Enel Russia 1Q 20 - New units give a temporary relief
Today, the company has presented its 1Q 20 IFRS results which seemed above our expectations on EBITDA on the back of a higher share of more fuel cost-efficient CCGTs. Moreover the KOM (capacity) price indexation partially compensated for the lower electricity prices. At the same time, the overall yoy drop in EBITDA on the back of the Reftinskaya sale was quite expected by the market, so for now the results almost fit the RUB 11 bn guidance which we treat as quite positive given flat yoy production (excl Reftinskaya) compared to other companies in the sector. For instance, due to an unexpected yoy 30% hike in hydropower generation by RusHydro, Unipros production in 1Q 20 dropped by 12% yoy.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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