“Inter RAO” and “Rosnano” plans to sell “Rostec” their share in the consortium producing the only Russian gas turbine, high-power (GTD-110M). “Inter RAO” estimates the value of its share at 4.5 billion rubles., RUSNANO is 4 billion rubles From “inter RAO” has its own project on localization of the turbine with GE and Rostec will now have to look for an anchor customer, which puts the future of the GTD-110M into question, analysts say.The project is the development and testing of the GTE-110M reached the final stage: “inter RAO” and “Rosnano” intend to start negotiations with the “Rostec” on the exit from the consortium. “Inter RAO” a preliminary assessment of its share in the project is 4.5 billion rubles., RUSNANO is 3.8 billion rubles, follows from the presentation “inter RAO UES” (the materials published in the Telegram-channel “Svetasreni”, in “inter RAO” confirmed their authenticity).Participants expected the value of their shares as the amount of the contribution to the authorized capital project investments for 2013-2020 and the risk premiums and success. In “inter RAO” saying that no decisions have been taken. In “Rosnano” the presentation is not a comment, but ready at this stage “to consider various options for the exit at a fair price and open to possible negotiations.” In “assistance” did not respond to a request “b”.GTD-110M is the only turbine of the big capacity of the Russian production. Its development was carried out intermittently since the late 1990-ies. In 2013 the project has engaged a consortium of its “gas Turbine technology”: 52,95% of “inter RAO”, 42,34% have included in RUSNANO Fund for infrastructure and educational programs, and 4.5% in the United engine Corporation (UEC) “Rostec”, 0.21% of NP TSIET. Total project cost — RUB 2.93 billion, including a subsidy of the Ministry of industry and trade of 570 million rbl. the Contribution “inter RAO” is estimated at 1.26 billion rubles., RUSNANO has invested about 1 billion rubles, “rostech” more than 100 million rubles., NP TSIET — 5 million rubles. Turbine produces included in “rostec” plant “ODK-Saturn”, the prototypes installed on the stand of the Ivanovo CCGTs (325 MW belongs to “inter RAO”). The project has been much delayed: in 2017, during the test one of the mechanisms of the turbine is out of order. Now the turbine works in a competitive market, it has gained about 5 thousand hours. However, the project questions remain, according to the materials of the “inter RAO”.As follows from the “inter RAO”, the model solutions give a negative financial result in the assessment of investment attractiveness of plants GTD-110M, and provide warranty than similar offerings on import GTU.In “Rosnano” give a higher score to the results of the work on the turbine: the engine capacity increased from 110 to 115 MV, the efficiency increased from 35.5% to 37%, and in the complex of PGU — 52%, fixed structural defects, increasing the reliability. “We see no basis��iy in order that the turbine was inefficient in the current market environment. GTD-110M has competitive technical characteristics in comparison with foreign analogues”,— said “Kommersant” in “Rosnano”.The main question is where rostec will find customers for the new turbine. As he said in an interview with “Kommersant” the Chairman of the Board of UK “RUSNANO” Yuri Udaltsov, the power of “UEC-Saturn” allow for two units per year, the installation may be required when upgrading thermal power plants and for LNG plants (see “Kommersant” on November 22, 2019). Rostec yet found a use for this turbine is only in his own project — the Impact of TES in Taman (see “Kommersant” on 22 June). Two turbines for 2.6 billion rubles can buy “inter RAO UES”, said in a company presentation without specifying the purpose of the purchase.The output of “inter RAO” from the project of the GTD-110M was predictable, as the company has plans of his own on localization of the turbine with the American GE, says Vladimir Sklyar from “VTB Capital”. He notes that “inter RAO” was the prospect of a substantial portfolio of orders — it is possible to order the 2.5 GW for the Arctic project “Vostok oil” and the potential transfer from coal to gas, PDM units at Cherepetskaya GRES (500 MW). This volume is enough for payback for the localization of foreign turbine CCGT transfer of license, and participation in two projects would lead to a conflict of interest, the analyst believes.Turbine Rostec are the requirements of localization for the modernization of old thermal power plants and will find a certain demand, the expert believes. However, given the significant plans for expansion on the market of the combined cycle turbines from several players (“Power machines” Alexey Mordashov and the German Siemens with “Gazprom energoholding”), as well as the lack of “Rostec” anchor ordering on the medium-term horizon, adds Mr. Sklar, “talking about the unconditional future success of this unit is not necessary”.Pauline Smertin, Tatiana Woodpecker
