Profits of the company “DTEK Energo” after the introduction of the “Rotterdam+” does not exceed the average indicators – Kushniruk

Прибыли компании "ДТЭК Энерго" после введения "Роттердам+" не превышали среднеотраслевые показатели, - Кушнирук

After the introduction of the “Rotterdam+” profit “DTEK Energo” was below the industry average

This writes Boris Kushniruk, analyzing the results of a study of the world’s leading audit and consulting company KPMG on the financial performance of energy companies, write Ukrainian news.

“Talk about the profits of Ukrainian thermal power plants and coal enterprises (and not only DTEK), after the introduction of formula-based pricing for steam coal on the basis of Rotterdam+ is a myth created by the aggressive public relations campaign in the public sphere. Primarily this is a result of mallikarachchi struggle. Certain groups of oligarchs, focused on the production and export of raw materials and semi-finished products, are fighting for cheaper factors of production.”

According to Kushniruk, KPMG analyzed the activities of 25 integrated companies, generating 20 and 21 mining companies, among them 13 leading international diversified energy company. The study covered the company’s headquarters which are located in 23 countries in North and South America, Africa, Europe and Asia.

“If you compare “formula” (based on Rotterdam+) the yield of the mines and thermal power plants with the period to 2013, it has not changed significantly. Only the best of the mine reach the average profitability of the global coal production. The average yields of coal mining industry in Ukraine significantly lower than the indicators of similar foreign companies. The profitability of integrated companies… in 2016-2018 averaged 18%. For “DTEK Energo”, the figure was 11%. The profitability of generating companies in terms of profit before interest and taxes in 2016-2018 averaged 17%, for TPP “DTEK Energo”, the figure was 3%. The profitability of coal enterprises in terms of profit before interest and taxes in 2016-2018 averaged 15%. At the same time for TES group “DTEK Energo”, the figure was 13%. Thus, independent studies show that “DTEK Energo” after you enter the formula Rotterdam+ have not received the return (profit), which exceeds the industry-average indicators,” he writes.

As reported on 8 August, the detectives of the National anti-corruption Bureau reported the suspected 6 persons in the so-called “Rotterdam+”. According to experts, actions of the NEB in the case of “Rotterdam+” unprofessional. In particular, the head of the analytical Department of Concorde Capital Oleksandr Parashchiy on his page on Facebook criticized the logic of the detectives about the alleged pressure of the employees of the DTEK on NCIKU. “With all due respect to our anti-corruption bodies, I want to note that the work on the Rotterdam, they have done poorly. The NAB contends that two managers of DTEK middle managers put pressure on NERC to raise tariffs and NERC in the end succumbed to such pressure. What kind of nonsense? The fact that the managers clicked on the NERC, and they succumbed to pressure I don’t believe this. With the same success can be accused NERC of any pressure on any Manager is accountable to NERC, the company achieved the increase in any rate for your company at any of the many meetings of the Commission,” wrote steam.

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We will remind, on March 3, 2016 the national Commission exercising state regulation in the field of energy and utilities (NCSECU) adopted decree No. 289, which approved the new methodology for calculating the wholesale market price of electricity (known as the formula of “Rotterdam+”). According to this methodology, the coal component in the electricity tariff was based on quoted prices of coal hub ARA (Amsterdam-Rotterdam-Antwerp). July 1, 2019 in connection with the introduction of a new electricity market action formulas “Rotterdam+” stopped.