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DTEK Energy coal mining increases 17% m/m in June

DTEK Energy coal mining increases 17% m/m in June

20 July 2021

Ukraine’s leading coal and power holding DTEK Energy
(DTEKUA) produced 8.40 mmt of ROM coal in 1H21, Concorde Capital calculated based
on sector-wide data provided by Energy Ministry. This is a 3.7% decline yoy but
17% above the ministry’s plan. On a like-to-like basis (adjusting for the mine
that DTEK discontinued operating), the holding’s mining increased 5.3% yoy in
1H21. Recall, in January, DTEK Energy terminated a long-term lease agreement
regarding Dobropillia Coal and transferred all its assets under government
control.

 

In June alone, DTEK Energy mined 1.43 mmt of coal,
which is 1.2% less yoy (and 1.2% less yoy on a like-to-like basis), but 16.9%
more than in May (on a daily average basis).

 

Total ROM coal output in Ukraine increased 16.5% yoy
in 1H21 to 15.33 mmt. State mines surged their output by 133% yoy to 3.10 mmt.

 

Alexander Paraschiy: June is the
third month in a row when DTEK’s output of ready to use coal exceeds hard coal
consumption by DTEK’s power plants. The company’s production of ready to use
coal exceeded DTEK’s internal consumption by about 0.5 mmt in 2Q21, thus
potentially enabling it to continue accumulating a stockpile for the next
heating season. However, it is unlikely that the internal coal output will be
enough to fully cover DTEK’s coal needs (about 19 mmt of ROM coal equivalent
annually). We continue to expect DTEK Energy’s 2021 ROM coal mining will reach
17.5 mmt, which will be 6% less yoy.

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