Boguchany HPP RAS net losses down 14% in H1
KRASNOYARSK. OJSC Boguchany Hydropower Plant in Krasnoyarsk Territory, or BoGES, incurred net losses to Russian Accounting Standards (RAS) of 153.8 million rubles in the first half of 2013, a 14% year-on-year drop, the company reported.
Sales revenues were up 4-fold at 1.68 billion rubles.
"The substantial growth in sales revenues was associated with the launch of the first four BoGES aggregates in 2012. In the seven months of the current year, there was produced and delivered to the unified market for energy and capacity 2.23 billion kWh of electric power, including 605.82 million kWh," the BoGES press service told Interfax.
H1 financial highlights ('000 rubles)
| H1 2013 | H1 2012 | |
| Sales revenues | 1 682 427 | 420 575 |
| Cost of sales | 1 091 249 | 564 142 |
| Gross profits (losses) | 591 178 | (143 567) |
| Pretax profits (losses) | (182 786) | (215 863) |
| Net profits (losses) | (153 767) | (178 772) |
Boguchany HPP was established in March 1993. Its main shareholder is the company BoGES Ltd, which holds 95.43% of its charter capital. In turn, BoGES Ltd belongs in equal parts to Russian power generating company OJSC RusHydro and Russian aluminum company UC Rusal through 100% subsidiaries HydroOGK Power Company Ltd and Russal Power Company Ltd.
The Boguchany HPP, with capacity of 3,000 megawatts (MW) (nine units of 333 MW each) and average annual electricity output of 17.6 billion kilowatt hours (kWh), is being built as part of a project by Boguchansk Energy and Metals Complex (BEMO), which also expects to construct an aluminum smelter capable of churning out 588,000 tonnes of metal a year.
The Boguchany HPP's first three units were launched into commercial operation on December 1, 2012, and the fourth was brought online this past January. The rest of the units are scheduled for commissioning over the course of this year.
