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VOOZH | about |
Open Joint Stock Company RusHydro is the largest Russian generating company and the second in the world among hydrogenerating companies in terms of installed capacity. JSC RusHydro is a leader in the production of energy based on renewable sources, developing generation based on the energy of water flows, sea tides, wind and geothermal energy.
Taking into account the largest Sayano-Shushenskaya hydroelectric power station in Russia, the company combines 60 renewable power power facilities, including 9 stations of the Volga-Kama cascade with a total installed capacity of more than 10,150 MW, the first-born of large hydropower in the Far East Zeyskaya hydroelectric power station (1330 MW), Bureyskaya HPP (2010 MW), Novosibirsk HPP (455 MW) and several dozen hydroelectric stations in the North Caucasus, as well as geothermal stations in Kamchatka and highly maneuverable capacities of Zagorskaya pumped storage power plant (PSPP) in the Moscow region, used to equalize the daily unevenness of the electric load schedule in the Center's OES. The RusHydro holding also unites research, design and survey, engineering organizations, as well as retail energy sales companies. In addition to operating existing hydroelectric power plants and renewable energy facilities, JSC RusHydro continues to implement investment projects for the construction of hydroelectric power plants in various regions of the Russian Federation. The largest of them are the Boguchanskaya HPP (3000 MW), the construction of which JSC RusHydro, together with OK RUSAL, leads to the river. Angara in the Krasnoyarsk Territory, Kashkhatau HPP (65 MW) in the Kabardino-Balkarian Republic, the second stage of the Zaramag HPP cascade (352 MW) on the river. Ardon in the Republic of North Ossetia - Alania, Zagorskaya GAES-2 (840 MW) in the Sergiev Posad district of the Moscow region, the Ust-Srednekanskaya HPP (570 MW) in the Magadan region and a number of other projects.
Main article: Information technologies in RusHydro
At the end of 2025, RusHydro's revenue increased by 21% and reached 256.8 billion rubles. The company's net profit amounted to 66.9 billion rubles, while in 2024 a net loss of 13.43 billion rubles was recorded. The relevant data is contained in a company report released in February 2026.
In RusHydro, revenue growth is associated mainly with an increase in market prices for electricity and capacity against the background of an increase in the volume of supplied electricity by 5%. At the same time, the cost of sales amounted to 96.4 billion rubles, which is 12% higher than in 2024. EBITDA (reflecting earnings before interest on loans, taxes and amortization) increased by 24% to RUB 169.4 billion.
The total generation of electricity by the generation facilities of the RusHydro group in 2025 amounted to 125.2 billion kVt·ch, exceeding the 2024 figure by 0.6%. The production of hydroelectric power plants (HPPs) and pumped storage power plants (PSPs) increased by 1.8% to 95.5 billion kVt·ch.
The positive dynamics in this segment is explained by increased inflow, which ensured an increase in production at the hydroelectric power station of the Far East (+ 14.1%) and the Sayano-Shushensky hydropower complex (+ 6.8%). Taking into account the indicators of the Boguchanskaya HPP, the total production of the group decreased by 1.6% (to 142.5 billion kVt·ch) due to a drop in production at the Boguchanskaya HPP itself by 15.4% due to a decrease in inflow.
Electricity production at thermal power plants (TPPs) in the Far East decreased by 2.9% - to 29.3 billion kVt·ch. Heat supply by power plants and boiler houses of the group in the Far Eastern Federal District (Far Eastern Federal District) increased by 0.7% and amounted to 29.3 million Gcal. The useful supply of electricity by RusHydro sales companies grew by 1.5% to 51.3 billion kVt·ch.
By the end of 2025, the installed electric capacity of generation facilities belonging to the group increased by 90.9 MW and reached 38.7 GW (taking into account the Boguchanskaya HPP). The growth was ensured by the program of technical re-equipment and modernization of hydroelectric power plants, as well as the commissioning of the Cherekskaya and Bashennaya small hydroelectric power plants in the North Caucasus.[1][2]
In December 2025, RusHydro Services, a member of the RusHydro group, acquired the building of the Hydroproekt Research Institute, located in Moscow on Volokolamskoye Shosse, near the Sokol metro station, from Rosseti. According to the RAD protocol, the transaction price amounted to 2.7 billion rubles. Read more here.
The President of Russia has previously approved a comprehensive program of financial support for the state energy holding RusHydro with a total effect of almost ₽450 billion until 2030. The decision was made at a meeting with the head of state Vladimir Putin on September 4, 2025 following a long discussion of measures to stabilize the critical financial situation of the company.
According to Kommersant, the approved plan includes three main areas of support for the energy holding. The program provides for the introduction of a moratorium on dividend payments, the extension of the mechanism of Far Eastern subsidies and the liberalization of pricing in the region.
The moratorium on the payment of dividends "RusHydro" is valid until 2030. The net profit of the company, instead of distribution to shareholders, will be directed to the current investment program. The cumulative effect of this measure is tentatively estimated at ₽175,8 billion. The main shareholders of the holding are the Federal Property Management Agency with a share of 62.5%, VTB - 12.37% and En + - 9.61%.
The Far Eastern surcharge - a mechanism for equalizing energy tariffs in the region to the average Russian level due to the wholesale energy market - is extended from 2028 to 2035. Half of the allowance of ₽15,2 billion annually will be directed to the development of the energy infrastructure of technologically isolated energy systems.
Subsidies will be received by power systems, Yakutia, and Kamchatka Magadan Sakhalin areas where Chukotka Autonomous Okrug expensive generation on imported fuel operates. The main final recipients of the subsidy in these regions are the energy companies of the RusHydro holding.
The third element of the program was the acceleration of liberalization of electricity prices in the Far East. The government plans to increase the volume of sales of electricity and capacity of Far Eastern hydroelectric power plants at market prices from 2.5% to 100% starting from 2026. Regulated tariffs will remain for the public.[3]
On July 1, 2025, RusHydro announced that the company had completely completed the relocation of its headquarters from Moscow to Krasnoyarsk. More than 40% of Moscow office employees, including all managers, moved to the largest city in Eastern Siberia. Jobs in Moscow have been liquidated. Nine companies of the RusHydro Group - IT block companies, construction, energy sales and service organizations - were also moved from the capital of Russia to Krasnoyarsk. Hiring has been carried out in Krasnoyarsk since mid-2024.[4]
At the end of 2024, the Russian electric power holding RusHydro recorded a net loss of 13.4 billion rubles. For comparison, a year earlier, the company received a net profit of 32.67 billion rubles. Such data are provided in the financial report published on February 27, 2025.
RusHydro's revenue for 2024 amounted to 242.88 billion rubles, showing an increase of 12% compared to the previous year. The positive dynamics is due to an increase in the generation of electric energy, as well as an increase in its cost and sales volumes, including due to the new commissioned facilities under the terms of the renewable energy supply facility (contracts for the provision of capacity based on renewable energy sources) and the modernization of thermal generation. Revenue excluding the premium to the price of capacity in the I and II price zones for the reporting year amounted to 211.9 billion rubles, which is 17% more than in 2023.
RusHydro generating facilities, including the Boguchanskaya hydroelectric power station, generated 144.8 billion kVt·ch of electricity in 2024. Of these, 114.2 billion kVt·ch fell on hydroelectric power plants and PSPPs, 30.2 billion kVt·ch - on TPPs of the Far East. The installed capacity of the power plants included in RusHydro is 38.6 GW.
The report says that the size of the loan portfolio of PJSC RusHydro increased by 47% in 2024 and reached 456 billion rubles, mainly due to the active phase of the implementation of investment projects with a PDM mechanism that ensures a guaranteed payback. The share of long-term borrowings amounted to 78% of the total loan debt. The total amount of interest expenses increased by 27.3 billion rubles, or 132%, to 48.1 billion rubles: this is due to an increase in the volume and cost of servicing the debt portfolio due to an increase in the key rate of the Bank of Russia.[5]
At the end of 2023, RusHydro recorded revenue of 216.83 billion rubles, which is 8.6% more than a year earlier. The company's net profit in comparison with these periods increased by 25.7%, to 32.67 rubles. Such data on RAS were published on February 21, 2024.
From the materials of RusHydro it follows that in 2023, revenue excluding the premium to the price of capacity in the first and second price zones for the reporting year amounted to 181.4 billion rubles (+ 9%), the cost of sales - 78.8 billion rubles (+ 1%). The company's press release clarifies that the growth of indicators was influenced by the restoration of the level of water content and generation of hydroelectric power plants in Siberia compared to record low indicators in 2022, an increase in market prices for electricity and capacity, as well as an increase in capacity sales due to two commissioned hydrogenation facilities DPM RES - Krasnogorsk MGES.
RusHydro's capex reached 111.21 billion rubles against 53.05 billion rubles a year earlier. Another 17.77 billion rubles (against 5.31 billion rubles a year earlier) the company spent on the acquisition of shares (shares) of other organizations. In 2023, RusHydro paid 346 million rubles of excess profit tax ahead of schedule. The report also says that by the end of 2023, about 9.8 billion rubles of funds were stored in the company's accounts.
By the end of 2023, RusHydro combined more than 60 hydroelectric power plants in Russia, thermal power plants and power grid assets in the Far East, as well as energy sales companies and research and design institutes. The installed capacity of the power plants included in RusHydro, including the Boguchanskaya hydroelectric power station, is 38.5 GW.
The generation of electricity by generation facilities owned by RusHydro, taking into account the Boguchanskaya hydroelectric power station at the end of 2023, amounted to 140.9 billion kVt·ch (+ 3.8%), including hydroelectric power plants and PSPP - 110.9 billion kVt·ch (+ 3.5%).
Accounting and Independent Auditor's Report
8.3 billion rubles were allocated for the repair of the RusHydro headquarters in Krasnoyarsk. This became known from the results of the relevant tender, which were announced in October 2023.
As Kommersant writes with reference to the public procurement website, Pridex Construction won in the competition for overhaul and supply of equipment for the building on Perenson Street in Krasnoyarsk, owned by UK HydroOGK JSC (part of the structure of PJSC RusHydro). The facility should be commissioned by December 22, 2024.
Under the terms of the contract, the contractor must perform construction and installation work on the overhaul of a 14-story building on Perenson Street in Krasnoyarsk with an area of 33.1 thousand square meters. m. The contract also provides for the decoration of the main and auxiliary premises of the building with the supply of embedded furniture and interior elements.
In addition, Pridex Construction should improve the area adjacent to the building and carry out landscaping inside the building itself, put equipment and make a technological connection to the engineering networks of resource and supply organizations.
The initial auction price was 8.33 billion rubles. Pridex Construction proposed to complete the work for 8.295 billion rubles. In total, six applications were received for the competition.
Pridex Construction is known for its projects of Moscow headquarters and offices of such large companies as Xiaomi, Adidas, HeadHunter, Lamoda, Word Class Metropolis fitness club.
The move of top managers of RusHydro from Moscow to Krasnoyarsk became known in early 2022. Then the general director of the group Viktor Khmarin said that moving to Krasnoyarsk is an order of the Board of Directors. It is associated with the geographical characteristics of the city.[6]
In early July 2023, it became known that the former owner of the carmaker Sollers"" Vadim Shvetsov left the Green Crab car sharing in. Vladivostok The sole owner of this service was the Russian electric power holding "." RusHydro More. here
RusHydro's revenue, taking into account state subsidies, reached 468.48 billion rubles in 2022, which is 1.8% more than a year earlier. Net profit during this time decreased by 54.1% and amounted to 19.33 billion rubles. This is stated in the reporting, which the Russian energy company, which owns most of the country's hydroelectric power plants, published in early March 2023.
The decrease in net profit in the group was explained by "mainly a significant increase in fuel costs for the segment of energy companies in the Far Eastern Federal District." In addition, RusHydro noted that the book value of assets by December 31, 2022 increased by 6.8% compared to the beginning of the same year, to 993.4 billion rubles. The Group's net debt to EBITDA ratio was 2.2x at the end of the reporting period.
As of December 31, 2022, the RusHydro group recognized an impairment loss in the amount of 19.12 billion rubles:
As of the end of 2022, RusHydro unites more than 400 generation facilities. The installed capacity of the power plants included in RusHydro, including the Boguchanskaya hydroelectric power station, is 38 GW. RusHYDRO GROUP The consolidated financial statements prepared in accordance with IFRS and the Audit Report
At the end of 2021, the indicator EBITDA of the "" group RusHydro according to international financial reporting standards increased by 1.6% to 122.2 billion. rubles Total revenue increased by 7.1% to 460.1 billion rubles. Net profit amounted to 42.1 billion rubles, while adjusted net profit - 78.4 billion rubles, or + 16.9%. EBITDA margin was 26.6%. The ratio of net financial debt to EBITDA is 1.1x (0.99x - in 2020).
As of December 31, 2021, the Group's assets decreased by 1.2% to RUB 930.5 billion. The Group's liabilities decreased by 9.6% to RUB 301.1 billion, mainly due to the repayment of long-term borrowings.
The generation electric power by power plants of the RusHydro group, taking into account Boguchanskaya HPP the results of 2021, amounted to 143.8 billion kVt·ch, the installed capacity of generation facilities reached 38.2 GW, an increase of 100 MW.
At the end of last year, two RusHydro hydroelectric power plants - Sayano-Shushenskaya and Zeyskaya - set historical records for annual electricity generation: 29.4 billion and 7.7 billion kVt·ch, respectively.
The main factor that influenced the production of the RusHydro Group was the normalization of tributaries to the main reservoirs of the Volga-Kama Cascade hydroelectric power station while simultaneously increasing tributaries to the reservoirs of Siberia, the Far East and the North Caucasus above the average long-term values.[7] by[8] 1.6%
RusHydro's revenue according to international financial reporting standards for 2020 amounted to 429.59 billion rubles, which is 5.6% more than in 2019. The group's net profit during this time increased from 643 million to 46.61 billion rubles.
RusHydro noted that profits turned out to be the highest in history against the background of record production, the introduction of new energy capacities, growing energy consumption in the Far Eastern Federal District and management efforts to control costs.
The production of RusHydro at the end of 2020 amounted to 130,987 million kVt·ch (+ 8.2% by 2019), taking into account the Boguchansk GES5 - 148,625 million kVt·ch (+ 8.4%).
The main factors that influenced the growth in production were the inflow of water into the main reservoirs of the hydroelectric power station above the long-term average, the growth of electricity consumption in the Far Eastern Federal District by 1.1%, as well as the commissioning of new and modernization of existing energy facilities.
In 2020, the installed capacity of the coal generation of the RusHydro TPP decreased by 27%, thereby strengthening the company's ESG profile, the report said.
The increase in sales in the group was explained by the following factors:
The indicator of consolidated profit from operating activities excluding interest payments, taxes and amortization (EBITDA) of RusHydro Group - in 2017 increased by 3.7% and amounted to 104 billion rubles.
The Group's total revenue in 2017 amounted to 380.9 billion rubles, a decrease of 2.7% due to the sale of Bashkortostan Energy Sales Company LLC (ESKB LLC) at the end of 2016. Excluding the impact of the results of OOO ESKB on the Group's revenue in 2016, the year-on-year growth of the comparable indicator was 5.4%. The main factors that influenced revenue growth were an increase in revenue from the sale of capacity as a result of the commissioning of the Zelenchukskaya HPP-PSPP, a favorable price situation in the wholesale electricity and capacity market, and an increase in revenues from electricity transmission in the Far East.
Operating profit of RusHydro Group increased by 1.9% from 75.6 billion rubles to 77.1 billion rubles.
Net profit of RusHydro Group in 2017 amounted to 22.5 billion rubles (-43.5% compared to 2016). At the same time, net profit adjusted for non-cash items [2] of the Group for 2017 amounted to 62.7 billion rubles, which is generally comparable (excluding ESKB LLC) with the same indicator for 2016.
The difference between the reported and adjusted figures is explained by the reflection of the following most significant non-cash transactions: recognition of the loss from economic impairment of the Group's property, plant and equipment, primarily in relation to the facilities of Yakutsk GRES-2 and PJSC Yakutskenergo, due to insufficient tariff revenue within the framework of the adopted tariff decisions; recognition of financial expense as a result of the change in the fair value of the non-deliverable forward on shares [3]; recognition of impairment loss on receivables as a result of analysis of overdue receivables and assessment of their probability of repayment. It should also be noted that the amount of net profit for 2016 was influenced by one-time income from the sale of dams of the Bratsk, Ust-Ilimskaya and Irkutsk hydroelectric power plants in the amount of 7.2 billion rubles, as well as income of 3.1 billion rubles from the sale of ESKB LLC.
The Group's assets in 2017 increased by 4.6% to RUR 1,028 billion due to growth in fixed assets, cash and cash equivalents, receivables and inventories. The Group's liabilities remained unchanged at RUB 332.7 billion. Long-term liabilities decreased by 34.4 billion rubles, short-term liabilities increased by 34.6 billion rubles.
Last year, the Group's debt burden was significantly optimized due to the repayment of the debt of RAO ES East companies in the amount of 55 billion rubles as a result of a transaction with VTB Bank and the cancellation of RusHydro's guarantee to Vnesheconombank on a loan from Boguchanskaya HPP in the amount of 26 billion rubles. Due to a decrease in the Group's debt burden, the net debt/EBITDA ratio, which characterizes the financial stability of companies, was reduced from 1.6 to 1.4 at the end of 2017.
In December 2010 RusHydro, as part of a program to consolidate hydrogenation assets, for the first time acquired a generating asset from a private investor. The company exchanged 4.5% of its shares for 25% of the shares of the second (after Sayano-Shushenskaya HPP) largest hydroelectric power station in the Russian Federation, OJSC Krasnoyarsk HPP, previously owned by the shareholder structures of the Siberian Coal and Energy Company (SUEK). Note that 68.29% of KrasHPP controls Oleg Deripaska's EuroSibEnergo. RusHydro described this deal as the first stage on the way to further consolidation of hydropower assets in Siberia and the Far East. In addition, the company's immediate plans include attracting strategic investors, and Chinese companies are considered among the main partners.
Also at the end of 2010. it became known about the plans of the Russian government to privatize in 2011-2013. 7.97% minus one share of RusHydro, after which the state amount in the company should be reduced from 57.97% of the authorized capital to 50% plus one share.
In May 2009 the current investment program "RusHydro" was adjusted in connection with the global financial crisis.
A serious accident at the Sayano-Shushenskaya hydroelectric station owned by RusHydro in August 2009. forced the company's management to think again about its revision, taking into account the restoration of the destroyed hydroelectric power station and the accelerated launch of the Boguchanskaya hydroelectric power station, capable of partially replacing the temporarily lost capacity. According to preliminary calculations, the damage caused by the RusHydro accident is estimated at 1.5 billion rubles. monthly. The restoration of the station will require more than 40 billion rubles. and about 4 years.
The accident at the Sayano-Shushenskaya hydroelectric power station, which became one of the largest man-made disasters of the last 25 years, cost the post of acting chairman of the board of RusHydro since July 2008. Vasily Zubakin, who was found one of the culprits of the tragedy along with the former head of RAO UES of Russia A. Chubais, the former chairman of the company V. Sinyugin and others. In November 2009 the board of the company was headed by the chairman of the board of Inter RAO Evgeny Dod.
January 9, 2008 HydroOGK completed the first stage of reform by joining 20 subsidiaries:
Effective February 11, 2008 the trading of the combined HydroOGK on Russian trading platforms in the "B" list begins. In May 2008 the company goes to the "B" list in RTS, in June - on MICEX. Later, RusHydro shares begin to trade on Russian stock exchanges in list "A."
The second stage of the reorganization of HydroOGK (at that moment already RusHydro) ended simultaneously with the liquidation of RAO UES. July 1, 2008 JSC Irganayskaya HPP and JSC Cascade of Nizhne-Cherek HPPs joined RusHydro. In addition, JSC State HydroOGK Holding and JSC Minority Holding HydroOGK joined RusHydro, on the balance sheet of which were the shares of the company itself, which, as part of the division of RAO UES, went to the state and minority shareholders of RAO UES. As expected, the share states in RusHydro according to the results of all transformations exceeded 51% and amounted to 60.37%.
Along with the shareholders of RusHydro, RAO UES inherited money from assets sold by the holding in the amount of about 30 million rubles. and shares in the still unsold subsidiaries of RAO UES. The largest stake in the balance sheet to RusHydro is 22% of OGK-1 shares.
RusHydro developed and began to implement a long-term development strategy until 2020, the main goal of which is to increase the company's value. Including EBITDA of RusHydro by 2020. should increase from 17 billion rubles. (in 2007) to 80 billion rubles. The total installed capacity of hydroelectric power plants, as well as stations operating on other renewable sources, is expected to grow from 25 GW to 46 GW, and electricity generation - from 78 billion kWh to 130-140 billion kWh. The development strategy involves updating the main fund and reducing the level of equipment wear from the current 35% to 19%. An important component of the development of RusHydro should be the implementation of a program for the production of energy based on renewable sources (in addition to water - based on the energy of sea tides, wind and geothermal energy). Among the main current projects of the company are the construction of the Bureyskaya and Boguchanskaya hydroelectric power stations, the design of the South Yakutsk hydroelectric complex and the Evenki hydroelectric power station.
The formation of a single HydroOGK was planned to be completed simultaneously with the reorganization of RAO UES itself, that is, by July 1, 2008. The hydrogenerating company, as part of the reform of the electric power industry, was to be separated from RAO UES along with other energy companies.
Spring 2007 The Board of Directors of RAO UES approves the scheme for the accelerated reorganization of HydroOGK, which involves the connection of subsidiary hydroelectric power plants in two stages. During 2007 HydroOGK was preparing, including the issues of additional shares of the company were registered, the conversion coefficients of HPP shares into shares of a single company were approved.
Spring 2006 on the basis of the Boguchanskaya HPP construction project, another, larger project is being formed - HydroOGK and the aluminum giant Rusal signed an agreement on the implementation of the project to create the Boguchansky Energy Metallurgical Association (BEMO), which also involves the construction of an aluminum plant.
Effective May 1, 2006 HydroOGK has become a participant in the wholesale electricity and capacity market (OREM). RusHydro becomes one of the largest players at the new OREM, launched on September 1, 2006.
In 2006 HydroOGK continues to increase its share capital by placing additional shares, which are paid for in hydrogenation assets. By this time, RAO UES decided to form a single operating company on the basis of the HydroOGK holding structure. The target model of HydroOGK was approved, involving the accession of 22 subsidiary hydroelectric power stations to the parent company and the transition to a single share, while the state's share in HydroOGK (the current RusHydro) should not have fallen below 51%.
During the formation of the HydroOGK, shares of JSC-HPP belonging to RAO UES were transferred. After the completion of the transfer of shares in 2005. HydroOGK created a management company (UK) "HydroOGK" on the basis of OJSC "UK Volga Hydropower Cascade (VOGEK)" to manage stations. In the same year, it was decided to begin the implementation of one of the largest projects of the company - the construction of the Boguchanskaya hydroelectric station.
JSC RusHydro was established as a 100% subsidiary of RAO UES of Russia in December 2004. under the name OJSC "Federal Hydrogenation Company" (HydroOGK). The order on its establishment was signed by Anatoly Chubais, then chairman of the board of RAO UES. The state registration of the company took place on December 26, 2004. Vyacheslav Sinyugin, Managing Director of the Hydrogeneration Business Unit of RAO UES, who later took the post of Deputy Minister of power of the Russian Federation, was appointed Chairman of the Board of HydroOGK. He led the company until May 2008. and until December 2008. headed its board of directors.
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