Enel Russia

Enel Russia is the Russian power generation company founded as a result of reorganization of RAO UES of Russia. Full name – Public Joint Stock Company Enel Russia. The Company is registered in Yekaterinburg; its headquarters are in Moscow. 56% of the Company belongs to the Italian Enel Group.

Enel Russia
Native name
Энел Россия
Formerly
Enel OGK-5
Public (OAO)
Traded asMCX: ENRU
IndustryPower generation (ISIC: 3510) Heat generation (ISIC: 3530)
PredecessorRAO UES
Founded2004
Headquarters
Yekaterinburg
,
Russia
Key people
Stephane Zweguintzow (Chairman of Board of Directors); Carlo Palasciano Villamagna (General Director)
ProductsPower and heat
Revenue$1.28 billion[1] (2017)
$154 million[2] (2016)
$65.4 million[2] (2016)
Total assets$1.15 billion[2] (2016)
Total equity$526 million[2] (2016)
OwnerEnel Investment Holdings (56,4%)[3]
Free float (25%)[4]
ParentEnel Investment Holding B.V.⠀ (Netherlands)
Websitewww.enel.ru

History

The Company was founded in 2004.[5]

In October 2006, the Company ran IPO, offering additionally issued 5.1 bln shares in the amount of $459 mln (it was the first public offering of shares among companies created in the process of Russian energy system reform) with the private investors. According to Anatoliy Chubays announcing the IPO results, this amount is higher than "budget investments in energy for the last 10 years".[6] After that, RAO UES of Russia owned 75.03% of OGK-5 shares (before IPO its share was 87.7%). In June 2007, Enel Group purchased 29.99% of the Company's share, and then – 4.9% shares at the stock market.[7] In October 2007, Enel Group increased its capital share in the Company up to 37.15%, and subsequently increased its stake in the Company, and at the moment, Enel Group owns 56.43% of the Company's capital.

OJSC OGK-5 was registered in Yekaterinburg on 27 October 2004. On 7 July 2009, the Company was renamed in OJSC Enel OGK-5 by the decision of the annual General Meeting of Shareholders, and on 8 August 2014, the Federal Tax Service Inspectorate of Russia registered a new version of the charter of the Company with the company name OJSC Enel Russia.

On 25 June 2015, the Federal Tax Service Inspectorate in Verkh-Isetskiy District of Yekaterinburg registered a change in the legal form of the Company by changing the name from Open Joint Stock Company Enel Russia to Public Joint Stock Company Enel Russia. New abbreviated Company's name is PJSC Enel Russia. The decision to change the Company's legal form was taken at the Annual General Meeting of Shareholders on 17 June 2015.[8]

Owners and Management

The Company's authorized capital is 35,371,898,370 rubles, and it is divided into ordinary shares with a par value of 1 ruble.

  • Share of Enel S.p.A (Italy) in the Company's authorized capital – 56.43%
  • share of PFR Partners Fund I Limited – 19.03%,
  • share of other minority shareholders – 24.54%.

PJSC Enel Russia shares included in the quotation list of the first level at the exchange platform of MICEX Stock Exchange.[9][10]

Board of Directors

Chairman of the Board of Directors:

  • Mikhail A. Abyzov (October 2004 – 29 July 2005);
  • Eldar V. Orudzhev (29 July 2005 – 1 March 2008);
  • Dominique Fache (1 March 2008 – 25 July 2013);
  • Stephane Zweguintzow[11][12] (25 July 2013 – 23 April 2020);
  • Giorgio Callegari (since 23 April 2020)

General Director:

  • Anatoliy V. Bushin (25 October 2004 – 31 March 2008);
  • Valeriy Ye. Nazarov (31 March – 1 May 2008);
  • Anatoliy Ya. Kopsov (1 May 2008 – 31 July 2010);
  • Enrico Viale (1 August 2010 – 13 March 2015);
  • Carlo Palasciano Villamagna[13]  (13 March 2015 - 25 May 2020);
  • Stephane Zweguintzow (since 2 June 2020 registered in the Unified State Register of Legal Entities ).

Corporate issues

As of 2015, the main shareholder of Enel Russia was Enel Investment Holding B.V. (56.43%). PFR Partners Fund I Limited had 26.43% and Prosperity Capital Management Limited had 6.33%. Other shareholders had in total 10.81% of shares.[14] In 2016, the Cyprian PFR Partners Fund I Limited in Enel Russia has been decreased from 26.4% to 19.03%. The date of the decrease is 26 May 2016. Thus, the Enel Investment Holding B.V. share in the company’s authorised capital is 56.43%, PFR Partners Fund I Limited’s share is 19.03%, VTB Capital – 7.69%, Prosperity Capital Management Limited’s share is 6.33% and other minority shareholders' share is 10.52%.[15] Enel Russia shares are listed in Level 1MICES quotation list.[16]

Chairman of the board is Stephane Zweguintzow[17] and director general is Carlo Palasciano Villamagna.[18]

Operations

Gross installed electrical capacity of Enel Russia is 5,628.7 MW for power and 2,032 Gcal/h for heat.

Enel Russia operates the following power plants: Konakovskaya GRES, Nevinnomysskaya GRES, Sredneuralskaya GRES. Reftinskaya GRES Coal Power Plant will remain in interim operation by PJSC Enel Russia during the transition period required to complete the transaction with JSC Kuzbassenergo which received ownership rights on October 1, 2019. In June 2017 Enel Russia was awarded two projects, of 201 MW and 90 MW, in a federal public wind power tender.

Enel Russia shares are included into 1st listing level on Moscow stock exchange.

On 23 May 2019 the Solemn Groundbreaking Ceremony of Azovskaya WPP construction was held.

In June 2019, following the Federal tender results, PJSC Enel Russia was awarded construction of 71 MW Rodnikovsky wind farm in Stavropol region.

On 19 September 2019 the construction of Kolskaya wind farm (201 MW), the largest renewable project beyond the Arctic circle was started.[19]

Company's income for 2017 according to IFRS – RUB 74.4 bln, EBITDA – RUB 17.7 bln, net profit – RUB 8.5 bln.[20]

Company's Power Plants

Sredneuralskaya GRES

Sredneuralskaya GRES

Sredneuralskaya GRES is a thermal gas power plant with total installed electric capacity of 1,578.5 MW. . The plant consists of several parts: 1st stage – five medium pressure boilers (34 atm abs) and three turbo-units with capacity of 16, 46 and 16 MW; in 2017 SUGRES decommissioned turbo-units Nos.1, 2 and 5 (with total capacity of 78 MW).[21] 2nd stage of the power plant includes three high pressure boilers (140 atm abs) and three turbo-units with capacity of 100, 100 and 38 MW; 3d stage – two two-boiler single-turbine units for supercritical parameters with capacity of 310 and 300 MW; 4th stage – one two-boiler single-turbine unit for supercritical parameters with capacity of 300 MW; CCGT unit with capacity of 419 MW. The power plant also has the gas turbine expansion station (GTES) with capacity of 11.5 MW. Installed heat capacity of the plant – 1,327 Gcal/hr. Natural gas is used as main fuel at Sredneuralskaya GRES. On 6 January 1936, the first turbo-unit was put into operation, and in 1937 the second turbine was put into operation, and in 1939 – the third turbo-unit was put into operation. In 1950 – 1953, at SUGRES complex automation of thermal processes was first implemented in the country. In 1954 a new type of fuel – Ekibastuz coal was used. In 1960th, at SUGRES high power district heating system providing output of 1,150 Gcal/hour of heat power and 2,000 tons of hot water per hour for heat supply and hot water supply for cities: Sverdlovsk, Verkhnyaya Pyshma and Sredneuralsk with total population of more than one million people was put into operation. In 1985, at SUGRES the water treatment facility for heating system feeding with capacity of 6,000 t/hour with supply of source water through a water conduit from Volchikhinskoye water reservoir was put into operation. Such filtration facilities were not used in the energy sector before. In 1982, the first stage of the power plant was converted from coal to natural gas, and backup fuel – fuel oil. In 2008, at SUGRES construction of a CCGT was launched. On 25 July 2011, new 410 MW CCGT was put into operation at Sredneuralskaya GRES. In July 2011, the Company put into operation new 410 MW CCGTs at Nevinnomysskaya GRES and Sredneuralskaya GRES. With introduction of new facilities, Enel became the first generating company in Russia that fulfilled its investment program in part of construction of new facilities.[22] Today, the installed capacity of Sredneuralskaya GRES CCGT is 419 MW.[23]

Nevinnomysskaya GRES

Nevinnomysskaya GRES

Nevinnomysskaya GRES is one of the largest thermal power plants of North Caucasus located in Nevinnomyssk, Stavropol Territory. Installed electric capacity of GRES is 1,530 2 MW, heat capacity – 585 Gcal/hour. The power plant is designed to output electric capacity to the Interconnected Power System of the North Caucasus and supply industrial consumers and town population with hot water and steam. Nevinnomysskaya GRES consists of a combined heat and power (CHP) facility (185 MW, 585 Gcal/hour), condensate power units of open set type (935 MW) and a combined cycle gas turbine (CCGT) unit (410.2 MW). 12 turbines and 14 boilers are installed at the power plant. Process water supply for power equipment is carried out from Great Stavropol Canal and Kuban River. The main fuel is natural gas, and the backup fuel is fuel oil. The first turbo-unit of Nevinnomysskaya GRES was put into operation on 25 June 1960. A significant increase of the power plant installed capacity was achieved due to construction and startup of new 410.2 MW CCGT on 15 July 2011.

Konakovskaya GRES

Konakovskaya GRES

Konakovskaya GRES is located on the Volga River banks (Konakovo, Tver Region) and is one of the largest suppliers of electric power and heat in the region. The installed electric capacity of the power plant is 2,520 MW, heat capacity – 120 Gcal/hour. The power plant includes 8 power units with capacity of 300 – 325 MW. Konakovskaya GRES construction started in 1962, and on 10 January 1965, the first power unit was put into operation. This date is considered the day of KGRES foundation. The power plant was built in two phases: 4 power units with turbo-units with capacity of 300 MW each. Konakovskaya GRES construction was fully completed in 1969. The main fuel is natural gas; the backup fuel is fuel oil.

Prospects

Reftinskaya GRES

Reftinskaya GRES is a coal-fired thermal power plant with a total installed electric capacity of 3,800 MW. It consists of 6 power units of 300 MW and 4 power units of 500 MW. Its installed heat capacity is 350 Gcal/h. Ekibastuz coal is used as main fuel at Reftinskaya GRES. The first unit was put into operation on 28 December 1970, and the last one – on 21 December 1980.

Reftinskaya GRES provides power supply to consumers in the Ural region with power output to the Interconnected Power System (IPS) of Russia. The share of electricity generated by Reftinskaya GRES of the total electricity consumed by Sverdlovsk region is about 40%. Reftinskaya GRES will continue to be in temporary operation by PJSC Enel Russia within transition period necessary to complete the transaction with Kuzbassenergo JSC that obtained the right to Power Plant possession on 1 October 2019.

PJSC Enel Russia continues to implement major projects in the field of environmental protection improving the safety of works, and introduction of energy-efficient technologies. Modern fabric filters with the efficiency almost 30 times higher than that of previously installed electrostatic precipitators are installed at Reftinskaya GRES. In 2013, the first fabric filter was installed at power unit No.5. Installation of such equipment will lead to reduction in the content of dust particles in emissions by almost 98%, and the amount of nitric oxide – by 30%. In the near future, the Company plans to modernize other power units of the power plant. In particular, at the moment fabric filters are in process of installation at power units Nos.7 and 4. The second large-scale environmental project of Reftinskaya GRES is reconstruction of the dry ash removal system: conversion from the hydraulic method to dry ash removal. After implementation of the system, the volume of used water resources will significantly decrease and the possibility of using ash for industrial purposes will increase.[24] In 2014, Reftinskaya GRES become the winner of EcoResponsibility Competition established by the Ministry of Natural Resources and Environment of the Sverdlovsk Region for implementation of measures in the field of environmental protection.[25]

The main Sredneuralskaya GRES projects are related to power plant district heating system modernization.[26] Sredneuralskaya GRES implements a five-year plan for Isetskoye reservoir stocking with fish. In 2014, more than 2 tons of valuable fish were released into the reservoir on the power plant's initiative.[27] Together with implementation of a range of environmental protection measures for energy at Sredneuralskaya GRES and Reftinskaya GRES, new technologies in the field of lighting and energy efficiency (solar-powered lamps were installed instead of ordinary street lamps in the territory of power plants) are being introduced.[28]

Reftinskaya GRES

On 13 May 2015, after completion of the large-scale technical refurbishment aimed at improving environmental parameters, Enel Russia carried out a startup ceremony of power unit No.7 at Reftinskaya GRES. For the first time in Russia, fabric filters with efficiency of 99.9% were installed at the power unit that will prevent release of up to 10,000 tons of ash into the atmosphere per year. The project was implemented as part of an environmental program that is being implemented by Enel Russia according to the Environmental Agreement signed with the Government of Sverdlovsk Region in 2011. To ensure the optimum flue gas cleaning modes at power unit No.7, filters of 16,800 "bags" were installed. Power unit modernization also allowed increasing equipment reliability and efficiency and reducing fuel consumption significantly. Within power unit No.7 refurbishment a new generator was installed, unique engineering solutions for replacing the boiler heating surfaces were applied, modernization of the gas path equipment and the sealing system of the regenerative air pre-heater was made. It, in turn, allows reducing air flow from the air part of the pre-heater to gas part by 2.5 to 3 times allowing decrease in BOP, and, consequently, increase in boiler efficiency.[29]

On 11 July 2015, at the international industrial exhibition INNOPROM-2015 in Yekaterinburg Enel Russia announced installation of fabric filters at two more power units of Reftinskaya GRES (Nos.4 and 5). Installation of fabric filters with efficiency of 99.9% at power units Nos.4 and 5 of Reftinskaya GRES with capacity of 300 MW each will prevent emission of about of 30,000 tons of ash into the atmosphere per year, and together with power unit No.7 that was previously put into operation about 40,000 tons of ash per year at the maximum load. Within power unit technical refurbishment advanced technologies, many of them were applied for the first time in Russia, were used. So, to ensure optimal flue gas cleaning modes at each power unit 300 MW, 14,600 ash collecting "bags" were installed. For this, a total of 3,000 tons of steel structures of electrostatic filters were dismantled. At the same time, as part of the modernization works, low-emission burners were installed at power unit No.5 to reduce nitrogen oxide emissions. In addition to improving the environmental parameters of the power units, modernization also made it possible to increase the reliability and efficiency of equipment and reduce fuel consumption.[30]

On 29 September 2015, Enel Russia solemnly presented one of its largest environmental projects – dry ash removal system at Reftinskaya GRES. At the moment, it is the first such system used in power plants in Russia. Enel Russia invested in this project more than RUB 12.5 bln. First time in Russia, the traditional, hydraulic method of ash and slag waste removal at the coal-fired power plant has been replaced by a new, "dry" method. It will increase significantly the volume of industrial utilization of ash generated as a by-product of the coal-fired power plant. Dry ash can be widely used in areas such as road construction, agriculture, and production of construction materials. Railway is provided to new dry ash removal system that makes it possible to send dry ash both by road and by rail. Potentially the DARS will allow shipping the entire amount of ash produced at the power plant to industrial consumers, and its amount is up to five million tons per year. The entire non-demanded volume of dry ash is transported using the tubular belt conveyor (TBC), length 4.5 km, to the ash disposal area, where the ash stack is leveled and compacted. Dusting is prevented by surface water irrigation. Next, soil is laid on the prepared surface sown with herbs. Implementation of DARS complex will reduce significantly water consumption for ash storage, making it possible to continue to use the existing ash disposal area No.2 of Reftinskaya GRES within following 35 years and save hundreds of forest hectares from deforestation. Reftinskaya GRES DARS project was implemented within the Environmental Agreement signed between Enel Russia and the Government of the Sverdlovsk Region at INNOPROM in 2011.[31]

In late 2017, new gas cleaning system allowing modern electrostatic filters to prevent emission of 13 thousand tons of ash into the atmosphere per year was installed at power unit No.1 of Reftinskaya GRES. To ensure optimum flue gas cleaning modes, modern electrostatic filters of domestic production are installed. They are equipped with high-frequency power supply units and a new control system. The works performed allow increasing efficiency of ash particle collecting, to regulate the voltage and periods of electrode cleaning in online mode, consequently ensuring the equipment reliability.[32]

In 2018, modernization of filters at power unit No.9 (500 MW), and in 2019 – at power No.3 (300 MW) of Reftinskaya GRES was performed. As a result, the volume of Reftinskaya GRES emissions decreased by 35% since 2011.

Investments in Wind Farms

In June 2017, Enel Russia won the Competition of the Ministry of Energy of Russia for construction of 2 wind power generation facilities with installed capacity of 201 MW in the Murmansk Region and 90 MW in the Rostov region[33] near Azov. The amount of investments will be Euro 405 mln.

In June 2019, the Company received the right to build a wind farm with installed capacity of 71 MW in the Stavropol Territory. Total investment in construction of the wind farm Rodnikovskaya Wind-Power Plant will be about EUR 90 mln.[34]

Environmental program

Enel Russia has equipped power units 4, 5 and 7 of the coal-fired Reftinskaya power plant with fabric filters. The bag filters reduce the emission of dust particle to 98%. The second large-scale ecological project of Reftinskaya GRES was the construction of a dry ash removal system and the transition from the hydraulic method to dry removal of ash. The system was launched on 29 September 2015. It was the first time in Russia, when the traditional hydraulic treatment was replaced by the dry method of transportation and storage of ash.

For its achievements on environmental protection, Reftinskaya GRES won the EcoResponsibility Prize, instituted by the Ministry of Natural Resources and Environment of the Sverdlovsk region.

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  33. "ЭНЕЛ РОССИЯ ВЫХОДИТ НА РОССИЙСКИЙ РЫНОК ВОЗОБНОВЛЯЕМЫХ ИСТОЧНИКОВ ЭНЕРГИИ С ПРОЕКТАМИ ВЕТРОГЕНЕРАЦИИ ОБЩЕЙ УСТАНОВЛЕННОЙ МОЩНОСТЬЮ 291 МВТ". 14 June 2017.
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