June–August 2013

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June–August 2013 Poland is preparing Distributed Kilowatts under the hood: amendments to its Energy Law generation the future of electric cars under the pressure of the EU features in Russia 16 24 28 Magazine about Russia’s Power Industry ENERGY WITHOUT BORDERS № 3 (22) June – August 2013 Addition rules The industry sums up the 2012 results. It was marked by a number of processes all aimed at consolidation of assets Dear readers, t has been five years since RAO UES of Russia was eliminated, and the power in- dustry stepped onto a new path of changes. Now, change-overs are not expected to be that substantial: the majority of players are sure that the energy industry juggernaut’s reform and functional disaggregation have, on the whole, paid off. But the Russian energy sector has faced the beginning of, in a certain sense, reverse processes: merger of companies and consolidation of assets. After long arguments, the government has made a final decision to unite transmission and distribution grids under a single management body. Meanwhile, generators have begun to streamline their structures to improve financial and operational perfor- mance: this is obviously going to become one of the key priorities in development of energy companies in the near future. Simultaneously, we observe powerful market players acquiring smaller companies and the most attractive assets. In such a dynamic situation, it is essentially important to have good understanding of the current state of the industry’s major players. Apart from anything else, it serves as a basis of benchmarks for the near future, which are now being actively developed at annual meetings of shareholders. This is why we have decided to devote our Iissue to 2012 results and analyze the industry dynamics. Quite recently, companies have summed up the final results for the accounting period that may be used for further calcula- tions. For the time being, power companies have to complete the construction of quite a sub- stantial amount of new facilities under the capacity delivery agreements. The latest facili- ties developed under such agreements and the new energy market model are also covered in this issue. In addition, you will learn about the prospects of distributed generation in Russia, about amendments to the Polish Power Law that are being drafted, and about Inter RAO’s plans concerning international energy trading. As always, you will be offered inter- esting news on the energy sector in Russia and abroad, forecasts of financial analysts and summer calendar of the most important events in the industry. I wish you an informative reading experience and look forward to getting your feedback at [email protected]. Sincerely yours, Anton NAZAROV, Editor-in-Chief ContentS FOREIGN AFFAIRS 16 Final Warning To avoid punitive sanctions from the European Commission, the Polish government will approve the “three-pack” amending its Energy Law this June. And by the end of 2013, it will adopt a new Renewable Energy Sources Act. Thus, being under pressure from the EU, Poland will start reducing its dependence on coal. INTERNATIONAL COOPERATION 18 Going West Inter RAO is trying to give a new momentum to 4 NEWS international energy trading. The Group is plan- ning to enter new European markets with exports 8 ENERGY SECTOR WORLDWIDE of electric power from the Kaliningrad Region, develop the retail business in the Baltic states, and 10 COVER STORY start power imports from Scandinavia. Unite and rule In 2012, major market players focused on internal reorganization processes to improve their busi- ness performance. The government also joined the consolidation trend and decided to unite transmis- sion and distribution grids within a single man- agement company. STRATEGY Add-ons to the Reform 14 The Government plans to launch the new market model in 2014. The draft document was returned for further revision, since it does not yet provide for modernization of facilities. Without it, the country may face a shortfall in generation in fi ve years’ time already, as experts believe. Market players are convinced that the existing model has generally proved its value, while the main price risks are associated with poor forecasting and nonpayment. INTERVIEW 20 “Each Trial Means the Company’s Reputation for Us” In Inter RAO, the range of authorities of the Legal Affairs Unit is much wider compared to similar departments in other conventional companies of the industry. In addition to the teams working on legal support of M&A transactions, tax and corpo- rate structuring of foreign assets, management of subsidiary holding companies in the Netherlands, Cyprus, Belgium and other countries, the unit’s new responsibilities include tax legal relations, cooperation with tax authorities and transfer pricing. Here, Alexander PAKHOMOV, Member of the Management Board and Head of the Legal Affairs Unit, discusses these issues in detail. 2 Founder and publisher INTER RAO UES № 3 (22) June – August 2013 The magazine is a supplement to the corporate POWER GENERATION vehicles will need government 24 newspaper of INTER RAO UES. Popular Trend support. The newspaper is registered with the Federal Distributed generation today Service for Supervision in the Sphere of gains popularity all over the 30 FINANCE Telecom, Information Technologies and Mass world. In Russia, the established Totally Cautious Communications (ROSKOMNADZOR). Certifi cate centralized structure of the Analysts are not very enthusiastic of registration PI No. FS77-35791 dated March 30, energy sector and vast reserves about last year’s performance of 2009. of conventional energy sources generation companies and their Founder and publisher: INTER RAO UES. allow to take time and set priori- preliminary results for Q1 2013. Editorial address: 27/2 Bolshaya Pirogovskaya Street, ties properly. Most analysts believe that the Moscow 119435 Russian Federation, tel. +7 (495) development is restrained by the 664 8840, fax +7 (495) 664 8841, [email protected]. EXPERT CLUB general uncertainty in the power For advertising inquiries, please call: +7 (495) 664 26 White Nights Time industry, while the market is 8840 (2124). The 17th Saint Petersburg In- dampened by companies’ obliga- ternational Economic Forum is tions and tariffs. Editor-in-Chief: Anton NAZAROV scheduled for June 20–22. Check Executive Secretary: Varvara KARTINTSEVA the comments of our experts to fi nd out how the energy sector Editorial Board: specialists’ activities have been Vyacheslav ARTAMONOV, Member of the Management Board; refl ected in the discussions held Alexander BORIS, Member of the Management at Saint Petersburg Forums. Board – Chair of the Editorial Board; Irina MAKARENKO, Investor Relations Director – INNOVATION Head of Investor Relations Department of the 28 Kilowatts under the Strategy and Investment Unit; Hood Anton NAZAROV, Director of Public Relations, Head A countrywide project to de- of the Information Policy Department – Deputy velop infrastructure for electric Chair of the Editorial Board vehicles has been launched Pavel OKLEY, Member of the Management Board – in Russia, with Federal Grid 32 NB Head of the Operations Unit; Company of Unifi ed Energy Russian Light for Eu- Sergey PUCHKA, Head of the Human Resources and System as its main proponent rope Organizational Development Unit; and responsible entity. Un- There is still a popular belief that Yury SHAROV, Member of the Management der an optimistic scenario, by before the revolution Russia was Board – Head of the Engineering Unit. 2020, hundreds of thousands of an ignorant and savage country, electricity-powered vehicles will until the “Lenin’s lamp” lit up. be operating across the entire Meanwhile, in the 19th century country. Pilot projects will be already, the empire’s capital was 10/9 Nizhnyaya Syromyatnicheskaya Street, limited to corporate and com- illuminated with lights, streets Moscow 105120, tel. +7 (495) 640 0838, mercial transportation. In order were full of electric transport, +7 (495) 640 0839, www.medialine-pressa.ru, to be properly deployed across and Russian inventors partici- е-mail: [email protected]. Russia’s vast expanses, electric pated in lighting projects for Paris General Manager: Larisa RUDAKOVA and London. St. Petersburg was Project Manager: Tatyana POSTNIKOVA the center of scientifi c and techni- Commissioning Editor: Elvira HAIRULLOVA cal progress. Art Director: Vladislav MAKSIMENKO Chief Designer: Ilya MALOV EVENT CALENDAR Designer: Inna TITOVA, Maria TYRYLGINA Layout: Aleksey SUKONKIN, Vera AVERYANOVA 34 Major conferences, forums and Art Editors: Anastasia KRIVOSHEYEVA, Yevgeny exhibitions in June–August 2013; LIKHATSKY dates of annual general meetings Colour Corrector: Andrey KLOCHKOV of shareholders for key compa- Proof-readers: Natalya KONNOVA, nies of the industry. Larisa NIKOLINA, Elena SAVELYEVA Photo: Press Service of INTER RAO Group PHOTO EDITOR’S CHOICE companies, Shutterstock, RIA Novosti, Lori photo 36 Flying to the East bank | Proofs approved on June 03, 2013 | Printed at Solar Impulse, an experimental Viva Star print shop solar-powered aircraft, has made its fi rst cross-US fl ight out of the The next issue of Energy Without Borders will fi ve scheduled ones. come out in September 2013 ENERGY WITHOUT BORDERS | № 3 (22) JUNе – AUGUST 2013 3 newS CHPPs of the billion for Far East will gasifi cation EBCD will billion for improving energy receive RUB 5.4 in three years. allocate USD10 0 effi ciency of homes in Russia. Five Goals for the Ministry of Energy Alexander NOVAK, Minister of Energy of the Russian Federation, announced fi ve main public goals for the ministry for 2013 during the All-Russian Meeting on the Results of Electric Power Industry Entities for the 2012–2013 Autumn and Winter Period. One of the main goals announced by the Head of the Ministry of Energy is to reduce the number of stages of technological connection to the grids from ten to six and the connection timeframe from 280 to 195 days. The second goal is to develop a new model for development of the retail and wholesale power markets.
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