Far Eastern TPP RusHydro increased compensation for losses

According to Kommersant, the Far Eastern TPP RusHydro (MOEX: Hydr) can return 22.5 billion rubles. losses due to increased payments for power, and not 17.1 billion rubles, as planned earlier. Include another 5.37 billion rubles in this amount. dropping income for 2024, which arose due to growth in fuel prices, which was not covered with a tariff, the FAS proposed. This will support the reliability of energy supply, but the load on industrial consumers will grow, analysts indicate.

The FAS proposes to include another 5.37 billion rubles in a fee for power. falling income of the Far Eastern generating company (DGK; part of RusHydro) for 2024. As a result, the total amount of compensation will increase to 22.5 billion rubles. This follows from the materials of the Government Commission on the electric power industry, which will be held on June 4 (“Kommersant” saw materials).

Previously, in the payment for power, regulators planned to take into account 17.1 billion rubles. drop -down revenues of the DGK for 2011–2023. But in tariffs for 2024, the increased fuel costs in the amount of 5.37 billion rubles were not laid.

Now the FAS proposes to compensate for falling income for three years starting on July 1, 2025 – 625 million rubles will be added to industrial consumers per month.

Far Eastern TPPs suffer from losses due to the increase in the cost of coal, which is sold at free prices, as a result, the actual expenses of companies do not coincide with the inherent in the tariff. The RusHydro group includes several assets in the Far East, the DGC among them is the largest generating company that uses coal as the main and backup fuel.

To compensate for losses, the Government of the Russian Federation regularly discusses the measures to support generation in the Far Eastern Federal District. Among them is the extension of the Far Eastern allowance, accelerated liberalization of prices, a ban on the payment of dividends « RusHydro » (see « Kommersant » of February 11, March 3 and April 21). In addition, Russian President Vladimir Putin proposed to oblige coal miners to supply fuel for energy to the domestic market in priority at regulated prices.

According to the results of 2024, the net loss of the DGK in RAS increased five times, to 42.7 billion rubles. RusHydro expenses for fuel for the first quarter of 2025 amounted to 48.5 billion rubles, the company’s reports of the IFRS said. A year by the year, the indicator increased by 3.2 billion rubles.

The FAS also proposes to recount the volume of excessively received fuel of the Primorsky GRES (1.5 GW) of Kuzbassenergo (included in the Siberian generating company) for 2024. Excess income in the amount of 8.14 billion rubles. They can be removed for three years, starting in July. RusHydro and Yakutskenergo will be obliged to return 7.6 million and 17.8 million rubles. Accordingly, already in 2025.

According to the materials of the government commission, taking into account the proposal of the FAS and the current regulatory mechanisms, the growth of the final electricity price in the Far East with 5.89 rubles is predicted. for 1 kW • h in 2025 to 8.84 rubles. for 1 kW • h in 2030. The FAS did not respond to the request “Kommersant”.

Sergey Rozhenko from Kept considers the amount of compensation critical for the financial stability of the DGC, since with revenue of 120 billion rubles. According to the results of 2024, the loss amounted to more than 42 billion rubles, while the company has shown a loss for several years. “Compensation of the DGC will become an additional load on consumers, but, apparently, necessary for less evil for the reliability of energy supply,” the analyst notes.

Anna Tybin