Renewable energy
可再生能源
Big blue
碧海蓝天
Jul 24th 2008
From The Economist print edition
A clean-power colossus hopes to grow even bigger
清洁能源巨头RusHydro希望更为壮大
MANY investors believe there is gold in greenery. They see a sunny future for firms that generate power from solar panels, wind turbines and so forth. After all, their fuel is free, whereas the bills of power stations that run on coal and natural gas are high and rising. And ever more countries are making “renewables” even more attractive through subsidies or taxes on grubbier fuels. So what is the world’s biggest listed renewable-power firm, in the vanguard of this trend?
许多投资者认为，绿色工业是一座金矿，利用太阳板和风力涡轮机等类似设施发电的公司前途光明。因为毕竟，这些公司所用燃料可以免费获得，而依靠煤和天然气发电的公司，其成本不仅居高不下，而且还日益上升。更多的国家通过补贴或对非清洁燃料征收高额税款让”可再生能源”更具吸引力。那么，在这个潮流中，哪家公司是全球最大的上市可再生能源公司呢？
The answer, perhaps surprisingly, is RusHydro, a partly state-owned company that owns most of Russia’s hydroelectric plants. Its capacity, of 25 gigawatts (GW), makes it the largest power-generation firm in Russia, the world’s fourth-biggest market for electricity. (Hydro-Québec, a firm owned by a Canadian provincial government, generates more power but is not listed.)
答案可能会让人吃惊，是RusHydro，一家部分国有公司。这家公司旗下拥有俄罗斯大部分的水电厂，其发电容量达25千兆瓦，是俄罗斯（全球第四大电力市场）最大的发电公司。（魁北克电力局是一家由加拿大省政府拥有的公司，发电量更大，但这家公司尚未上市。）
Hydropower produces about 15% of the world’s electricity, compared with 3% for other renewables. There is still lots of room for growth, anti-dam activists permitting. New Energy Finance, a research firm, reckons that less than one-third of the world’s potential capacity has been developed. Much of the unused part is in Russia, RusHydro says. It has 5GW of new capacity under construction and more than 20GW on the drawing board-enough to double production.
水电产能约占全球总电力的15%，其他可再生能源占3%。反坝倡导者也同意说，发展的空间还很广阔。英国新能源财经有限公司是一家研究型公司。这家公司认为，全球的容量潜力开发不足三分之一。许多尚未开发的潜力位于俄罗斯，RusHydro说。目前RusHydro正在修建一个5千兆瓦的容机组，并且正在规划一个超过20千兆瓦的容机组。这足以让产出翻一番。
RusHydro’s managers hope the prospect of such growth, along with the global enthusiasm for greenery, will buoy the company’s shares. What is more, says Sergei Yushin, its finance chief, the firm is one of the lowest-cost generators in Russia, and so is poised to take advantage of the gradual deregulation of Russia’s electricity market. Some bankers think it will become a blue-chip stock, as the biggest of the firms created amid the recent break-up and partial privatisation of UES, Russia’s former power monopoly.
RusHydro的经理们希望这种发展的强劲势头以及全球对绿色工业的热情能推动公司的股票上涨。此外，公司的财务总监Sergei Yushin说，公司是俄罗斯低成本发电公司之一，因此可以利用俄罗斯对电力市场放松管制的机会进行发展。在最近的公司分立和UES（曾经是俄罗斯的电力垄断者）的部分私有化过程中创立了一些新公司。一些银行家认为，RusHydro作为这些新创立公司中最大的一个，其可能会成为一支蓝筹股。
But there are reasons for caution. For one thing, Russian politicians might put a brake on deregulation if prices were to rise too fast. The sites of many of RusHydro’s mooted plants are in the eastern wilds of Russia, far from most potential customers. Alexander Korneev, an analyst at Citibank, worries that the firm will squander its earnings by spending too much on new dams. And low reservoirs have led to disappointing output this year-something even the best-run hydropower firms can do little about.
但也有需要谨慎之外。比如，如果物价上涨过快，俄罗斯的政治家们可能会叫停放松管制。RusHydro的许多拟议厂址都位于俄罗斯的东部荒原，远离其最大的客户群。花旗银行的一位分析师Alexander Korneev则担心公司会由于修建了过多的大坝而把其盈利挥霍掉。低蓄水水库今年的产出让人失望，即使是顶尖的水电公司对此也无能为力。
译者：王乙任 http://www.ecocn.org/forum/viewthread.php?tid=12859&extra=page%3D1