The IFRS net profits of the RusHydro Group for the first nine months of 2016 grew by 55.2 percent to RUB37.4 billion (USD620 million) from RUB24.098 billion (USD400 million) for the corresponding period of 2015, the entity said. The revenue, adjusted for state subsidies, increased by 10.1 percent to RUB278.858 billion (USD4.6 billion) from RUB253.271 billion (USD4.18 billion). Profits from operations rose by 48.1 percent to RUB46.809 billion (USD770 million) from RUB31.606 billion (USD520 million). Pre-tax profits increased by 47.74 percent to RUB48.837 billion (USD810 million) from RUB33.055 billion (USD550 million). The EBITDA grew by 48.07 percent to RUB70.445 billion (USD1.16 billion) from RUB47.577 billion (USD780 million).

The upward dynamic is associated with a significant increase in electricity generation and output by hydropower plants; an increase in revenue from electricity sales of the RAO Energy System of the East subgroup segment as a result of the electric and thermal power price hikes; an increase in revenue from electricity sales of the ESC RusHydro subgroup segment following a planned rate increase; an increase in electricity consumption; an increase in revenue from capacity sales at the competitive capacity auctions; as well as the indexation of regulated electricity rates.

The assets of the group increased 4.8 percent to RUB982.893 billion (USD16.21 billion). Liabilities went up by 2.9 percent to RUB333.587 billion (USD5.50 billion).

RusHydro is a Russian generating company that is comprised of 61 hydroelectric power plants, two hydroelectric pump storage power plants, three geothermal power plants in the Kamchatka krai, the Kalmyk wind power plant, the only Russian tidal power plant, as well as the dikes of the Irkutsk HPS, the Bratsk HPS, and the Ust-Ilimsk HPS. The company owns 90 percent of stock in the International Energy Corporation and is implementing the Verkhne-Narynsky hydropower cascade construction project in Kyrgyzstan together with OJSC Electric Stations. The total installed capacity of the company’s assets reaches 38.6 GW. In the nine-month period from January to September 2016, the RusHydro Group increased electricity output by 12.6 percent year-on-year to 94.117 billion kWh.