Enel Russia Company News - Disappointing dividends overshadow green story
Today Enel Russia has presented the Strategy Update for 2020-22e which was disappointing overall due to the guidance on new dividends being too conservative and below our estimates. In our view, the latter especially overshadows the green story of the company and the possible upside from the planned sale of the Italian-made turbines in 2021e. The key takeaways from the event are listed below: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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