Inter RAO ramps up output 5.9% in 9M, cuts exports 33.5%

MOSCOW. Oct 25 (Interfax) - Inter RAO ramped up electricity output 5.9% year-on-year to 97.18 billion kWh in January-September 2024, the energy holding said.

Output in Russia itself rose 5.8% to 93.05 billion kWh, while abroad it grew 6.9% to 4.122 billion kWh.

Total heat output increased 6.7% to 28.12 million Gcal, including 28.06 million Gcal in Russia, up 6.8%.

The company said output grew after capacity was augmented at five power plants following upgrades, more equipment was connected and the winter proved colder, while equipment repair time was reduced.

Electricity exports dropped 33.5% year-on-year in 9M to 5.55 billion kWh. Imports increased, by 12.7% to 1.6 billion kWh.

Inter RAO said that "in 2024, there has been an increase in exports to Kazakhstan, Kyrgyzstan, Mongolia and some other destinations."

"The decrease in deliveries to China is due to restrictions in the Far Eastern energy system. The increase in imports was mainly due to flows from Kazakhstan, Georgia and Azerbaijan," it said.

Retail electricity sales rose 4.9% to 161.2 billion kWh. The company acquired the Pskovenergosbyt and Yekaterinburgenergosbyt sales companies this year. "Sales volume correlates with the dynamics of the customer base. Growth was also due to the leap year factor and the additional day on February 29, 2024," the company said.

Inter RAO is Russia's only electricity importer and exporter.

Rosneftegaz was the principal shareholder of Inter RAO with 26.37% as of the end of 2023, and Inter RAO Capital held 29.56%. FGC UES , now merged with Rosseti, owned 8.57% as of the end of 2021 and the free float was 34.24%.