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Порохова Наталья

Natalya Porokhova

Head of Research and Forecasting Group, Analytical Credit Rating Agency (ACRA)
Quotes
04.10.2018
Russian Energy Week 2018
The Future of Russia’s Heat Supply
Russia produces 30% more heat than electricity, but at the same time the heat market is two times less than the electricity market, and two times less in money value, because basically our heat is three times cheaper in comparable units. And most importantly, from the investment standpoint, although we produce more heat, we still invest seven times less in heat than in the electric power industry, for example
04.10.2018
Russian Energy Week 2018
The Future of Russia’s Heat Supply
When we talk about reforming heat supply, we always talk about growing tariffs, in one way or another; nevertheless, I would rather be very careful, because there are so many reasons why it is so difficult to raise heat tariffs. There is an additional factor: the low inflation that we now have in Russia, which is likely to remain in the coming years. In terms of low inflation, the contribution of tariffs to inflation has grown, so if it used to be about 20%, it is nearly half now
04.10.2018
Russian Energy Week 2018
Risks in Modern Global Energy and How to Manage Them
Oil and gas companies have seen their profit margins decline by 1.6 percentage points since 2014 primarily due to the introduction of a new tax policy and not due to the influence of sanctions. At the same time, the imposition of sanctions has changed the debt and liability structure of companies in the oil and gas industry, as we are seeing an increase in the share of rouble-denominated borrowings (from 13% to 41%) and the share of bonds (from 40% to 66%). The geography of borrowing has also changed — the share of borrowing from non-residents has decreased and there has been a redirecting from Western banks to Chinese counterparties