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Factors that determine the state of the Russian economy in general and have an impact on the electric power industry:
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GDP movement |
The index of the physical volume of GDP relative to 2017 was 102,3% |
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Inflation |
In 2018, the consumer price index has been 104,3% since the beginning of the year |
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Interest rates to attract credit resources |
As at 31.12.2018 the key rate of the Bank of Russia is 7,75%. The decision of the Board of Directors of the Bank of Russia, adopted on 14 December 2018, to raise the key rate to the specified size is proactive and is aimed at limiting inflation risks that remain at an elevated level, especially on a short-term horizon |
The dynamics of the industry development is also determined by a number of specific factors:
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Factors descending in significance |
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State regulation of tariffs |
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Description |
Electricity transmission and grid connection are regulated by the State. Regulatory approval of tariffs for services of the Company directly influences volumes of received proceeds |
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The current state |
The Russian Government implements a tariff policy on the principle of "inflation minus". Establishment of tariffs below the economically feasible level will lead to underfunding with tariff sources of the Company’s current activity and investment program |
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Measures to minimize the consequences (if available) |
1. Economic justification of costs included in tariffs, including the inclusion of economically justified costs in tariffs incurred in excess of those recorded in tariffs and incurred due to reasons beyond the Company’s control over previous periods. 2. System-wise work to reduce costs and optimize the investment program 3. Implementation jointly with PJSC Rosseti of measures to amend the current legislation of the Russian Federation in the field of pricing for services of natural monopolies to take into account the interests of distribution grid companies in setting tariffs at the retail market. |
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Changes of energy consumption |
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Description |
Change of energy consumption has a direct impact on the state of the industry |
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The current state |
Actual electricity consumption in the Unified Energy System of Russia in 2018 amounted to 1 055,5 million KWh, which is 1,5 % higher than in 2017. |
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Measures to minimize the consequences (if available) |
A set of measures to increase non-tariff sources of income |
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The current state of the industry |
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Description |
The state of the industry has a direct impact on all aspects of the Company’s activity |
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The current state |
Substantial depreciation of fixed assets |
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Measures to minimize the consequences (if available) |
Implementation of the concept of digital transformation |