Energocompany "Quadra" (owned by ONEKSIM Mikhail Prokhorov) asked the "Market Council" about the next postponement of fines due to late arrivals with new blocks at the Aleksinskaya CHPP and Voronezhskaya CHPP-1. The request is supported by the governors of a number of regions, but consumers, due to which "Quadra" will return investments in the blocks, against indulgence. Analysts say that any postponement of inputs is sensitive to the Quadra's business, since it is precisely its new power generating units that generate profit.
Kvadra applied to the Supervisory Board of the Market Council (the energy market regulator) with a request to extend the delay in calculating fines for the not-built 115 MW combined-cycle power units at the Aleksinskaya CHPP in the Tula region and at 223 MW at Voronezhskaya CHPP-1 (" got acquainted with the correspondence). "Quadra" informs the Supervisory Board that it will have to change contractors on projects "because of economic sanctions", and also that in case of payment of a penalty for delay it will not be able to timely implement a number of investment projects in the regions of its presence. For Alexinskaya station, the company asks not to calculate the penalty for June, and also in case of further delays - for July and the following months, for Voronezh - from October and onwards, if necessary. His request "Quadra" was supported by letters from the provincial governor of the Voronezh region Alexander Gusev and the head of the Kursk region Alexander Mikhailov. They write that the company has important investment projects in the regions, and they are asking to support the proposal of the Quadra.
"Quadra" is building new power units under supply contracts (DPM). They guarantee a return on investment at the expense of higher payments to consumers of the wholesale energy market and fix penalties for the failure of terms (penalty - reduction of market payments). In the case of Aleksinskaya CHPP, in June and subsequent months of the delay, the fine is about 30 million rubles. per month. Almost all DMP-blocks (about 30 GW) have already been introduced by other companies, and high payments for them are considered the main factor of high profitability of energy in recent years.
In Kvadra, Kommersant said that they "argued their proposals not to carry out the calculation of fines" to the Supervisory Board of the "Market Council" and hoped for a positive decision. The company also "confirms the prompt entry" of the remaining two DPM-objects. Officially, the commissioning of the block at the Aleksinskaya CHPP is expected in the second quarter of 2018, at Voronezhskaya CHPP-1 in the first quarter of 2019. Alexander Gusev told Kommersant that the application of penalties against the Quadra is simply not appropriate, because "the timing of the construction of the combined-cycle unit of Voronezhskaya CHPP-1 has been postponed for objective reasons." The authorities of the region with the leadership of the "Quadra" in this issue full mutual understanding, said the governor. To receive comments of the authorities of the Tula area it was not possible, in "Council of the market" have refused to make comments on a question. The Supervisory Board of the regulator should consider the request of the Quadra on Friday 22 June.
Consumers, who pay for the return of investment of generating companies in new DPM-blocks, are expected against it. "It's strange that the company, having the means to pay very modest fines, once again goes to the humiliating procedure of installments," Valery Dzyubenko, deputy head of the Community of Energy Consumers, said. "Long-term default, together with non-payment of fines, allows demanding the termination of any contract, including PDM ". For the year of 2017 Quadra is profitable according to RAS - 602 million rubles, but loss-making under IFRS - 210 million rubles.
"Quadra" has repeatedly asked for a delay in connection with the delay. So, in the spring and summer of 2016, the Quadra refused the DPM project at the Kursk CHPP (which reduced future payments to consumers), while obtaining permission to transfer the inputs to the Aleksinskaya, Diaghilevskaya CHPP and Voronezhskaya CHPP-1. And in the fall of 2017, the Supervisory Council of the Market Council authorized transfer of fines for the Aleksinskaya CHPP from November 2017 to May 2018.
Vladimir Sklyar of VTB Capital notes that DPM projects in the Quadra business are the only ones that bring profit, therefore any postponement of entries is sensitive to the company. However, it will be difficult for the "Market Council" to make a decision on postponement, the analyst says, since it is necessary to take into account the interests of other market participants, including consumers.