Enel Russia posts solid results in 9m 2021 backed by continuous strong market environment

  • Enel Russia recorded a notable increase of net power production growing above 20% YoY thanks to increased electricity and heat sales on the backdrop of favorable weather conditions during 9M 2021 and higher economic activity in Russia
  • Revenues grew by almost 10%, backed by strong market electricity prices together with robust demand
  • Expiration of thermal Capacity Supply Agreements (CSA) continued to negatively affect financial results at EBITDA and Net income levels, partially compensated by start of renewable CSA of Azov wind farm and continuous efforts on fixed cost optimization  



9M 2021

9M 2020














Net income




Net debt at the end of the period





[1]  As of December 31st, 2020

“Compared with last year, the company’s 9M revenues are quite strong and reflect higher demand and prices, while the change in composition of revenue streams and increased investments in our renewable and modernization projects negatively affect other financial metrics. As for our 2021 financial indicators, we confirm our business plan net income guidance.”

– Stephane Zweguintzow, General Director of Enel Russia


Moscow, October 28th, 2021 – PJSC Enel Russia publishes its unaudited financial results for 9M 2021 in accordance with the International Financial Reporting Standards (IFRS).

  • Revenues showed a notable growth driven by the two most important trends mentioned below:

- On a positive side, revenues were affected by an increase in prices and volumes of electricity and heat sales. Sales volumes increased in connection with higher demand in the energy system compared to the last year, mainly caused by favorable weather conditions and continued growth of economic activity in the country. This, in turn, triggered a continued growth of market electricity (DAM) prices throughout the whole period in European Russia and the Urals (the first price zone). Finally, the annual increase of regulated tariffs and indexation of free capacity (KOM) prices for 2021 further contributed to the growth of revenues.
- On a negative side, revenues were impacted by lower capacity sales, which were affected by the expiration of thermal CSAs on our 829 MW CCGT units at Nevinnomysskaya GRES and Sredneuralskaya GRES. This was only partially compensated by the start of renewable CSA of our 90 MW wind farm in Azov.

  • EBITDA decreased by 23.2%, mainly due to the change in the composition of revenue streams compared with last year. On the one hand, capacity sales went down by 32.0% YoY to Rub 7.2 Bn due to lower CSAs payments received from the market. On the other hand, electricity sales increased by 32.8% YoY to Rub 25.4 Bn thanks to higher volumes and prices of electricity and heat sold, which were, however, offset by almost proportional higher fuel costs. Finally, a series of managerial actions aimed at fixed cost optimization supported the EBITDA figure.
  • EBIT fell by 34.3%, following EBITDA dynamics, and was additionally impacted by increased depreciation and amortization expenses following the start of Azov wind farm commercial operation.
  • Net income showed better dynamics compared to EBIT decreasing by 22.4%, mostly thanks to lower net financial expenses, which were driven by favorable foreign exchange dynamics and RUB appreciation during 9M 2021.
  • Net debt expectedly continued to increase from Rub 13.7 Bn as of December 31st, 2020, to Rub 25.9 Bn as of September 30th, 2021, mainly reflecting our investments into renewables and modernization projects.





9M 2021

9M 2020


Net power production (GWh)








    - gas output




    - wind output




Power sales (GWh)




Heat sales (thousand Gcal)





  • Net power output strongly grew in 9M 2021, following higher electricity demand in the areas of Enel Russia’s operations, on the background of colder than average temperatures in the 1Q of 2021 and warmer than average temperatures in the summer of 2021. Lower output of hydro facilities and maintenance activities on several nuclear power plants also contributed to higher loading of our thermal facilities. Finally, our Azov wind farm continued to positively contribute to output dynamics and already produced more than 80 gigawatt hours.


Going into deeper analysis, all Enel Russia’s power plants increased their output due to higher loading by the System Operator, and in particular:

- Conventional gas units’ output showed a substantial growth of 23.4% YoY during 9M 2021, mostly caused by strong demand in the energy system, backed by favorable operating environment.
- Combined cycle units’ output recorded a solid increase of 15.2%, due to stable higher loading during 9M 2021 compared to a low base during 9M 2020, which was affected by planned maintenance activities.
- Wind output continued to positively impact our total production figures during the whole 3Q.

  • Power sales increased following the abovementioned dynamics of net power output.
  • Heat sales increased by 8.0%, mostly driven by colder temperatures during 1Q 2021 compared to the last year, and heating season starting in mid-September 2021, 1-2 weeks ahead of planned schedule. All power plants showed positive dynamics during 9M 2021 YoY in terms of volumes, with marginal increase in the Central Russia and in the South, together with double-digit heat output volumes growth in the Urals.

Enel Russia posts solid results in 9m 2021 backed by continuous strong market environment

PDF (203.42 Kb) Download