Andrei Melnichenko is ready to buy an energy company from Mikhail Abyzov

After the deal, Russia will have a new largest consumer of coal.
09.01.2018
Vedomosti
Origin source
Melnichenko, ranked 9th in the ranking of the richest people in Russia for Forbes with a fortune of $ 13.2 billion, can expand its energy business. The structure of the Siberian Generating Company (SCS) owned by him - Kuzbassenergo asked permission from the FAS to buy 100% of the shares of OOO Sibeko. This was reported by the service.

According to SPARK-Interfax, 100% of Sibeco belongs to Novosibirskenergo, which was liquidated as far back as 2015. There are no data on other shareholders. As "Interfax" writes, "Sibeco" is controlled by Ru-Com, the managing asset of the Minister for open government, Mikhail Abyzov. Contact with a representative of Ru-Com failed, Abyzov did not respond. "Sibeco" is sold for the past five years, but without success, writes "Interfax". Forbes estimates the state of the minister at $ 650 million.

The company only received permission from the FAS, there is no deal, the representative of the SGC stresses. Last year, SGCs studied the purchase of the Reftinskaya GRES, also coal-fired, from Enel Russia. On Monday, the representative of the SGC was not able to say whether the company is still interested in this station.

According to Vedomosti sources, Reftinskaya GRES with a capacity of 3.8 GW during the sale negotiations was estimated by various parties in amounts ranging from 12 billion to 30 billion rubles. In 2016, the power plant produced 19.4 billion kWh of electricity. The entire "Sibeco" is comparable in size with the Reftinskaya GRES - all stations produced 14.6 billion kWh of electricity. It consists of six thermal stations: five - in the Novosibirsk region and one - in the Altai Territory. Their total installed capacity is just over 3 GW. The revenue of Sibeco in 2016, according to SPARK-Interfax, was 28.2 billion rubles, net profit - 1 billion rubles, and the total debt - 11.1 billion rubles. Can SGK afford to buy - it's not clear: it does not disclose consolidated figures.

It seems that Melnychenko expects to deepen the integration of energy and coal businesses - he owns the largest producer of steam coal in Russia, SUEK, says Vladimir Sklyar, an analyst with VTB Capital. In 2016, SUEK sold 51.2 million tons of coal in Russia and almost half (23.8 million tons) shipped the SGC. Together with Sibeco, SGC will be the largest consumer of coal in Russia and, probably, will be able to save due to vertical integration, the expert says.

But the main reason for the increased interest in heat stations is the heat supply reform and the modernization program for obsolete stations, which should be earned in 2018 and attract large investments into the industry, Sklyar said. The financing mechanism for modernization is similar to the capacity supply agreements that the government entered into with investors. Since 2008, about 20 GW of new capacities have been built for them under guarantees of return on investment for 15 years with a base yield of 14%. If SGC buys Sibeco, the stations of the resulting company will be one of the oldest (the average age of the SGC stations is 50 years, Sibeko is 63.5 years.) Vedomosti notes that investments in the upgrade will be needed, Sklyar notes.

By purchasing Sibeko, the SGC will be able to approach the capacity of Eurosibenergo (its base is hydroelectric power plants on the Angara and Yenisey). Installed capacity of all power plants in Siberia at the end of 2016 - 52 GW. Together with "Sibeco" in the SGC will account for a quarter of all electricity production beyond the Urals, which is above the threshold of domination, the FAS calculated. Therefore, the SCS will have to follow the strategy of minimizing the cost of fuel to generate a unit of electricity - choose the cheapest, the service decided.

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