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Annual Report 2007 Oao Irkutskenergo

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Annual Report 2007 Oao Irkutskenergo ANNUAL REPORT 2007 OAO IRKUTSKENERGO Irkutsk 2007 ANNUAL REPORT IRKUTSK POWER GENERATION AND DISTRIBUTION COMPANY (OAO IRKUTSKENERGO) 2007 ANNUAL REPORT 3 ABBREVIATIONS BAM Baikal-Amur Mainline LV low voltage BHN Bratsk Heating Networks MBA Master of Business Administration BHPP Bratskaya Hydroelectric Power Plant MICEX Moscow Interbank Currency Exchange bn billion mln million BM balancing market MV medium voltage CHPP combined heat and power plant MW megawatt CMP Cost Management Program N-I CHPP Novo-Irkutskaya Combined Heat and Power Plant CPGD Central Power Grid District NKAZ Novokuznetsk Aluminium Smelter DAM day ahead market NOREM New Wholesale Electricity and Capacity Market (BM, DAM, LTBCM) EBITDA earnings before interest, taxes, depreciation and amortization NPGD Northern Power Grid District EPGD Eastern Power Grid District OAO open joint-stock company EPS earnings per share OOO limited liability company FST Federal Tariff s Service OPI overall performance improvement Gcal gigacalorie RAO UES of Russia RAO Unifi ed Energy System of Russia HND heating network district REC Regional Energy Commission HPP hydroelectric power plant ROA return on assets HR human resources ROE return on equity MAREM+ Interregional Agency of Electric Power and Capacity Market RTS Russian Trading System HV high voltage RF Russian Federation Hz hertz RUB Russian ruble IE OAO Irkutskenergo SPGD Southern Power Grid District IESK OOO Irkutsk Grid Company TCE tonne of coal equivalent IHPP Irkutskaya Hydroelectric Power Plant TPP thermal power plant IFRS International Financial Reporting Standards UDCC United Dispatch Control Center Irkustskenergosbyt Irkutsk Power Sales Company UES Unifi ed Energy System L.A.Melentiev Energy Systems Institute of the Siberian Branch of Russian ISEM SB RAS Academy of Sciences U-I HPP Ust-Ilimskaya Hydroelectric Power Plant kg kilogram USD United States Dollar km kilometer V volt kV kilovolt VAT value added tax kW kilowatt WPGD Western Power Grid District kWh kilowatt-hour y-o-y year on year LTBCM long-term bilateral contract market ZAO closed joint-stock company IRKUTSK POWER GENERATION AND DISTRIBUTION COMPANY (OAO IRKUTSKENERGO) 2007 ANNUAL REPORT 4 CONTENTS Abbreviations ......................................................................................................................................................................3 Address to Shareholders by the Chairman of the Board of Directors, OAO Irkutskenergo .................................................7 Address to Shareholders by the General Director, OAO Irkutskenergo..............................................................................9 PERFORMANCE HIGHLIGHTS ..............................................................................................................................................11 2007 Major Events in the Reporting Period ...................................................................................................................17 OAO IRKUTSKENERGO GENERAL PROFILE ...........................................................................................................................19 General Information .....................................................................................................................................................21 Core Operations ............................................................................................................................................................21 ОAO Irkutskenergo Management Structure ..................................................................................................................22 SHAREHOLDERS’ EQUITY ....................................................................................................................................................23 Stock Market and Dividends..........................................................................................................................................26 Stock Market Quotations in 2007 ..................................................................................................................................27 PRODUCTION .....................................................................................................................................................................29 Generating Capacity Information ..................................................................................................................................31 Power Generation .........................................................................................................................................................33 Power Grid Performance ...............................................................................................................................................34 Safety and Reliability of Operations ..............................................................................................................................34 Cost Management ........................................................................................................................................................35 Fuel Balance and Supply ...............................................................................................................................................37 HEAT AND ELECTRICITY MARKET ........................................................................................................................................39 Tariff s and Tariff Policy ..................................................................................................................................................41 Energy Trading ..............................................................................................................................................................45 Accounts Receivable .....................................................................................................................................................46 Internal Market .............................................................................................................................................................47 External Market ............................................................................................................................................................49 MANAGEMENT OF THE COMPANY ......................................................................................................................................51 Corporate Management ................................................................................................................................................53 Property Management .................................................................................................................................................55 Standardization and Streamlining of Business Processes ..............................................................................................58 Legal Issues ..................................................................................................................................................................58 Risk Management .........................................................................................................................................................59 COMPANY FINANCE ...........................................................................................................................................................61 HUMAN RESOURCES ..........................................................................................................................................................67 INFORMATION TECHNOLOGIES ...........................................................................................................................................73 ENVIRONMENTAL ISSUES ...................................................................................................................................................77 RESULTS OF INVESTMENT ACTIVITIES .................................................................................................................................81 Appendix 1. Financial statements ................................................................................................................................89 Appendix 2. Auditor’s report .........................................................................................................................................93 Appendix 3. Compliance with the corporate code of conduct and ethics .....................................................................103 Appendix 4. Meetings of OAO Irkutskenergo management bodies .............................................................................111 IRKUTSK POWER GENERATION AND DISTRIBUTION COMPANY (OAO IRKUTSKENERGO) 2007 ANNUAL REPORT 5 OAO IRKUTSKENERGO TODAY OAO IRKUTSKENERGO IS ONE OF THE MAJOR ENERGY NETWORKS IN RUSSIA AND THE LEADER OF POWER INDUSTRY IN SIBERIA. THE INSTALLED ELECTRIC POWER CAPACITY AMOUNTS TO 12,879.9 MW AND THE INSTALLED HEATING CAPACITY 13,357.5 GCAL/H. Installed capacity of power plants 13 GW Output per capita 23,000 kWh Average electricity price (2007) 0.3247 RUB/ kWh The Company business is based on HPP generation, accounting for over 80% of power production. The Angara HPP Cascade of OAO Irkutskenergo is characterized by a steady watercourse provided by the world’s largest water reserve (Lake Baikal), with an annual potential of hydro energy
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