Full company name: Joint-Stock Company Financial Estimate Center
Abbreviated company name: JSC FEC
Location: 12 Krasnopresnenskaya nab., entrance 7, floor 7-8, Moscow, Russian Federation
TIN: 7705620038
OGRN: 1047796723534
Share in the total delivery volume, %: 89,28
Information on change in prices of more than 10 per cent for primary materials and goods (raw
materials) during the relevant accounting period compared to accounting period of the previous financial year
or lack of such change.
There was no change in prices of more than 10 per cent for primary materials and goods (raw materials)
during the relevant accounting period
Import ratio in deliveries of materials and goods, forecast of import sources availability in future and
possible similar sources.
There are no import deliveries.
As of 31.03.2016
The issuer’s suppliers, which account for not less than 10 per cent of all deliveries of materials and goods (raw
materials)
Full company name: Joint-Stock Company Financial Estimate Center
Abbreviated company name: JSC FEC
Location: 12 Krasnopresnenskaya nab., entrance 7, floor 7-8, Moscow, Russian Federation
TIN: 7705620038
OGRN: 1047796723534
Share in the total delivery volume, %: 90,55
Information on change in prices of more than 10 per cent for primary materials and goods (raw
materials) during the relevant accounting period compared to accounting period of the previous financial year
or lack of such change.
There was no change in prices of more than 10 per cent for primary materials and goods (raw materials)
during the relevant accounting period
Import ratio in deliveries of materials and goods, forecast of import sources availability in future and
possible similar sources.
There are no import deliveries.
3.2.4. Sales Markets for Products (Works, Services) of the Issuer
Key markets where the Issuer conducts its business:
The Issuer conducts its business within several constituent entities of the Russian Federation. The Issuer's
current core business is electricity (capacity) production and sale.
In accordance with Regulation of the Russian Federation Government No. 1172 dated December 27, 2010 “On
Approval of Regulations for Wholesale Electricity and Capacity Market and Introduction of Amendments to Certain
Acts of the Government of the Russian Federation Regarding Functioning of the Wholesale Electricity and Capacity
Market” (hereinafter referred to as the Wholesale Market Regulations), the Issuer carries out its activities connected
with sale of electricity (capacity) in the following segments of the wholesale market:
Regulated Contracts (RC):
Electricity (capacity) is traded under terms and conditions of regulated contracts concluded on the wholesale
electricity (capacity) market at regulated prices (rates), approved by the FAS Russia
. The cumulative volume of electric energy and the cumulative volume of capacity supplied by the Issuer
under RC in the relevant calendar year shall not exceed 35 per cent of the overall electric energy and capacity
production specified in the budgeted balance sheet for the Issuer’s period of regulation.
Competitive trade in generating capacity, competitive capacity outtake (CCO):
There are several mechanisms for implementing capacity on the wholesale market:
purchase /sale of capacity, selected on the basis of competitive selection of power.
-
On the purchase and sale contracts of power, concluded on the basis of competitive selection of power;
-
purchase /sale of capacity under free agreements of purchase and sale of power (SDM);
-
purchase/sale of capacity under agreements for capacity and contracts for the sale of power of new nuclear
power plants and hydropower plants, the same DP;
-
purchase/sale of power generating facilities, related to the generation facilities that supply power in forced
mode;
-
purchase/sale of capacity under regulated contracts (in the scope of supply to the population and equivalent
categories);
-
purchase/sale of the power produced by qualified generating facilities that operate through the use of
renewable energy sources (hereinafter - RES), on contracts for supply of power, concluded as a result of
competitive selection of investment projects for the construction of generating facilities operating on the
basis of renewable energy sources.
Competitive selection of capacity (CSC), conducted by the system operator, is the basis of the power of the
market and determines how much power will be paid on the wholesale market.
By 2015, CSC was conducted only 1 year in advance (for next year). RF Government Decree No. 893 of
August 27, 2015 approved the new rules of the CSC and the principles of trade improved capacity on the wholesale
market. Beginning in 2016 under the PTO power annually selected for the year, coming in three calendar years after
the year of the CSC. In 2015 the CSC for 2016-2019 years was held. . In 2016 the CSC for 2020 year was held.
CSC is conducted in price zones without separation of free power transfer zones (FTZ). Indexing is made
when the CSC was carried out for more than 1 year in advance. The price of CSC indexed for the period from January
1 of the year following the year of the CSC, until January 1 of the year of delivery, in accordance with the CPI,
decreased by 1%.
In the long term capacity market demand volume in the competitive selection of power given the
dependence of the volume of demand on the price of power: at a lower price buyers are willing to purchase a larger
amount of power at a higher price - lower. Graph of the demand function is a straight line segment passing through
two points, the values of which are set separately for each price zone, and for each CSC. The first point of the volume
of demand is determined by the procedure of the Ministry of Energy on the basis of the forecast peak demand in the
price zone and the planned reserve ratio, the price is set at 150 thousand rubles / MWh for the CSC 2016 for the first
price zone and 210 rubles / MW for the second price zone. In the second point of the demand volume increased by
12% relative to the value at the first point, the price for the CSC 2016 is set at 110 thousand rubles / MWh for the first
price zone and 150 rubles / MW for the second price zone.
The price of CSC corresponds to a maximum of prices in selected applications and the price at which the
demand function takes a value equal to the total volume of the selected power (including power, paid regardless of
the results of CSC). The CSC price for each zone is the same for all the selected generating facilities. The power
which has not passed the competitive selection is not paid.
As we approach the year of delivery in case of exceeding the adjusted demand for power over the amount
payable generating capacity possible corrective competitive capacity selection. A mandatory fee that does not depend
on the results of CSC, subject to the power introduced by PDM and PDM similar agreements with new nuclear power
plants and hydropower plants, as well as generating units, whose work is essential for maintaining the technological
modes of operation of the power or thermal energy supply (forced generators).
Payment for power delivered by internally generators, carried out at the price established by the authorized
federal agency (or the Government of the Russian Federation) is not higher than the power price in the previous year,
the sale as a result of competitive selection of power or forced mode. The decision to classify the generator to
internally accepted prior to the CSC. As an exception can only be the generating facilities for which after the CSC has
been stated about the intention of decommissioning, while the Ministry of Energy was demanded the postponement of
the output due to the threat of attack power deficit. Power generators operating in forced mode, and power introduced
by the Democratic Party and similar contracts with new nuclear power plants and hydropower plants, during the CSC
is included in the spot price acceptance of the offer.
Payment capacity is distributed as follows: the financial burden to pay for power generating facilities
selected CSC and power facilities, receiving payment on the PDM is distributed to all users of the price zone. Power
objects related to forced generators to the threat of attack power shortage is paid by consumers the corresponding
WSP. Power objects related to forced generators to the threat of attack heat deficit are paid by consumers of the
corresponding subject of the Russian Federation.
Federal law from 12/28/2016 number 508-FZ "On Amendments to the Federal Law" On Electric Power
Industry "is introduced to increase the price of power in the I and II price zones, due to which the prices in the Far
East will be reduced to the average level. This law is the law of indirect action. In 2
nd
quarter of 2017 is expected to
adopt the necessary regulations for the implementation of this support mechanism.
Day-Ahead Market (DAM):
The volume of electricity generated above the RD volumes is sold at free prices on the day-ahead market and
shortages are purchased on the DAM so as to provide for RC. The rules of the wholesale market provide for the
possibility of electricity sale/purchase under free bilateral contracts (FBC). Participants in the wholesale market
independently determine counteragents under contracts, as well as prices and volumes of deliveries within free
bilateral contracts.
Balancing Market (BM):
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