Enel Russia Q3 21 - Possible capex overrun raises concerns
Strong market fundamentals and new windfarm capacity payments make up for expired CSA payments, but EBITDA still falls short of our expectations2021e EBITDA, NI and dividend guidance confirmed
New capex overrun possible
Slightly negative market reaction possible
PJSC Enel Russia is a wholesale generation company in Russia. Co.'s main areas of operation are production of power and heat, supply (sale) of power and heat, receipt (purchase) of power and heat from the wholesale power (capacity) market. Co. is active in four production branches around Russia: in the Ural region - Reftinskaya GRES, Sredneuralskaya GRES, in the northern Caucasus - Nevinnomysskaya GRES, and in Central Russia - Konakovskaya GRES. Co.'s aggregate installed capacity is 9,677 MW for power and 2,382 GCal/h for heat. Co. provides power and heat to both industrial enterprises and household consumers via local power distribution networks.
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