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Russian Power Generation Subsidiaries of Inter RAO Group Announce RAS Financial Results for the First Six Months of 2020

PJSC Inter RAO UES and Saint Petersburg concluded a long-term cooperation agreement

19 June 2020

PJSC Inter RAO and Saint Petersburg concluded a cooperation agreement in the sphere of power and industry for the period of 2020-2025. The parties agreed on interaction as regards giving priority to combined generation of electricity and heat, which is the most effective way of generating power, as well as construction, reconstruction and technical re-equipment of heat-supply facilities in Saint Petersburg, primarily in the Primorsky District.

The agreement will allow the parties to start developing a roadmap for heat-supply projects, which are to include implementation of joint and mutually beneficial solutions aimed at ensuring reliability and safety. For instance, it provides for a project to be developed in relation to closing or transferring inefficient heat-supply sources to the cold reserve, and increasing the use of heat of Severo-Zapadnaya TPP, which will allow the city to get financial (related to the optimization of heat-supply costs) and social (ensuring that heat prices for residents do not increase considerably) effects. Besides, the project will allow improving the environment in the north-western part of Saint Petersburg, as its implementation will considerably reduce atmospheric emissions.

The agreement also provides for developing measures to ensure reliable heat supply to future housing development areas in the Primorsky District from the existing heat-supply sources (without building new local sources), and improving safety and reliability of heat supply to consumers by building new heating networks for additional reservation of heat-supply systems.

"Saint Petersburg is a strategically important region for Inter RAO," said Boris KOVALCHUK, CEO, PJSC Inter RAO. "We are interested in ensuring reliable and uninterrupted heat and electricity supply to the city. That is why a mutually beneficial solution has been found for the first steam-gas TPP in Russia, whose performance is higher in case of simultaneous heat and electricity generation: the city will save money due to reducing the amount of fuel used for heat generation, and our power plant will be able to function in the optimal modes provided for by its design."

"Construction and reconstruction of heating networks will both make heat supply in the Primorsky District more reliable, and provide for free capacity at the sources of the State Unitary Enterprise "Fuel and Energy Complex of Saint-Petersburg", which will subsequently be used for connecting future housing development areas", stated Alexander BEGLOV, Governor of Saint Petersburg. "The agreement is another step towards optimizing operations of unitary enterprises in the city. Implementation of that project will allow the city to save funds spent on heat generation, and to improve environmental conditions".

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Boris Kovalchuk was re-elected as CEO of PJSC Inter RAO
Consolidated
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prepared according to
IFRS
1H 2020
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Reference

Inter RAO Group is a diversified energy holding serving various segments of Russian and international electric power industry. The Group is the leading exporter and importer of electricity in Russia actively increasing electricity generation and sales, and developing new lines of business.

The corporate strategy of Inter RAO is focused on making Inter RAO a global energy enterprise, a key player in the global energy market, and Russia's leading electric utility by energy efficiency. Inter RAO Group owns and operates approximately 30.9 GW of installed power generation capacity.

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