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Date |
Event |
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2021 |
The past 2021 is described by the improvement of the economic situation across the globe amid implications of COVID-19 virus spread, including in the Republic of Kazakhstan. Despite repeated outbreaks of the coronavirus, businesses throughout the world continue to recover, however, the industry is growing at a slower pace than services. As before, disruptions in supply chains, soaring energy prices, and shortages of materials and workforce constrain industrial production, which combined with the imbalance between supply and demand in global markets, amplify the global inflationary background, resulting in an increase in the actual inflation in 2021 against target values in the EU, USA, China, and other states. |
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During January 2021 |
In order to reduce interest payments, “SDPP-1” LLP early repaid the principal debt of 17.6 bn tenge to “Halyk Bank of Kazakhstan” JSC. |
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February 12, 2021 |
“Samruk-Green-Energy” LLP commissioned 1 MW solar power plant in Almaty city. |
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February 28, 2021 |
“ESDPP-1” LLP signed an investment agreement for retrofit, reconstruction, expansion, and renovation of power unit No. 1 (with installation of new electrostatic precipitators) with the RK Ministry of Energy on 28.02.2021, tariffs in the amount of 1,199 thous. tenge/MW* month for 2025–2031 for the volume of services – 476.6 MW. |
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March 30, 2021 |
Ceiling tariffs for electricity of EPO from 01.04.2021 were approved by the Order of the RK ME No. 108 dated 30.03.2021. |
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During March 2021 |
To reduce interest payments, SDPP-1 early repaid its principal debt of 1 bn tenge to “Halyk Bank of Kazakhstan” JSC, so did “APP” JSC, it extinguished the principal of 4.2 bn tenge to HBK. |
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April 8, 2021 |
The international rating agency Fitch Ratings revised the outlook on Samruk-Energy's rating, raising it from "Stable" to "Positive", and confirmed the long-term credit ratings of the Company in foreign and national currency at the "BB" level. |
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April 24, 2021 |
As part of securing financing for the Project “Modernization and reconstruction of Ekibastuz SDPP-1. Restoration of Unit No. 1”, 1st loan limit at “Halyk Bank of Kazakhstan” JSC in the amount of 18 bn tenge was opened. |
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May 17, 2021 |
The ceiling tariff from 2021 to 2025 was approved on 17.05.2021 by the order of DCRNM for Almaty city and Almaty region; the tariff will enter into force from June 1, 2021. The approved tariff for 2021 is 6.09 tenge/kWh. |
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May 31, 2021 |
The RK Government headed by Mamin A.U., the Prime Minister, approved the proposal for construction of a 600 MW combined cycle gas turbine unit at Almaty CHP-2 site. |
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June 11, 2021 |
As part of securing financing for the Project “Modernization and reconstruction of Ekibastuz SDPP-1. Restoration of Unit No. 1”, 2nd loan limit at “Halyk Bank of Kazakhstan” JSC in the amount of 12.8 bn tenge was opened. |
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June 15, 2021 |
“AES” LLP sent a new application for increasing the ceiling price with entry into force on July 20, 2021, the draft price was 20/89 tenge/kWh, a 14/5% increase to the current price of 18/25 tenge/kWh. As of 01.08.2021, DCRNM did not approved tariffs for AES due to the growth. |
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June 24, 2021 |
Ceiling tariffs for power generating stations considering changes in law on pass- through charge of RES were approved by the order No. 211 dated 24.06.2021 of the RK Ministry of Energy. Tariffs are effective from July 1, 2021. |
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From July 1, 2021 |
In compliance with subparagraphs 4-5) of paragraph 3 of Article 7-1 of the Law "On Supporting the Use of Renewable Energy Sources", a markup for supporting the use of renewable energy sources is determined and applied for conventional power plants. Thus, the selling price of conventional plants is divided into two components (ceiling tariff established by the authorized body and markup for supporting the use of renewable energy sources determined by the SFC for the calendar year). |
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August 23, 2021 |
As part of securing financing for the Project “Modernization and reconstruction of Ekibastuz SDPP-1. Restoration of Unit No. 1”, 3rd loan limit at “Halyk Bank of Kazakhstan” JSC in the amount of 12 bn tenge was opened. |
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October 8, 2021 |
“Halyk Bank of Kazakhstan” JSC has reduced “AES” LLP investment loans’ interest rates from 10.75% to 10.5% per annum. |
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October 20, 2021 |
“Halyk Bank of Kazakhstan” JSC has reduced “AZhC” JSC investment loans’ interest rates from 12.1%–12.0% to 11.5% per annum. |
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October 29, 2021 |
“Samruk-Energy” JSC Development Strategy for 2022–2031 was approved by the resolution of the Board of Directors. |
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November 8, 2021 |
The concepts of small and large HPPs were defined by the RK Government Decree No. 792 ““On Amendments to the RK Government Decree No. 271 dated March 27, 2014 “On Approval of the Rules for setting fixed tariffs and cap auction prices”. |
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November 16, 2021 |
Centralized trading of electric capacity for 2022 was held on the trading platform of “KEPMO” JSC . As a result of trading, “Samruk-Energy” JSC sold 3,447.1 MW, incl. APP – 523 MW, ESDPP-2 – 900 MW, ESDPP-1 – 2,024.1 MW. |
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November 18,2021 |
As part of securing financing for the Project “Modernization and reconstruction of Ekibastuz SDPP-1. Restoration of Unit No. 1, 4th loan limit at “Halyk Bank of Kazakhstan” JSC in the amount of 60.3 bn tenge was opened. (the total final limit for the Project amounted to 103 bn tenge) |
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November 25, 2021 |
The debut placement of "green bonds" was made on the Astana International Exchange in the amount of 18.4 bn tenge with a coupon rate of 11.4% per annum and a maturity of 6.5 years. This is the first issue of "green" bonds at the Fund's group, and it contributes to the development of infrastructure for future issues of ESG financing. |
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November 26, 2021 |
To eliminate the inflation risk in terms of interest expenses generation, reduction of interest payments, as well as optimization of the covenant package, the loan of “Shardarinsk HPP” JSC to the European Bank for Reconstruction and Development was refinanced by issuing bonds with a fixed interest rate. |
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December 15, 2021 |
To reduce interest payments, “APP” JSC refinanced investment loans from “Halyk Bank of Kazakhstan” JSC in the amount of 12.4 bn tenge at a rate of 11.4% by raising loans from “First Heartland Jusan Bank” JSC at a rate of 11.3%. |
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December 29, 2021 |
Biddings for construction of newly commissioned generating facilities with a maneuverable generation mode were held. “APP” JSC was recognized as the winner with the project “Reconstruction of Almaty CHP-3 based on a CCGT unit with an installed capacity of up to 450 MW” (28.01.22, a letter was received from the RK ME regarding the cancellation of biddings results with the withdrawal of sent draft agreement on the purchase of services). |
MACROECONOMIC FACTORS
According to the Bureau of National Statistics under the Agency for Strategic Planning and Reforms of the Republic of Kazakhstan, inflation was 0.6% in December 2021 (0.9% in December of 2020). Annual inflation was 8.4% (in December 2020 – 7.5%). As the inflation structure shows, groceries prices increased by 9.9% yoy, non-food products – by 8.5%, paid services – by 6.5%. According to the results of a population survey, in December 2021, the quantitative estimate of inflation expected in a year, was 10.3%.
As regards the monetary policy, on October 25, 2021, the National Bank decided to raise the base rate from 9.5% to 9.75%. Сontinuing inflationary pressure, which created the inflation that was even higher than that forecasted by the National Bank, rise in the prices in global commodity markets, accelerating inflation in countries-trade partners and high level of inflation expectations were major contributors to a such decision. On December 6, 2021, the National Bank decided to keep the base rate at 9.75% per annum. The decision on the base rate was made in the light of the ongoing inflationary processes in the economy.
In December 2021, the tenge exchange rate fluctuated in the range of 431.20 – 436.36 tenge per US dollar. At the end of December 2021, the exchange rate of the tenge against the US dollar was 431.80 tenge per US dollar, having strengthened by 0.6% over the month.
KZT/USD
KZT/EUR
KZT/RUB
Dynamics of exchange rates:
|
|
31.12.2020 |
31.12.2021 |
% |
|
KZT/USD |
420.71 |
431.67 |
103 % |
|
KZT/EUR |
516.13 |
487.79 |
95 % |
|
KZT/RUB |
5.65 |
5.77 |
102 % |