T Plus sees improvement in finances, but still not ready for major investments - CEO
VLADIVOSTOK. Sept 4 (Interfax) - T Plus , which a few months ago warned of losses for 2025 against the backdrop of rising borrowing costs, is now more upbeat, but still does not plan large-scale investments, the generating company's CEO, Pavel Snikkars, said.
"There have been some positive shifts, because we have worked seriously on costs within the company, and we have reviewed investment plans, investment programs. We have worked with the regions, and many regions have met us halfway. We have made changes, including in the terms for pricing heat. And yes, we can say that now we feel the financial situation has really improved, and we see a positive result that is ample for the end of 2025," he said in an interview with Rossiya-24 on the sidelines of the Eastern Economic Forum.
Snikkars said at the end of May that T Plus expected a loss this year and had put investments in development on hold as it focuses on maintaining existing infrastructure.
"It has improved [over the past months], but we will not be able to afford ambitious goals and a serious increase in investments. But we are preparing for this in any case," Snikkars told Rossiya-24.
He did not say when the investment program might resume. "Let's not make guesses. We'd like to understand what the cost of finance and borrowed capital replacement will be," he said.
T Plus is a private electricity and heat provider that brings together the generating assets of Viktor Vekselberg's Renova Group and gas and utilities assets. In September 2018, the share of companies that belong to Vekselberg in T Plus's equity capital fell from 57.1% to 39.59%.
T Plus was formed generating assets in European Russia, but is thinking of tapping the Far East market in time.
"An electricity market was launched in the Far East with competitive pricing at the beginning of this year, so you could say we are taking a closer look, we are interested. The Far East is developing rapidly, energy consumption is growing steadily. So we are looking at new markets, we hope to participate in tenders for the construction of generation," Snikkars said in the interview with Rossiya-24, when asked about the company's motives for participating in the Eastern Economic Forum.
"We would like to consider such an opportunity if we are dealt a good hand and there is a financial opportunity, and if the terms [of tenders] suit us," he said.
Since January 1, 2025, the Far East has been part of the energy market's second pricing zone (previously, it included only Siberia), which allows for competitive selection of projects for constructing and modernizing energy capacity in the region, with payment made in part through energy market charges. At the end of April 2025, the Russian government approved the selection of projects for the construction of thermal generation for Primorye and Khabarovsk with a total capacity of 445 MW. In August, the System Operator reported on the failed competition for the construction of new generation capacity in Khabarovsk Territory and Primorye. No applications were submitted for the selection.
