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MarketScreener Homepage  >  Equities  >  MOSCOW INTERBANK CURRENCY EXCHANGE  >  Inter RAO EES PAO    IRAO   RU000A0JPNM1

INTER RAO EES PAO

(IRAO)
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Inter RAO YEES : Kaliningrad gets Moscow energy boost as Baltic states pull plug

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03/23/2019 | 03:36am EST

Russian state energy holding InterRAO recently announced the launch of the Pregolsky gas-powered station with a capacity of 455.2 megawatts (MW), the largest of four stations Moscow hopes will make Kaliningrad energy self-sufficient. The stations will have a combined capacity of around 1 gigawatt.

In itself nothing terribly special. But in the growing war of words between Russia and NATO, Kaliningrad is becoming a strategic and symbolic hot spot.

Once the capital of Prussia and home to philosopher Immanuel Kant, the area is still of great strategic importance to Moscow, home to the Russian Baltic Fleet at the port of Baltiysk, the country`s only ice free European port. Russia recently deployed another regimental set of the S-400 Triumph air defense missiles in the exclave.

The Mayakovskaya and Talakhovskaya plants, which are also gas-powered, have a combined capacity of 312 megawatts (MW). They started operations last March, while the fourth, coal-powered Primorsky, could be completed in 2020 and is designed to act as a backup.

"The region will become fully energy independent once the construction of the reserve Primorsky thermal power station is completed," InterRAO cited its head, Boris Kovalchuk, as saying.

The 100-billion-ruble (1.3 billion, $1.5 billion) project is financed by state holding company Rosneftegaz, funded by dividends from Gazprom and Rosneft.

EU pulls plug

Lithuania, along with Estonia and Latvia, intends to unplug itself from the Russian power grid and integrate into the EU grid by 2025. The three Baltic States joined the EU in 2004, but their power systems remain interconnected with Russian and Belarusian power systems along AC 330 kV lines. Kaliningrad, meanwhile, has no border with mainland Russia and has relied on Lithuania, which in turn imports power from mainland Russia.

Old less well known rivalries

The only electricity link between the Baltic States and other EU states, LitPol, was launched in 2016 berween Lithuania and Poland, carrying 500 MW of electricity. The interconnector is key for the Baltic synchronization plans, although at least one more link with Poland will be needed, experts believe.

But Vilnius` relations with Warsaw have not been plain sailing, with Poland reluctant about building the link, possibly due to high investments (300 million from the Polish side), potential price competition from the electricity exported by Lithuania as well as concerns about the environmental impact.

To push the process, the European Commission agreed recently to allow the transmission system operator to apply for financial support from EU funds.

Testing, testing

The critical phase was due before when the Baltics were set to begin testing unplugging themselves from the Russian grid, but they were postponed and no new date has yet been agreed.

Russia is to conduct its own test by temporarily unplugging Kaliningrad from neighboring states in May, and Deputy Prime Minister Dmitry Kozak said the Baltics had told Russia they would conduct their test after Kaliningrad had conducted its own.

Gas too

On January 8, Gazprom put into operation an offshore gas receiving terminal and the Marshal Vasilevsky Floating Storage and Regasification Unit (FSRU) in Kaliningrad, Russia`s first floating regasification unit. Total investment in the project was 780 million and will allow up to 3.7 billion cubic meters (130 billion cubic feet) of gas to be delivered by sea annually.

Read more: NATO chief Jens Stoltenberg wants fewer tensions, improved relationship with Russia

Lithuania has a contract with Gazprom on gas transit to Kaliningrad until 2025 and in preparation Gazprom has also set up the Kaliningradskoye underground gas storage (UGS) facility and increased the throughput capacity of the MinskVilniusKaunasKaliningrad gas pipeline, the only route for gas deliveries to Kaliningrad.

(c) 2019 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (RUB)
Sales 2019 1 019 B
EBIT 2019 101 B
Net income 2019 85 797 M
Finance 2019 224 B
Yield 2019 3,07%
P/E ratio 2019 5,44x
P/E ratio 2020 5,53x
EV / Sales2019 0,24x
EV / Sales2020 0,14x
Capitalization 464 B
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 8
Average target price 7,78  RUB
Last Close Price 6,31  RUB
Spread / Highest target 74,3%
Spread / Average Target 23,3%
Spread / Lowest Target -28,7%
EPS Revisions
Managers
NameTitle
Boris Yuryevich Kovalchuk Chairman-Management Board, President & CEO
Igor Ivanovich Sechin Chairman
Pavel Ivanovich Okley Head-Operations
Evgeny Nikolayevich Miroshnichenko Head-Finance & Economy
Aleksandr Markovich Lokshin Independent Director
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