DTEK thermal power plants boost power production 4.5% yoy in November

The thermal power plants (TPPs) of DTEK Energy
(DTEKUA) boosted power supply to the wholesale market 4.5% yoy to 3.0 TWh in
November, according to the company’s Dec. 20 press release. The growth was
fueled by boosted power supply by TPPs consuming hard coal (rising 24.4% yoy to
2.4 TWh), while supply from its anthracite-burning power units fell by a third
to 0.63 TWh.

The results imply DTEK TPPs generated 3.34 TWh of
electricity in November (4.5% more yoy and 2.8% less m/m on average daily
basis), according to Concorde Capital estimates. In 11M17, they produced 33.2
TWh, or about 0.3% less yoy.

The average price of electricity supplied by 12
Ukrainian TPPs (of which eight are controlled by DTEK Energy) was UAH 1635/MWh
in November, according to the operator of Ukraine’s wholesale energy market.
This is 13% more compared to October and 9% less yoy.

Alexander Paraschiy: The results
are in line with our view that DTEK Energy will generate about the same amount
of power in 2017 as a year before. That allows us to confirm our full-year
estimate of DTEK Energy’s EBITDA of UAH 17.7-18.0 bln for 2017. However, we are
warning about the increased risk that the holding’s EBITDA will decrease next year.