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RusHydro's profit falls after entering unprofitable power units in the Far Eastern Federal District
Net profit of RusHydro decreased by 27% compared to 2018 and amounted to 51,5 billion rubles. The main reason -
"Paper" write-offs after the introduction of unprofitable power units in the Far East, which turned out to be more significant than expected by the company.
As the Kommersant, the holding's specialists predicted a profit drop of no more than 25%, to 30,8 billion rubles. However, the impairment losses for the units introduced in 2019 at Sakhalin GRES-2, TPPs in Sovetskaya Gavan and Nizhne-Bureyskaya HPP amounted to significantly more.
At the same time, as stated in RusHydro, write-offs will not significantly affect dividends for 2019. Shareholders will be able to get 15,7 billion rubles. In 2020, less write-offs are expected. And in 2021-2022 they will not be at all, since new facilities are not expected to enter the Far Eastern Federal District.
Only in 2023, the energy holding plans to introduce two more facilities in the Far Eastern Federal District. One of them is the Pevek-Bilibino LYUP, the other is a hydraulic unit at the Ust-Srednekanskaya hydroelectric station.