Enel Group subsidiary OGK-5 recently published its consolidated financial results for 2013, which showed €1.647 billion of revenue, and growth of five percent compared to the previous year. The Group owns 55.86 percent of the Russian power business, which has thermal power stations in several regions that have a combined net installed capacity of nine gigawatts and a produce 42.4 terrawatt-hours of electricity.
'Once again Enel OGK-5 posted a strong performance, thanks to continuous improvements in energy management and a focus on cost containment,' said Enrico Viale, Director General of Enel OGK-5. 'In line with the targets announced to the market last year, a solid EBITDA increase was posted despite the growing discrepancy in the growth of gas and electricity prices.'
The business increased its EBITDA by 14percent to €398million, meeting the target that had been communicated to the market, while net profit fell by nine percent to €117million, the latter of which was caused principally by the devaluation of some debts owed to the Group's and higher depreciation costs. The strong reduction of net debt to €426 million as of 31 December, a drop of 23 percent, was another significant result.
The plants managed by Enel OGK-5 achieved a total production of 41.9 terrawatts, only six percent lower than in 2012. However this is in line with the general thermal power production trend in Russia. Sales also fell by six percent to 47.7TW.
The Enel Group has been present in Russia since 2004 and was the first foreign operator to enter its electricity market. OGK-5 owns four plants, including two newly built combined-cycle facilities that have a total installed capacity of 820MW. It also owns 49.5 percent of RusEnergoSbyt, an important figure in the Russian electricity sales market.