En+ could generate 84-85 bln kWh of electricity in 2023

VLADIVOSTOK. Sept 11 (Interfax) - En+ Group could generate 84 billion-85 billion kilowatt-hours of electricity in 2023, COO Mikhail Khardikov told reporters.

"There are some specifics this year, if you look at our enterprises. Last year the Yenisei was at record low levels. This year it increased a little, but not in a big way. We had the usual floodwater rise, within normal limits. There is a very high water content in the Angara, so there will be growth compared with last year," he said.

Power generation rose 7.2% to 83.9 billion kWh in 2022.

En+ Group is a vertically integrated producer of aluminum and electricity that has power plants with installed capacity of 19.6 GW, including 15.1 GW of hydropower capacity, and aluminum smelters with annual capacity to 3.9 million tonnes, which it controls through a stake in Rusal .

The group does not have a controlling shareholder, as founder Oleg Deripaska reduced his stake to 44.95% under a deal to get En+ out from under sanctions and only votes with 35%. Treasury stock amounts to 21.4%, which was purchased from state bank VTB for $1.58 billion. Glencore holds 10.55% and the free float is about 9.5%.