RUSSIAN POWER. IN ANTICIPATION OF NEW PACES LONDON, 12.03-13.03.2012 INNOVATIONS IN THE RUSSIAN...
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Transcript of RUSSIAN POWER. IN ANTICIPATION OF NEW PACES LONDON, 12.03-13.03.2012 INNOVATIONS IN THE RUSSIAN...
RUSSIAN POWER. IN ANTICIPATION OF NEW PACESLONDON, 12.03-13.03.2012
INNOVATIONS IN THE RUSSIAN
ELECTRIC POWER INDUSTRY.
HOW TO ATTRACT INVESTMENTS?
Pavel Shatsky,
First deputy to General Director of Gazprom Energoholding
Priority development of electric power sector is an indispensable condition for a secure power and heat supply and inadmissibility of economic growth limits
2
Market model should foster sustainable development of this industry sector
INNOVATIONS IN THE RUSSIAN ELECTRIC POWER INDUSTRY. HOW TO ATTRACT INVESTMENTS?
Structure of an electric power cluster
Equipment and engineering
market
Assets of TGK and OGK
Fuel market
Infrastructure services market
Electric power sector regulation model
FINAL CONSUMERS
New technologies should become a driving force in modernizing electric power field assets
3
The field efficiency improvement is not possible without development of new technologies
Innovative projects of companies belonging to the Gazprom Energoholding group
COAL COMBUSTION TECHNOLOGIES
Novocherkassky Power Plant – first Russian construction project of coal power unit 330 MW using the circulating fluidized bed technology (CFB).
GAS-VAPOR TECHNOLOGIES
Kirishy Power Plant – a new schematic circuit developed with unique three-flow heat-recovery unit with intermediate superheating and natural circulation, as well as a project of technical upgrade of the existing vapor turbine К-300-240 LMZ for a К-245-13.3
GAS-TURBINE ADD-ONS
TEZ-9 (Moscow) – a pilot prototype of the first gas turbine unit GTE-65 manufactured by the JSC Power Machines.
INNOVATIONS IN THE RUSSIAN ELECTRIC POWER INDUSTRY. HOW TO ATTRACT INVESTMENTS?
Accomplishment of the General Scheme of supplying Power Stations with capital investments will require 10 trillion rubles up to 2030
4
30 GW of power delivery contract will not solve the technical upgrade problem of electric power field
Main electric power equipment in this sector has a high rate of obsolescence and physical deterioration
18
33
43
37
12
1
1991-2010
1981-1990
1971-1980
1961-1970
1951-1960
before 1950
Russia: introduction of structures by years, GW Russia: need for technical upgrades, GW
2010-2020
2020-2030
2030-2040
2040-2050
TOTAL
50
43
3314418
INNOVATIONS IN THE RUSSIAN ELECTRIC POWER INDUSTRY. HOW TO ATTRACT INVESTMENTS?
The actual distribution of incomings doesn’t cover the requirements of generating companies in their need for functioning and development
5
Market model of this field doesn’t reflect the priority of capacity upgrading
Generating companies receive only 25% of sale proceeds of final consumers
FUEL SUPPLYOPERATION OF POWER PLANTS
TRANSMISSION AND DISTRIBUTION
SALES
≈20-25%
INNOVATIONS IN THE RUSSIAN ELECTRIC POWER INDUSTRY. HOW TO ATTRACT INVESTMENTS?
Thermal generation (ТGК) finds itself in a worse situation than OGK because of the scenario conditions of the early period of reforms, whilst having higher needs for modernization
6
Efficiency of business models in generating company blunts
Tendencies of electric power field in 2009-2011 in view of OGK and TGK
Operating efficiency Converting the potential
Expenses for fuel / Income, %
2009 2011 2009 2011
44.36 ТGК 49.63 47.33 ОGК 55.40
Growth rate (Income / Average headcount) , %
2009 2011 2009 2011
18.83 ТGК 19.77 –1.48 ОGК 14.43
EBITDA profitability, %
2009 2011 2009 2011
14.93 ТGК 9.68 12.99 ОGК 12.87
Growth rate of market capitalization, %
2009 2011 2009 2011
–18.73 ТGК 7.08 –45.86 ОGК 4.28
INNOVATIONS IN THE RUSSIAN ELECTRIC POWER INDUSTRY. HOW TO ATTRACT INVESTMENTS?
The actual situation with necessary and guaranteed volumes of financing causes conservation of equipment obsolescence
7
Existing mechanisms don’t provide guarantees of a return on innovation investments
Existing investment encouraging tools 2008-2020
Upgrading capacities ≈ 35%
The guarantees on return of innovation investments (standard CAPEX for new construction) doesn’t cover risks of innovation projects
New construction ≈ 55%
Innovation projects ≈ 10%
30 G
W20
GW
NO TOOLS TO ENCOURAGE INVESTMENTS
Cost
of
cons
truct
ion
Implementing projects of Power Delivery Contracts
≈30%
Volume of financing covered by guarantees on return of innovation investments
INNOVATIONS IN THE RUSSIAN ELECTRIC POWER INDUSTRY. HOW TO ATTRACT INVESTMENTS?
GROUP 1 GROUP 2
When not expensive “long” money for new construction are lacking, one should look at the projects of deep modernization with more attention
8
It is necessary to add new tools to the economic model of the industry modernization
Possible investments stimulation tools 2012-2020
Standard CAPEX for new construction
Capital intensive projects ≈ 90%
from 50% to 70% of standard CAPEX
Noncapital intensive projects ≈ 10%from 30% to 50% of standard CAPEX20
GW
NO GUARANTEE OF INVESTMENTS RETURNCost
of
cons
truct
ion Limits of compensation of construction price at the cost of competitive power take-off –
118 thousand rubles/MW per month
The cost of competitive power take-off doesn’t cover more than 50% of expenses
INNOVATIONS IN THE RUSSIAN ELECTRIC POWER INDUSTRY. HOW TO ATTRACT INVESTMENTS?
THANK YOU FOR YOUR KIND ATTENTION
RUSSIAN POWER. IN ANTICIPATION OF NEW PACESLONDON, 12.03-13.03.2012