Enel Russia 2Q 20 Earnings Preview - Weak quarter expected on repairs, lower prices
Tomorrow, the company is planning to publish its 2Q 20e IFRS results, which we expect to be weaker yoy on the back of the Reftinskaya sale (already priced in by the market) as well as lower production and electricity prices yoy. In part the effects on EBITDA could be slightly mitigated at the bottom-line level through an improved net debt position yoy (affecting net finance expenses) on the back of the proceeds from the Reftinskaya sale and possibly some FX gains (due to stronger qoq RUB).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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