Слайд 0 - Gazprom
Слайд 0 - Gazprom
Слайд 0 - Gazprom
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64<br />
491<br />
Value Drivers [3/5]:<br />
Capacity Supply Agreements<br />
Over 95% of the investment program is associated with Capacity Supply Agreements program, assuming increased<br />
tariffs after power plants commissioning, which provides basis for increasing the company’s value<br />
RR/ KW year<br />
Increased new capacity profitability<br />
+35%<br />
(1) (1)<br />
Spark spread: old power plants Spark spread: power plants with new blocks<br />
Source: company data and analysis<br />
1. Spark spread = revenue from electricity sales per 1 KW – fuel expense per 1 KW<br />
2. Average price for Mosenergo, TGC-1 and OGK-2 in 2011<br />
661<br />
RR/ KW month<br />
Russia existing<br />
capacity average<br />
price<br />
Increased price for new capacity<br />
120 (2)<br />
3.6x price<br />
increase for<br />
CSA capacities<br />
440 (2)<br />
Regular capacity New capactiy under capacity supply<br />
agreements<br />
Source: company data and analysis<br />
<strong>Gazprom</strong> Energoholding - Investor Day 2012
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