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Vladimir Putin meeting with Inter RAO CEO Boris Kovalchuk

Vladimir Putin had a meeting with CEO of Inter RAO PJSC Boris Kovalchuk to discuss the energy holding’s performance.


Vladimir Putin had a meeting with CEO of Inter RAO PJSC Boris Kovalchuk
With CEO of Inter RAO PJSC Boris Kovalchuk.

August 13, 2020, Novo-Ogaryovo, Moscow Region: President of Russia Vladimir Putin: Good afternoon, Mr Kovalchuk. Inter RAO UES has become one of the biggest companies in the country. You are the fourth largest electricity generator in Russia, the fourth largest thermal power generator. You also implement engineering projects very actively. Since 2018, you have launched over six gigawatts of power-generation facilities, and these are very good indicators. To the best of my knowledge, your 2019 profits exceeded 900 billion rubles.


Inter RAO CEO Boris Kovalchuk: Over one trillion.


Vladimir Putin: Let’s discuss all these aspects now that Inter RAO UES is the only company exporting electric power abroad, and, if necessary, buying this electric power abroad.


Go ahead, please.


Boris Kovalchuk: Mr President, Inter RAO Group is the largest Russian electric power generator in terms of capitalisation. Our company’s value exceeds 600 billion rubles. For comparison, the company’s 2014 capitalisation was only 74 billion rubles. In March 2020, prior to the economic impacts of the pandemic, the company was worth over 650 billion rubles on the Moscow Exchange. In the past six years, the Group’s capitalisation soared more than eight times over.


We operate in 15 countries. The company is represented in over 30 Russian regions. Its rated capacity is 32,000 megawatt, it generates 133 billion kilowatts/hours of electric power and sells about 200 billion kilowatts/hours on the retail market. This year, the company posted the best export result since 2011, over 19 billion kilowatts/hours.


You have noted absolutely correctly that we are rated fourth in terms of electric and thermal power generation volumes, third in terms of our rated capacity and first in terms of retail business. We are also the only export-import operator.


The Group ranks among Russia’s 15 largest holding companies. As I have said, our profits exceeded one trillion rubles for the first time in 2019.


Mr President, in 2009 you made a decision to consolidate a number of assets within Inter RAO. If you allow me, I will report on how the company has changed over these ten years.


Vladimir Putin: We will talk about this.


Also, I would like to hear about the progress of new generating capacity. You are working on four of them now, right?


Boris Kovalchuk: We are working on a substantial number of units, including as part of the modernisation programme that you have approved.


Vladimir Putin, CEO of Inter RAO PJSC Boris Kovalchuk.
At the meeting with CEO of Inter RAO PJSC Boris Kovalchuk.

At the meeting with CEO of Inter RAO PJSC Boris Kovalchuk.

At the meeting with CEO of Inter RAO PJSC Boris Kovalchuk.

Let me brief you on the numbers. Revenue increased from 68 billion rubles in 2009 to 1,03 trillion in 2019, which means a 15-fold surge. EBITDA was up from 11 billion to 141 billion, or 12.7-fold. Taxes paid rose from 2 billion to 66 billion a year, or more than 30-fold. In 2009 we reported 12 billion rubles in losses, and in 2019 we posted a profit of 82 billion rubles.


Over these 10 years, we invested 539 billion rubles in Russian power generation. You were right to mention the multiple facilities that were launched in the Russian Federation. To be more precise, they have an aggregate capacity of 7,300 megawatts. This led to a decline in the amount of fuel used per kilowatt-hour to 295 grams. This is the best result for all Russian thermal power generating companies.


Moreover, we undertook additional obligations regarding 6,700 megawatts of capacity under the modernisation programme you approved in 2018, which amounts to 40 per cent of Russia’s overall power output.

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