated drawdown
in the Krasnoyarsk reservoir due to
high water reserves which resulted
from abnormally high water inflows in
2Q 2021. The maximum mark of the
headwater level of the Krasnoyarsk
reservoir was 242.60 metres
(1.5 metres higher than last year).
In 2021, Bratsk HPP and Krasnoyarsk
HPP generated their highest
ever annual power volumes.
Combined heat and power plants
The Group's CHPS decreased electricity
output in 2021 by 1.6% y-o-y to
12.7 TWh, mainly due to increased
generation by the Angara cascade HPPS
in 2021. Heat generation amounted
to 28.5 million Gcal (up 5.9% y-o-y)
reflecting weather conditions - the
average temperature during 2021 was
1.7°C lower than during the last year.
Abakan Solar Power Plant generated
6.1 GWh in 2021 (up 10.9% y-o-y)
due to a higher number of sunny
days during the reporting period.
Total Electricity Production 4 (TWh)
Heat generation (mn Gcal)
53.0
2021
24.7
12.7
Total
90.4
2021
47.3
22.0
12.9
2020
82.2 2020
44.5
19.7
13.6
2019
77.8
2019
Angara cascade HPPS5
Yenisey cascade HPPS
CHPS
STRATEGIC REPORT
CORPORATE GOVERNANCE
28.5
26.9
27.3
2
Including Onda HPP, with installed power capacity of 0.08 GW (located in the European part of Russia,
leased to UC RUSAL); excluding Boguchany HPP with installed power capacity of 3,000 MW (50/50 JV
between UC RUSAL and RusHydro).
Excluding Onda HPP, with installed power capacity of 0.08 GW (located in the European part of Russia,
leased to UC RUSAL); excluding Boguchany HPP (50/50 JV between UC RUSAL and RusHydro).
3. Including Onda HPP.
4.
Excluding Onda HPP, with installed power capacity 0.08 GW (located in European part of Russia, leased
to UC RUSAL); excluding Boguchany HPP, with installed power capacity of 3,000 MW (50%/50% JV of
UC RUSAL and RusHydro).
5.
Includes Irkutsk, Bratsk, Ust-Ilimsk HPPs.
6.
Krasnoyarsk HPP.
FINANCIAL STATEMENTS
APPENDICES
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