Inter RAO 1Q 20 - More or less in line, the COVID effect not fully there yet
Inter RAO has reported 1Q 20 results which were expectedly down yoy EBITDA-wise on the back of higher yoy hydropower generation in the sector, weaker yoy consumption (domestic and foreign) and lower electricity prices, partially mitigated by the new Kaliningrad power plant, capacity and retail tariff indexation. Overall, we treat the results as neutral, despite higher than expected positive effects on NI from profits from FX revaluation of the cash pile (part of which the company has fixated by now).Inter RAO UES PJSC is a functioning operator of electricity exports and imports in the territory of Russia. Co. represents the interests of two Russian power sector participants: RAO UES of Russia and Rosenergoatom concern, which possess 60 and 40% of the shares respectively. Co. is engaged in arranging transboundary electricity supplies, to provide both domestic and foreign consumers with electric power. Co. is also engaged in pursuing effective investment activities. Co. is developing several areas of activity, including: electric power export and import supplies; electricity sales in home and foreign markets; investment activities; and foreign asset management.
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