Enel Russia 4Q 19 - EBITDA above expectations but no major news
Today, Enel Russia has reported 4Q 19 and FY 19 results, which, contrary to the company guidance and our estimates proved better than expected on EBITDA probably on a lower than expected negative impact of the Reftinskaya sale (off the balance sheet as from end-3Q 19) and a higher share of more fuel-efficient new units. On top of that, the company points out opex optimization and lower than expected water consumption costs, which we treat as slightly positive.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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