- Substantial changes in the regulatory framework of the supply segment; inadequate regulatory framework of the thermal power segment.
- Postponement of commissioning of a number of facilities under the contracts for capacity supply (CCS).
- Unfavorable trends in key export areas.
- Decisions of local regulators on the Group's foreign assets.
- Unfavorable economic situation in Europe and, consequently, fewer M&A transactions.
- Considerable expansion of the Group's scope and transition to the target business model.
- Under the CCS, 1.6 GW of generating capacities have been launched.
- Approximately RUB 50 billion was attracted due to the sale of minority interests.
- The Group is developing new business areas.
- Increase in the operational efficiency of assets has been ensured.
- Possibility that a number of countries will abandon the regime of parallel operation with the Unified Energy System of Russia
- Integration of energy systems and energy markets accompanied by gradual price stabilization
- Unstable economic situation in Europe
- Uncertainty over long-term rules regulating the wholesale electricity and capacity market, the supply electricity market and the models of the thermal energy market
- Relevance of enhancing energy efficiency of production
- Low efficiency of mechanisms for funding R&D
- Increasing ageing of permanent equipment of power plants and heating networks
- Lower efficiency of electric power export
- Fuel supply risks
- Development of distributed generation
- Development of renewable generation in Russia
- High cost of construction of generation facilities and the electric grid complex
- Potential for developing promising technologies
- Realization of potential for increasing asset efficiency
- Optimization of investment activity
- Promoting offerings concerning the market model
- Considering options of managing assets in foreign markets
- Focus on markets within the Group's footprint
- Participation in projects aimed at promoting Russia's strategic interests with the use of state funding within frameworks that have no negative impact on the Company's shareholder value
- Efficiency of current projects > WACC
- Retaining leadership in the Russian energy industry
- Ensuring leading positions among Russian energy companies in terms of efficient management of energy assets with a focus on integrating innovation and increasing energy efficiency
- Increase in shareholder value
- Expanding the Company's presence in key foreign markets as well as promoting Russian energy practices and solutions abroad
- Assuring energy safety and promoting Russia's strategic interests
|KEY TARGET INDICATORS1||2020|
|EBITDA2||>RUB 100 billion (>RUB 130 billion)3|
|Installed power generation capacity||>34.6 GW (> 36.6 GW)3|
|Share of the Russian supply market||>16% (>20%)3|
|Marginal profit from foreign trade operations||RUB 3.6 billion|
|Efficiency of current projects||> WACC|
|EBITDA (in accordance with IFRS)4||RUB 97.6 billion2|
|Dividends||≥ 25% of net profit in accordance with IFRS
(in case of changes in legislation,
if there is free cash flow)
- Promoting offerings concerning the market model;
- Implementation of long-term production programs and programs for increasing operational efficiency;
- Decommissioning of low-performing capacities;
- Implementation of construction / modernization projects, including those under the CCS;
- Acquisition of shares in generating companies / power plant assets1.
- Concluding long-term contracts for fuel supply;
- Switching to alternative coal brands;
- Increasing transportation efficiency.
for the supply of gas is close to
for the Group's generating assets
to growth rates of prices in the day-ahead market
- Promoting offerings concerning the market model;
- Unification of the management system in electric power supply companies;
- Retaining customers and expanding the customer base;
- Expanding the list of additional fee-based services;
- Acquisition / taking control of utility enterprises;
- Acquisition of economically attractive electric power supply companies1.
- Development of competencIes and technologies in the sphere of energy conservation and energy efficiency;
- Building partnerships with manufacturers of energy-saving and energy-efficient equipment, technologies and solutions;
- Establishing modern production of smart meters
- Expanding the product line and introducing new forms of trading;
- Development of export in Southeast Asia;
- Promoting offerings concerning projects on interstate electric power connections;
- Participation in the resolution of tariff issues in non-pricing zones in the Kaliningrad Region and the Far East;
- Wider representation in foreign markets1.
- Increasing the efficiency of existing assets;
- Elaborating options of asset management;
- Addressing issues of converting sovereign debts of third world countries to Russia into shares in the authorized capital of energy companies;
- Promoting offerings concerning state support measures;
- Participation in projects under intergovernmental agreements;
- Implementation of new construction and acquisition projects1
- Development of competencies in the following areas: general contracting, design and commissioning;
- Supply of turnkey equipment;
- Establishing consortia with international engineering companies;
- Organizing production of modern energy equipment in Russia.
- Implementation of the innovative development and R&D program;
- Creating direct investment and venture capital funds;
- Development of an expert evaluation system for R&D funding;
- Promoting offerings concerning state support measures aimed at the development of innovation;
- Participation in the development of priority areas of science and technology in Russia.
- Participation in project implementation in the distributed generation segment;
- Consideration of expediency of participation in renewable energy projects;
- Monitoring of new solutions and products in order to assess the feasibility of entering new adjacent markets.
In accordance with the main principles of management of shareholdings in electric power assets owned or controlled by OJSC Inter RAO from 2010 through 2013, approved by the Board of Directors on May 24, 2010:
In the mid-term, non-strategic minority interests will be sold.
- Ensuring that the level of dividend payout is sufficient
- Economic efficiency (IRR>WACC, payback period corresponding to industry-average indicators)
- Systematic approach (securing a substantial market share / creating reserves)
- Synergy with Inter RAO assets
- Minimizing Inter RAO's debt burden (project financing)
- Using state support to implement projects that form part of the state policy
- Using interstate lending mechanisms to fund infrastructural projects
Engineering assets (including design and installation companies)
Innovative development companies (including research institutes / venture capital funds)
Repair and maintenance companies
Energy supply assets
- Improving the corporate governance system;
- Maintaining and increasing the liquidity of securities;
- Creating long-term investment attractiveness;
- Providing conditions for the growth of shareholder value.