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Свод по БП РСК на 2007 год

VIEWS: 3 PAGES: 12

									http://www.mrsk-cp.ru
  MRSK of the Centre and Privolzhye OJSC geographical location




Currently, the ‘Interregional Distribution Grid Company of the Centre and Privolzhye’
    Open Joint Stock Company is the main provider of services for supplying electricity
    and technical connection to electricity grids in the regions of Vladimirskaya,
    Ivanovskaya, Kaluzhskaya, Kirovskaya, Nizhegorodskaya, Ryazanskaya and
    Tulskaya, and the republics of Mariy El and Udmurtskaya. The region being serviced
    extends for 1,315 km west and east and 315 km north and south, the region’s area
    – 414 thousand km2, resident population – 14.4 million.

The company is a natural monopoly and actually all distributing power grids with
    voltage of 110 kV and lower in these 9 regions are owned by MRSK Center and
    Privolzhie OJSC.


                                                                                          1
    MRSK of the Centre and Privolzhye OJSC generating capacity
    Length of          Transformer      Distribution    Sub-stations        Transformer sub-station
transmission lines,    sub-stations     sub-stations     (35 kV and            installed capacity
 including cables     (6 – 35/0,4 kV)    (6 – 10 kV)        over)              (35 kV and over)

   263,400 km             58,203            520            1,540                  27,640 MVA




     Transmitted electricity volume      Number of staff … 19,600
           (million kWH)
                                         Company assets as at 29 Feb 08 … RUB49.1 billion
      in 2006              in 2007
     53,580.68            54,302.66



                                           2008        2009        2010            Total
Transmission lines planned for
commissioning (km)                         1,226.97    1,290.16        1,232.34   3,749.47
Capacities planned for
commissioning (МVА)                        1,360.80    1,245.15         652.40    3,258.35



                                                                                                      2
                         Sale of services

                  MRSK earnings for 2007–10
                     Earnings (‘000 RUB net of VAT)
       2006          2007        2008*           2009*        2010*
     21,177,015    26,778,989   35,034,404   41,658,622      43,265,884

    * – planned

Growth in revenue will derive from growth in the volumes of electricity
transmitted, tariff changes and expansion of the technical connection of
customers to the distribution network.


                  MRSK revenue make-up for 2007

               Electricity          Technical
                                                         Other revenues
              transmission         connections
                 94.9 %               3.5 %                  1.6 %




                                                                           3
                  MRSK investment activities for 2006–10

                                  Invested capital values
                                                                                          Total
     Year             2006        2007         2008*         2009*          2010*
                                                                                        2006–10*

   ‘000 RUB         3,292,687   5,508,508     9,983,609     8,327,205     6,094,516     33,206,525

   ‘000 $
                     136, 910     229,044      415,119        346,246       253,410         1,380,729
RUB/$= 24.05

* – planned


                  Investment and funding sources structure for 2007

                Investment structure                              Funding sources structure

Technical refurbishment and                 72.6 %     Depreciation                              43.1 %
reconstruction
                                                       Profit, including ‘investment             21.6 %
New construction                            25.2 %     component’ in electricity
                                                       transmission tariff
Major assets acquisition                     2.0 %
                                                       Miscellaneous, including technical        35.3 %
Miscellaneous                                0.2 %     connection fees




                                                                                                          4
Technical connection fee

Its introduction was prompted by the fact that the existing tariff regulation system
prevents distribution grid companies from meeting the growing demand for connection
to the energy grid because of material restrictions on tariff increases.
The basis of the scheme is as follows: anybody who wants to be connected to the grid
shall bear all the costs required for the increase in the Energo-JSC’s grid capacity. The
amount of the connection fee is calculated on the basis of the region’s mid-term demand
for grid capacity increase. Currently, such a fee is levied in the regions which suffer a
serious deficit of grid assets.




                             Technological connection services
                                 (billion RUB net of VAT)

               2007             2008*             2009*            2010*

                0.9              1.5               1.9              2.6

          * – planned




                                                                                            5
Tariff calculation using Return on Regulatory Asset Base (RAB)
method
It is expected that during 2010–12 there will be a gradual transition from the ‘Costs + ’ method of
regulating tariffs for electricity transmission via the distribution grid, to the ‘Return on Regulatory
Asset Base’ (RAB) method.
The RAB method is aimed at providing full return of funds invested into company assets during the
period determined to correspond to asset service-life, and at normalised revenue earning, the level of
which is set by the Government, and which shall correspond to the RSK’s risk profile and its sector
prominence to investors.




                                                                                       Yield on Asset


                     =                           +                           +
   Required gross                                                                           Base
                                Operational                  Return on
   earnings at RAB                                                                       Asset Base
                                  costs                      Asset Base
       method                                                                              WACC
                                                                                        (regulatory)


Operational costs include all productions costs, excluding depreciation of a company’s tangible and
intangible assets.
Return on Asset Base shall provide for replacement of the assets used intensively for electricity
transmission via the MRSK grid.
Yield on Asset Base is calculated on the basis of regulated rate of return (regulatory WACC)
established by the regulator, the rate of which will be established for the long-term regulatory period
and will be the same for all MRSK.


                                                                                                          6
                                      Equity

28 June 2007, RAO UES of Russia established the MRSK of the Centre and Privolzhye
OJSC
29 February 2008, the MRSK merged with nine regional grid companies, and additional
share issues were carried out for this purpose.

Currently, MRSK of the Centre and Privolzhye OJSC’s statutory capital totals 11.27 billion
RUB, and comprises 112.7 billion ordinary shares.

April 2008 – shares will be traded at MICEX and RTS
July 2008 – listing for adoption to ‘B’ Quoted List
June 2010 – publishing of ISA-based or US GAAP-based financial statements
July 2010 – listing for adoption on ‘A’ Quoted List

          Main shareholders                  After restructuring of the electricity sector
                                             and the liquidation of RAO UES, its equity
 RAO UES of RUSSIA                 50.3
                                             will be transferred to the MRSK Holding,
 IES                                7.6      which will have the following structure: 52%
                                             will be owned by the Government and 48%
 Prosperity                        11.2
                                             by minority shareholders.
 Bridgeport                         6.7
 Eurochem AM Limited                2.0
 Renaissance Securities             2.0
 Others                            22.2

The nonresident shareholders account for over 20%.
                                                                                             7
                         Comparison with Foreign Analogs
In the long-term perspective, Russia’s and foreign distributing companies may be
compared using the following indicators:
                                                                                      EV/ Resident   EV / El.sales
                                                                                       $/persons       $/MVh

•capitalization/amount of power                             Average across
transmitted: EV/El.sales                                    companies of developing
                                                            countries                          282             183

• capitalization/population of serviced                     MRSK Center and
territory: EV/Resident                                      Privolzhie                         124              32

                                                            Growth potential, %             128%            472%

These ratios are not dependent on the existing tariff-formation system, specifics of
Russian accounting, degree of capacities loading, but they take into account a potential
growth in the amount of electric power transmitted and change in tariff regulation.

                      Mcap,     Electricity   EV/El.sales
                                                               Main reasons of growth:
                      mln.$     sales, MV      $/ МVh          • improved corporate management
                                                               • changed tariff regulation, changing-over
Budapesti
Elektromos Muvek,
                                                               to RAB
Hungary                981.4         7, 371          133       • implementation of investment program
                                                               • positive effect of joining RSK and MRSK
Prazska Energetika,
Czech Republic        1,502.8        5, 802          259
MRSK Center and
Privolzhie            1,732.5       54,302            32




                                                                                                                     8
                                                                  MRSK Center and Privolzhie:
                                                                Investment-Attractive Company
• One of the largest distributing grid companies of Russia having high investment
attractiveness has been established;
• This has created opportunity for prompt, efficient and operational management
due to economy of scale and synergy;
• Investment resources are being consolidated and potentialities of their efficient
use increase;
• Increased credit rating will allow the company to make less expensive borrowing;
• Reduced transaction costs;
•Increased efficiency of financial flow management.

 By 2012, MRSK capitalization may reach capitalization of foreign analogs and make up RUB 112
                                            billion

                                                  Forecast of MRSK Capitalization by Early 2012

         120

         100
                                                                                                                                                      112

              80
    RUB bln




                                                               53,9
              60
                             43,2
              40

              20

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                                                                                                                                                                    9
Comparison with Other Distributing Grid Companies of Russia

  13 interregional distributing grid companies operate in Russia.

  At the end of six-month period of 2007, FSK UES OJSC conducted a comparison in
         terms of the following indicators:

  •     Financial and economic status
  •     Equipment operation and grid reliability
  •     Sale of services and interaction with customers
  •     Capital construction
  •     IT-support
  •     Personnel quality

  MRSK Center and Privolzhie scored the most.

  Strengths of MRSK Center and Privolzhie:
  1.    Personnel quality
  2.    Equipment operation and grid reliability
  3.    Financial and economic status
  4.    Development prospects




                                                                                   10
THANK YOU FOR YOUR
       TIME!

								
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