Слайд 0 - Gazprom
Слайд 0 - Gazprom
Слайд 0 - Gazprom
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53<br />
Russian thermal power sector<br />
corporate structure<br />
OGK’s<br />
TGC’s<br />
Russian power market<br />
liberalization<br />
Power price<br />
Capacity price<br />
Heat price<br />
Russian Electricity Market<br />
Power (primarily)<br />
Power & Heat<br />
Common use<br />
To cover variable costs<br />
To cover fixed costs<br />
and CAPEX<br />
Regulatory assets base<br />
(RAB) regulation<br />
expected<br />
Source: company data, Minenergo<br />
1. Industrial enterprises’ power plants, including thermal and hydro<br />
Organization<br />
Relatively large thermal power<br />
plants located in distinct regions<br />
Relatively small local combined<br />
heat and power plants located in<br />
particular region<br />
Free pricing<br />
<br />
<br />
<br />
<strong>Gazprom</strong> presence<br />
Russian power plants installed<br />
electric capacity<br />
Nuclear<br />
11%<br />
Source: System operator of the UES data as of 01.12. 2011<br />
Comment<br />
Power market is a liberalized wholesale market (excluding<br />
individuals - about 20% of the total consumption).<br />
Regulation is through price caps and special tariffs for noncompetitive<br />
producers. About 50% of market is under<br />
regulation. Higher margin for the most effective producers<br />
Heat market so far remains fully regulated. Base<br />
principles of expected RAB: return on investment, longterm<br />
tariffs and unchanged regulation base.<br />
Gas (fuel) Gas market is expected to be liberalized after<br />
2014<br />
Hydro<br />
20%<br />
Other (1)<br />
6%<br />
Thermal<br />
63%<br />
<strong>Gazprom</strong> Energoholding - Investor Day 2012
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