En+ Group reports 1Q hydro production up 17.4%

En+ Group PLC has released its operational results for the first quarter of 2019, ending March 31, and its hydro output increased 17.4% while its overall electricity production increased by 9.1%.

The company is an international vertically integrated aluminum and power producer.

For background, on April 6, 2018, the Office of Foreign Assets Control of the Department of the Treasury of the United States of America designated certain legal and natural persons to its Specially Designated Nationals List, including the company and its UC Rusal Plc and JSC Eurosibenergo subsidiaries. These sanctions, coupled with certain other factors, led to changes to ordinary levels of operational performance. On January 27, 2019, the office announced the removal of the sanctions, which had a significant impact on operational results of the group in 1Q 2019.

Specifically related to electricity production, in 1Q 2019, the group’s electricity production increased by 9.1% year-over-year, to 19.2 TWh. The group’s hydropower output increased by 17.4% y-o-y, to 14.2 TWh.

The company’s hydro assets include the Angara and Yenisei cascades. The Angara cascade consists of the Irkutsk, Bratsk, Ust-Ilimsk powerhouses. Production from this facility grew 27.6% due to increased water reserves in these reservoirs. The results exclude the 80-MW Onda hydropower project, located in the European part of the Russian Federation, which has been leased to RUSAL since October 2014.

Specific to Krasnoyarsk hydro project, in 1Q 2019 its total power generation remained flat y-o-y and amounted to 4.5 TWh. The lateral inflow to Krasnoyarsk reservoir accounted for 260 cubic meters per second (103.2% of normal level) in 1Q 2019 compared to 278 cubic meters per second (110.3% of normal level) in 1Q 2018. At the beginning of 1Q 2019, water levels at the headrace of the dam were 236.7 meters, which is 0.2 meters higher than at the start of 1Q 2018.

In 1Q 2019, the Siberian integrated energy system (the company’s key region of operations) produced 56.8 TWh of electricity (up 1.1% y-o-y). In the same period, output from hydroelectric projects in Siberia increased by 14.8% y-o-y to 23.6 TWh, while thermal power plants and captive power stations decreased their electricity production by 6.8% y-o-y to 33.2 TWh.

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