KYMENLAAKSON AMMATTIKORKEAKOULU University of Applied Sciences Energy Engineering Double Degree / Specialization
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Specialised Asset Management
specialised research and investment group Russian Power: The Greatest Sector Reform on Earth www.sprin-g.com November 2010 specialised research and investment group Specialised Research and Investment Group (SPRING) Manage Investments in Russian Utilities: - HH Generation - #1 among EM funds (12 Months Return)* #2 among EM funds (Monthly return)** David Herne - Portfolio Manager Previous positions: Member, Board of Directors - Unified Energy Systems, Federal Grid Company, RusHydro, TGK-1, TGK-2, TGK-4, OGK-3, OGK-5, System Operator, Aeroflot, etc. (2000-2008) Chairman, Committee for Strategy and Reform - Unified Energy Systems (2001-2008) Boston Consulting Group, Credit Suisse First Boston, Brunswick. * Top 10 (by 12 Months Return) Emerging Markets (E. Europe/CIS) funds in the world by BarclayHedge as of 30 September 2010 ** Top 10 (by Monthly Return) Emerging Markets (E. Europe/CIS) funds in the world by BarclayHedge as of 31 August 2010 2 specialised research and investment group Russian power sector reform: Privatization Pre-Reform Post-Reform Government Government 52% 1 RusHydro 1 FSK RAO ES RAO UES 58% 79% hydro generation HV distribution 53% Far East Holding control control Independent energos 53% 1 MRSK Holding 14 TGKs 0% (Bashkir, Novosibirsk, ~72 energos 0% generation (CHP) generation Irkutsk, Tat) 35 federal plants transmission thermal 11 MRSK distribution 51% hydro LV distribution 0% ~72 SupplyCos supply 6 OGKs other 0% generation 45% InterRAO 0% ~100 RepairCos Source: UES, Companies Data, SPRING research 3 specialised research -
Energy Without Borders
2011 GENERATING ASSETS 27 THERMAL POWER PLANTS, 2 HYDROPOWER PLANTS AND 1 WIND FARM IN THE MANAGEMENT INSTALLED CAPACITY 28.2 GW (+45.8%) SHARE IN THE TOTAL INSTALLED CAPACITY OF RUSSIA 10.2% GENERATION OF ELECTRIC POWER 116.9BN KW*H (+37.3%) BOILER HEAT THERMAL POWER 19.8M GCAL (+0.5%) POWER SUPPLY ASSETS ENERGY POWER SUPPLY ASSETS ENERGY SALES VOLUME AT THE RETAIL MARKET 143.1BN KW*H (SHARE AT THE RF MARKET 14.02%) POWER GRID ASSETS TOTAL LENGTH OF POWER TRANSMISSION LINES ABROAD 34265 KM (+1.1%) ELECTRICITY EXPORT AND IMPORT EXPORT VOLUME 22.7BN KW*H (+21.9%) (INCLUDING AZERBAIJAN +148.1% BELARUS +10774.7% GEORGIA +111.2% KAZAKHSTAN +60.5% CHINA +26.0% LITHUANIA +8.6% MONGOLIA +23.2% SOUTH OSSETIA +11.7% IMPORT VOLUME +17.2% (INCLUDING AZERBAIJAN +93.2% KAZAKHSTAN +58.0%) FINANCIAL INDICATORS REVENUE 536.2BN RUB (+15.5%) EBITDA 41.7BN RUB (+24.1%) NET PROFIT 41.5BN RUB (+123.1%) CAPITAL EXPENDITURES 32.5BN RUB (+97.0%) TOTAL ASSETS 531.9BN RUB (+113.5%) TOTAL EQUITY 390.7BN RUB (+180.9%) NUMBER OF PERSONNEL AS OF DECEMBER 31, 2011 47014 PERSONS ENERGY WITHOUT BORDERS ANNUAL REPORT 2011 JSC “INTER RAO UES” Contents ENERGY WITHOUT BORDERS.........................................................................................................................................................1 ADDRESS BY THE CHAIRMAN OF THE BOARD OF DIRECTORS AND THE CHAIRMAN OF THE MANAGEMENT BOARD OF JSC “INTER RAO UES”..............................................................................................................8 1. General Information about the Company and its Place in the Industry...........................................................10 1.1. Brief History of the Company......................................................................................................................... 10 1.2. Business Model of the Group..........................................................................................................................12 1.4. -
Annual Report 2017
ANNUAL REPORT 2017 10th Anniversary of IPO BANK SAINT PETERSBURG AT A GLANCE 50 000 1 930 000 Corporate customers Individual customers incl. 48 000 Internet Bank users incl. 960 000 Internet Bank users Assets Kaliningrad RUB bn 1 branch and 5 offices 607 3% of loans th 3% of deposits St. Petersburg 16 in Russia 58 offices 74% of loans 90% of deposits Moscow Novosibirsk 1 branch and 1 office Representative office Retail 24% of loans deposits 7% of deposits RUB bn 206 15th in Russia RECORD RESULTS IN THE HISTORY OF THE BANK: Revenues Net income RUB bn RUB bn 33 7.5 7% 75% BANK SAINT PETERSBURG Annual Report 2017 2 CONTENTS 04 STRATEGIC REPORT 05 Letter from the Management 07 10 years of public story 14 Strategy 2018–2020 Assets 17 FINANCIAL PERFORMANCE 18 Financial Highlights 607 23 Balance Structure 16th in Russia 27 Economic Trends 31 BUSINESS DIVISIONS 32 Corporate Banking 40 Retail Banking 43 Private Banking 44 Digital Banking 48 FROM RISK TO OPPORTUNITY 49 Risk Management 54 Development of credit risk evaluation approach 55 New horizons 56 CREATING WEALTH RESPONSIBLY 57 Customers 59 Colleagues 61 Community 64 Corporate Governance BANK SAINT PETERSBURG Annual Report 2017 3 Стратегический Финансовые Направления От рисков Корпоративная взгляд результаты бизнеса к возможностям ответственность STRATEGIC REPORT In 2017, Bank Saint Petersburg celebrated the 10th anniversary of IPO which was one of the most important events for the Bank and had a significant effect on all its subsequent history. BANK SAINT PETERSBURG Annual Report 2017 4 Стратегический Финансовые Направления От рисков Корпоративная взгляд результаты бизнеса к возможностям ответственность Strategic Financial Business From Risk Creating Wealth Report Performance Divisions to Opportunity Responsibly LETTER FROM THE MANAGEMENT Dear customers, investors and partners, We are pleased to present the annual results of Bank Saint Petersburg and development trends. -
a Leading Energy Company in the Nordic Area
- a leading energy company in the Nordic area Presentation for investors September 2007 Disclaimer This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any Fortum shares. Past performance is no guide to future performance, and persons needing advice should consult an independent financial adviser. 2 • Fortum today • European power markets • Russia • Financials / outlook • Supplementary material 3 Fortum's strategy Fortum focuses on the Nordic and Baltic Rim markets as a platform for profitable growth Become the leading Become the power and heat energy supplier company of choice Benchmark business performance 4 Presence in focus market areas Nordic Generation 53.2 TWh Electricity sales 60.2 TWh Distribution cust. 1.6 mill. Electricity cust. 1.3 mill. NW Russia Heat sales 20.1 TWh (in associated companies) Power generation ~6 TWh Heat production ~7 TWh Baltic countries Heat sales 1.0 TWh Poland Distribution cust. 23,000 Heat sales 3.6 TWh Electricity sales 8 GWh 2006 numbers 5 Fortum Business structure Fortum Markets Fortum's comparable Large operating profit in 2006 NordicNordic customers EUR 1,437 million Fortum wholesalewholesale Small Power marketmarket customers Generation Nord Pool and Markets 0% bilateral Other retail companies Deregulated Distribution 17% Regulated Transmission Power and system Fortum Heat 17% Generation services Distribution 66% 6 Strong financial position ROE (%) EPS, cont. (EUR) Total assets (EUR billion) 20 1.50 1.42 20.0 16.8 17.5 17.3 1.22 18 15.1 -
Strategy Development for Sustainable Use of Groundwater and Aggregates in Vyborg District, Leningrad Oblast
Activity 4, Report 2: Strategy for sustainable management of ground water and aggregate extraction areas for Vyborg district The European Union´s Tacis Cross-Border Co-operation Small Project Facility Programme Strategy development for sustainable use of groundwater and aggregates in Vyborg district, Leningrad Oblast Activity 4, Report 2: Strategy for sustainable management of ground water and aggregate extraction areas in Vyborg District Activity 4, Report 2: Strategy for sustainable management of ground water and aggregate extraction areas for Vyborg district Strategy development for sustainable use of ground water and aggregates in Vyborg District, Leningrad Oblast, Russia Activity 4, Report 2: Strategy for sustainable management of ground water and aggregate extraction areas in Vyborg District Edited by Leveinen J. and Kaija J. Contributors Savanin V., Philippov N., Myradymov G., Litvinenko V., Bogatyrev I., Savenkova G., Dimitriev D., Leveinen J., Ahonen I, Backman B., Breilin O., Eskelinen A., Hatakka, T., Härmä P, Jarva J., Paalijärvi M., Sallasmaa, O., Sapon S., Salminen S., Räisänen M., Activity 4, Report 2: Strategy for sustainable management of ground water and aggregate extraction areas for Vyborg district Contents Contents ...............................................................................................................................................3 Summary ..............................................................................................................................................4 Introduction..........................................................................................................................................5 -
QUARTERLY REPORT Public Joint-Stock Company
QUARTERLY REPORT Public Joint-Stock Company Federal Hydrogeneration Company RusHydro Code of the Issuer: 55038-E for Q4 2015 Address of the Issuer: 43 Dubrovinskogo St., bldg. 1, Krasnoyarsk, Krasnoyarsk Krai, 660017. The information contained herein is subject to disclosure pursuant to the securities legislation of the Russian Federation Chairman of the Management Board ― General Director ___________________ N.G. Shulginov Date: 15.04.2016 signature _________________ D.V. Finkel Chief Accountant signature Date: 15.04.2016 Contact person: Roman Yurievich Sorokin, Head of Methodology of Corporate Governance and Property Management Department Tel.: +7 800 333 8000 Fax: +7(495) 225-3737 E-mail: [email protected] The address of the Internet site (sites) where the information contained herein is to be disclosed: www.rushydro.ru, http://www.e-disclosure.ru/portal/company.aspx?id=8580 1 Table of Contents Table of Contents .................................................................................................................................................... 2 I. Information on Bank Accounts, Auditor (Audit Organization), Appraiser, and Financial Advisor of the Issuer, as well as on Persons who Have Signed the Quarterly Report ................................................................................ 6 1.1. Information on the Issuer's Bank Accounts .................................................................................................. 6 1.2. Information on the Issuer's Auditor (Audit Organization) .......................................................................... -
Report on the Charitable Activity of the Elena and Gennady Timchenko Foundation Timchenko Elena & Gennady Timchenko Foundation Foundation Contents
2015 REPORT ON THE CHARITABLE ACTIVITY OF THE ELENA AND GENNADY TIMCHENKO FOUNDATION TIMCHENKO ELENA & GENNADY TIMCHENKO FOUNDATION FOUNDATION CONTENTS Message from Elena and Gennady Timchenko .....................4 Working with the Foundation.............................................109 Message from Xenia Frank .....................................................6 Selecting grant recipients .............................................. 110 Message from Maria Morozova .............................................8 Open grant competitions ............................................... 110 The Foundation’s mission statement and values ................10 Non-competitive support ................................................111 Work programme ..................................................................11 Duration of project support ............................................111 5 years of work – facts and results ...................................... 12 Programme evaluation system ...........................................111 Key results in 2015 .............................................................. 16 Risk management ...............................................................112 Interaction with stakeholders .............................................112 Working with enquiries from the public .........................112 THE OLDER GENERATION PROGRAMME .......................18 Working with regional agents .........................................113 Society for all Ages Focus Area ............................................24 -
INTER RAO Share Placement Price – 0.0535 RUB
Additional share issue Fundamentals Basic results of Private placement : INTER RAO share placement price – 0.0535 RUB Number of shares issued – 13,800,000,000,000 common shares Total number of shares placed with the participants of private placement – 6,822,972,629,771 shares. A total of 49.4% of newly issued shares were placed Number of shares placed with Inter RAO Capital – 2,917,890,939,501 (including shares for deal with Norilsk Nickel, stock option program and future deals) Final volume of Inter RAO’s authorized capital after private placement - 9,716,000,000,000 ordinary shares (increase by a factor of 3.36) Value of the share capital of the Company - 272.997 billion RUB* Total value of assets acquired by Inter RAO within the private placement: • Shares of utility companies - 283.2 bn RUB** • Cash – 81.8 bn RUB Share of government and state-owned companies in the authorized capital of Inter RAO amounts to 60%; Registration of additional share placement report by Federal Service for Financial Markets is planned for June 2011 Newly issued shares should start trading in June 2011 and merge into main symbol in October 2011 (MICEX) * Par value of 1 share - 0.02809767 RUB ** Value of assets based on independent appraisers. It does not include assets that might be received by INTER RAO’ s subsidiaries (closed subscription participants) after May, 17 2 Ownership structure Equity structure before Equity structure to May 17, 2011 Target equity structure after deals placement Minority finalization shareholders Federal Property Federal Property -
Water Management and Assessment of Ecological Status in Transboundary River Basins
WATER MANAGE WATER REPORTS OF FINNISH ENVIRONMENT INSTITUTE 32 | 2007 M ENT AND AND ENT Water Management and Assessment A SSESS of Ecological Status M ENT OF OF ENT in Transboundary River Basins E Abstracts of presentations, COLOGICAL COLOGICAL Final Seminar of the TRABANT project Helsinki, Finland, 11–13 September 2007 Milla Laita (ed.) S TATUS IN IN TATUS T RANSBOUNDARY RANSBOUNDARY R IVER IVER B ASINS FINNISH ENVIRONMENT INSTITUTE This project is part-financed by the European Union (European Regional Development Fund) within the BSR INTERREG III B programme. ISBN 978-952-11-2922-3 (nid.) ISBN 978-952-11-2923-0 (PDF) ISSN 1796-1718 (pain.) ISSN 1796-1726 (verkkoj.) Finnish Environment Institute REPORTS OF FINNISH ENVIRONMENT INSTITUTE 32 | 2007 Water Management and Assessment of Ecological Status in Transboundary River Basins Abstracts of presentations Final Seminar of the TRABANT project Helsinki, Finland 11–13 September 2007 Milla Laita (ed.) Helsinki 2007 Finnish Environment Institute REPORTS OF FINNISH ENVIRONMENT INSTITUTE 32 | 2007 Finnish Environment Institute Research Department The contents of this publication are in the sole responsibility of the authors and can in no way be taken to reflect the views of the European Union. Page layout: Seija Turunen Cover photo: River Emajõgi, Estonia The publication is also available in the Internet: www.environment.fi/publications Edita Prima Ltd, Helsinki 2007 ISBN �7����8-952��������11-2���22�3 �����nid.� ISBN �7����8-952��������11-2���23�0 ����PDF� ISSN �7�6-1718 �print� ISSN �7�6-1726 �online� FOREWORD The final seminar of the project Transnational River Basin Districts on the Eastern Side of the Baltic Sea Network – TRABANT was arranged in Helsinki, Finland, in the Finnish Environment Institute on 11–1 September 2007. -
E P R G W O R K in G P a P
Market power issues in the reformed Russian electricity supply industry EPRG Working Paper 1333 Cambridge Working Paper in Economics 1358 Nadia Chernenko Abstract The paper examines long-run and short-run levels of market power in the liberalised Russian electricity market. We observe that despite potential for market power abuse, actual exercise of market power as measured by price-cost markups remained low. We attribute the result to the bid-at-cost rule implemented as a part of a special unit commitment procedure on the day-ahead market. We first look at the restructured industry and discuss the mergers and acquisitions and their impact on competition in long term. The M&A were undertaken in different market zones and thus did not seem to increase concentration (HHI remains almost unchanged) although with future zone integration competition in long run is put at risk. We then examine short-run level of market power by estimating hourly price-cost mark-ups and assessing their dynamics in 2010 and 2011, a year preceeding and following the G PAPER market liberalisation respectively. Using time series models (AR models) N we reject hypothesis of actual market power abuse. Further, using a Tobit regression we find that the liberalisation decreased the mark-ups by about 1.66 percetage points. .Keywords Russian electricity market, liberalisation, market power, concentration, price-cost mark-ups JEL Classification L11, L13, L94 Contact [email protected] Publication June 2013 EPRG WORKI Financial Support Trinity College Eastern European Research Bursary www.eprg.group.cam.ac.uk EPRG 1333 Market power issues in the reformed Russian electricity supply industry Nadia Chernenko October 2013 Abstract. -
Luumäki–Imatrankoski-Kaksoisraiteen Alustava Yleissuunnittelu Ja Ympäristövaikutusten Arviointi (YVA) Ympäristövaikutusten Arviointiselostus
Luumäki–Imatrankoski-kaksoisraiteen alustava yleissuunnittelu ja ympäristövaikutusten arviointi (YVA) Ympäristövaikutusten arviointiselostus SITO OY 2008 Ratahallintokeskus Luumäki–Imatrankoski-kaksoisraiteen alustava yleissuunnittelu ja ympäristövaikutusten arviointi (YVA) Ympäristövaikutusten arviointiselostus Helsinki 2008 YHTEYSTIEDOT JA NÄHTÄVILLÄOLO LISÄTIETOJA YVA-selostus on nähtävillä seuraavissa paikoissa: YHTEYSVIRANOMAINEN Luumäen kunnantalo Imatran kaupungintalo Kaakkois-Suomen ympäristökeskus Linnalantie 33 Virastokatu 2 Kauppamiehenkatu 4 54500 LUUMÄKI 55120 IMATRA PL 1023, 45101 KOUVOLA Antti Puhalainen, puh. 020 490 4344 Luumäellä, Jurvalassa Kangasvarren kirjasto Imatran pääkirjasto [email protected] Suoanttilantie 2 Virastokatu 1 54530 LUUMÄKI 55120 IMATRA HANKKEESTA VASTAAVA Lappeenrannan kaupungintalo Kaakkois-Suomen ympäristökeskus Villimiehenkatu 1 Kauppamiehenkatu 4 Ratahallintokeskus 53100 LAPPEENRANTA 45100 KOUVOLA Kaivokatu 8 PL 185, 00101 HELSINKI Lappeenrannan maakuntakirjaston opintosali Kaakkois-Suomen ympäristökeskus Hannu Lehikoinen, puh. 020 751 5054 Valtakatu 47 Laserkatu 6 Susanna Koivujärvi, puh. 020 751 5015 53100 LAPPEENRANTA 53850 LAPPEENRANTA [email protected] Joutsenon kaupungintalo Kesolantie 1 SUUNNITTELUKONSULTTI 54100 JOUTSENO Sito Oy Joutsenon kirjasto Tietäjäntie 14 Keskuskatu 2 02130 ESPOO 54100 JOUTSENO Liisa Nyrölä, puh. 020 747 6193 Pohjakartat: Jukka Köntti, puh. 020 747 6054 © Maanmittauslaitos lupa nro 053/MML/08 Joutsenon Korvenkylän kirjasto [email protected] -
Trends in Population Change and the Sustainable Socio-Economic Development of Cities in North-West Russia
THE DEVELOPMENT OF THE BALTIC REGION TRENDS IN POPULATION CHANGE AND THE SUSTAINABLE SOCIO-ECONOMIC DEVELOPMENT OF CITIES IN NORTH-WEST RUSSIA A. A. Anokhin K. D. Shelest M. A. Tikhonova Saint Petersburg State University Received 21 November 2018 7—9 Universitetskaya emb., Saint Petersburg, Russia, 199034 doi: 10.5922/2079-8555-2019-4-3 © Anokhin A. A., Shelest K. D., Tikhonova M. A., 2019 The Northwestern Federal District is a Russian macro-region that is a unique example of a model region. It accounts for 10 % of the country’s total area and 9.5 % of its population. This article aims to trace the patterns of city distribution across the region, to assess the conditions of differently populated cities and towns, and to identify sustainability trends in their socio-economic development. Population change is a reliable indicator of the competitiveness of a city. As a rule, a growing city performs well economically and has a favourable investment climate and high-paid jobs. The analysis revealed that population change occurred at different rates across the federal district in 2002—2017. A result of uneven socio-economic development, this irregularity became more serious as globalisation and open market advanced. The study links the causes and features of growth-related differences to the administrative status, location, and economic specialisation of northwestern cities. The migration behaviour of the population and the geoeconomic position are shown to be the main indicators of the sustainable development of a city. Keywords: cities, urban population, Northwestern Federal District, city classification, population, city sustainability Introduction When studying the urban population distribution and its dynamics over the past decades, it is necessary to take into account the territorial heterogeneity of To cite this article: Anokhin, A.