Inter RAO YEES : Russian Power Generation Subsidiaries of Inter RAO Group Announce RAS Financial Results for the First Nine Months of 2018

25 October 2018

* Financial results are available for the generation companies: JSC Inter RAO - Electric Power Plants, JSC Nizhnevartovskaya TPP, Bashkir Generation Company LLC, JSC TGK-11, and JSC Tomsk Generation

The following key factors affected the operating and financial results of Russian power generation and heat production subsidiaries of Inter RAO Group:

• Commissioning of new generating capacities in the amount of 440 MW at Zatonskaya TPP in March 2018;
• Marketing of the capacity of leased facilities of LLC Kaliningrad Generation (power generating units of Mayakovskaya TPP and Talakhovskaya TPP put into operation with total power generation capacity of 316 MW);
• Change in the prices for marketing of capacities of CDA facilities (''CSA delta 10/15' payment, increase in the DAM ratio, decrease in the price for marketing capacities of other CDA facilities due to the impact of the general factor of decrease in the rate of return, taken into account in the capacity price of CDA facilities according to the regulatory framework, and decrease in the rate of return of long-term state liabilities (LTSL) used in the calculation of capacity prices);
• Decrease in the actual weighted average price for electricity at 'day ahead' market in the first pricing zone;
• Indexation of gas prices;
• Lower average air temperatures and longer heating season in the regions where electric power plants are located.

Operating and financial results of the power generation subsidiaries:

Indicator	Inter RAO - Electric Power Plants		Nizhnevartovskaya TPP
	9 months of 2018	Change	9 months of 2018	Change
Revenue	139,0	3,5%	13,4	0,3%
Production cost	107,2	1,2%	10,7	6,8%
Sales profit	30,1	12,8%	2,2	(22,5%)
Net income	28,0	(4,3%)	1,8	(22,3%)
Power generation, billion kWh	59,6	-	9,5	5,8%
Heat distribution from collectors, million Gcal	2,6	2,3%	0,2	7,3%

* Billion rubles unless indicated otherwise

Operating and financial results of the heat production subsidiaries:

Indicator	«Bashkir Generation Company»		«TGK-11»		«Tomsk Generation»
	9 months of 2018	Change	9 months of 2018	Change	9 months of 2018	Change
Revenue	32,5	4,5%	13,3	2,8%	4,9	6,8%
Production cost	27,1	0,3%	11,8	2,6%	4,4	10,1%
Sales profit	4,6	18,2%	1,1	5,1%	0,2	(40,1%)
Net income	3,3	42,2%	1,1	61,6%	0,2	(6,6%)
Power generation, billion kWh	13,3	(1,5%)	4,6	(4,0%)	1,2	0,6%
Heat distribution from collectors, million Gcal	11,4	1,2%	6,2	7,7%	3,2	13,9%

* Billion rubles unless indicated otherwise

For more details on RAS financial results of the power generation subsidiaries of Inter RAO Group for the first nine months of 2018, please visit their official websites:

«Inter RAO - Electric Power Plants» and Nizhnevartovskaya TPP	«Bashkir Generation Company»	«TGK-11»	«Tomsk Generation»
Press release	Press release	Press release	Press release
Statements for the first nine months of 2018	Statements for the first nine months of 2018	Statements for the first nine months of 2018	Statements for the first nine months of 2018
Operating results	Operating results	Operating results	Operating results