Chapter 3
BUSINESS REVIEW

3.4. Operational results

Events of 2015

• Installed capacity increased by 217.8 MW (+0.6 %) to 38,652.0 MW.
• Output rose by 5362.5 GW (+4.5%) to 127,379.9 GW.
• Electricity sales growth – by RUB 1,904.4 million.
• The reservoir of Boguchanskaya HPP filled to a design level; the plant reached its design capacity of 2,997 MW and design mode of station operation.
• A unique 14-kilometer tunnel for Zaramagskaya HPP-1 was finished.
• Sayano-Shushenskaya HPP increased its maximum output capacity to the power grid to 5,100 MW due to the modernisation of its automation system.
• 14 hydroelectric units with a total capacity of 1,171 MW were replaced and modernised.

RusHydro production assets

3.4.1. Installed capacity

The total installed capacity grew by 217,8 MW to 38,7 MW in 2015. The decrease in capacity of the RAO Energy Systems of the East Group by 57.7 MW was compensated by the commissioning of Gotsalinskaya HPP ( with the capacity of 100.0 MW) and Blagovesсhensk CHP (120.0 MW of capacity).

The growth of installed capacity also happened due to equipment remarking:

• Novosibirskaya HPP – by 5.0 MW;
• Kamskaya HPP – by 6.0 MW;
• Zhigulevskaya HPP – by 21.0 MW;
• Volzhskaya HPP – by 10.5 MW;
• Saratovskaya HPP – by 13.0 MW.

3.4.2. Electricity output

In 2015 electricity output grew by 5.36 billion kW·h (+ 4.5%) to 127,3 billion kW·h. Decrease of the electricity output of Zeyskaya HPP (-2,15 billion kW·h) was compensated for by the growth of the output of Boguchanskaya HPP (+ 4,72 billion kW·h) and at the plants of RAO Energy Systems of the East Group (+ 2,81 billion kW·h).

3.4.3. Electricity and capacity sales

For 2015 net sales of electricity and capacity by branches of PJSC RusHydro, which takes into account the purchase of electricity and capacity costs, increased by 2.9% y-o-y and amounted to 91 952.8 million rubles. The main factors that influenced the increase in revenue due to lower volume of electricity production by 2.7%:

• the growth of the DAM price in the second price zone due to:
• the growth of capacity purchase price at the КОМ for second price zone HPPs due to the liberalisation of the HPP capacity market dd. 05/01/2014;
• the indexation of adjustable electricity and capacity tariffs;
• the decrease of the amount and cost of purchasing electricity.

RusHydro net revenues changes, RUB mn

3.4.3.1. Electricity sales

Revenues in the DAM occupy the first position in the structure of the electricity sales revenues of the branches of PJSC RusHydro. Thereby, its share grew from 77.5% to 81.9% (+ 5,7%) in 2015 against the decrease of sales as per free bilateral contracts (FBC) by 29.% and the decrease of the volume of electricity sold in the balancing market (BM) by 7.1%.

RusHydro electricity sales and dynamics, RUB million

3.4.3.2. Capacity sales

The main part of revenue from sales of capacity by the branches of PJSC RusHydro is formed by contracts signed within the CPA. Following the results of 2015, the share of such contracts grew from 54.6% to 55.2% with the growth of corresponding revenue by 7.5%. 46 % growth was registered as per contracts on capacity provision. In 2015, revenue went down by 21% as per free bilateral contracts.

Capacity electricity sales and dynamics RUB million

RUB billion

operational expenditures
decreasing

3.5.
International Cooperation