Inter RAO Group and General Electric have signed a package of agreements on developing corporate partnership aimed at increasing the localization (percentage of domestic manufacture and maintenance) of high-capacity gas turbines in Russia, the parties informed.
The agreements envisage a significant increase in local expertise, including the transfer of relevant technologies and diversification of Russian Gas Turbines LLC (RGT), the joint venture between Inter RAO and GE, as a center of excellence and the main production site for building up local production of GE gas turbine equipment in the region.
The companies plan to continue building up local production of gas turbines in Russia under the GE license. To meet the requirements for participants in the state investment programs for the construction and/or modernization of generating capacities (capacity supply agreements, CSA), Inter RAO and GE plan to increase the percentage of local manufactrure and maintenance of the 6F.03 gas turbine with a unit capacity of up to 88 MW, currently produced at the RGT plant in Rybinsk, to 100% and to start local production of another GE model, gas turbine GT13E2 with a capacity of up to 210 MW.
Under the agreement, RGT will authorized to manufacture, service and sell 6F.03 and GT13E2 gas turbines in Russia and a number of export markets.
PJSC Inter RAO UES (short name: PJSC Inter RAO, tax number: 2320109650) was established in May 1997 following the decision of the founder, OJSC RAO UES of Russia. It is the largest electric power export and import operator in Russia which manages numerous power assets in the Russian Federation and abroad. The total installed electrical capacity of the company's power plants is 33.487 GW, heat capacity is 25,731 GCal/h.
The authorized capital of Inter RAO UES reaches RUB 293.34 billion. It consists of 10,440,000,997,683 common shares with a face value of RUB 0.02809767 each.
RAS net profit of PJSC Inter RAO for 2019 increased by 15% to RUB 21.8 billion from RUB 18.9 billion a year earlier. Revenue increased by 2.2% to RUB 55.1 billion from RUB 53.9 billion, gross profit went up 8.4% to RUB 19.3 billion from RUB 17.8 billion. As of December 31, 2019, the company's total assets increased by RUB 51.4 billion (10.1%) against December 31, 2018 to reach RUB 557.7 billion.
IFRS net profit of Inter RAO for 2019 increased by 14.3% to RUB 81.9 billion from RUB 71.7 billion a year earlier. Revenue increased by 7.2% to RUB 1.032 trillion from RUB 962.6 billion, EBITDA by 16.7% to RUB 141.5 billion from RUB 121.3 billion.
IFRS net profit of Inter RAO for 1Q 2020 increased by 11.1% to RUB 34.6 billion from RUB 31.2 billion a year earlier. Revenue dropped by 5.2% to RUB 266.9 billion from RUB 281.4 billion, operating profit by 15.1% to RUB 32.6 billion from RUB 38.4 billion, EBITDA by 13.1% to RUB 41.4 billion from RUB 47.6 billion.
General Electric is a diversified U.S.-based corporation. In Russia, GE has been operating since the early 1920s when a program of large-scale electrification was launched in the country. Today, GE partners with major Russian companies in handling the key infrastructure issues in the energy, aviation and healthcare sectors. The company's regional headquarters are located in Moscow.
