En+ Group

En+ Group is an energy and metals group established in 2002 by Oleg Deripaska. Its operating model links large-scale, predominantly hydropower-based electricity generation with aluminium production through its controlling interest in United Company RUSAL. This integration gives the group access to relatively low-carbon electricity for energy-intensive smelters, especially in Siberia, while making it a significant participant in global aluminium markets. The group’s energy portfolio is concentrated in Russia’s Siberian electricity system. Its assets include major hydroelectric power stations on the Angara and Yenisei river systems, as well as combined heat and power facilities and smaller renewable-energy projects. The group has described itself as the world’s largest independent hydropower generator. Historically reported installed capacity was approximately 19.6 GW, with hydropower accounting for most of that capacity. Its electricity and heat operations supply industrial customers and support RUSAL’s smelting network. En+’s metals exposure is principally represented by its stake in RUSAL, a vertically integrated aluminium producer with bauxite, alumina and aluminium assets. RUSAL’s operations include mines, refineries and smelters, with much of its core smelting capacity in Siberia. The relationship between the two businesses is strategically important: hydroelectricity can reduce the emissions intensity and operating cost of aluminium compared with coal-powered production. RUSAL has marketed lower-carbon aluminium under the Allow brand, while En+ has promoted the broader concept of green aluminium. The group expanded through a series of corporate consolidations and acquisitions. RUSAL-related assets were assembled during the early 2000s, followed by the combination of SUAL and selected Glencore aluminium and alumina assets in 2007. RUSAL later acquired a strategic stake in Norilsk Nickel and developed the Boguchansk hydropower and aluminium project with RusHydro. En+ also built an energy-logistics capability and invested in solar generation, including the Abakan solar power plant. En+ became a London-listed company in 2017. Its corporate structure and ownership became the subject of international scrutiny after the United States Treasury sanctioned the group and RUSAL in April 2018 because of their association with Deripaska. The sanctions blocked US property and restricted transactions involving the companies. En+ proposed governance and ownership changes, including Deripaska’s departure from the board, a reduction of his voting interest, and the appointment of a majority-independent board. The United States subsequently lifted sanctions on En+ and RUSAL in January 2019, while Deripaska himself remained sanctioned. Climate strategy has become a central part of the group’s positioning. In 2021, En+ announced an objective to reduce greenhouse-gas emissions by at least 35% by 2030 and reach net-zero emissions by 2050. Its initiatives have included hydropower-equipment modernization, renewable-energy certificates, lower-carbon aluminium products and a proposed separation of RUSAL’s higher-carbon and lower-carbon assets. The company’s business remains exposed to commodity prices, energy-market conditions, geopolitical restrictions, sanctions, industrial demand and the governance consequences of its historical association with Deripaska.

En+ Group was established in 2002 by Oleg Deripaska as an industrial holding company with interests spanning metals and power. Its development reflected the close economic relationship between aluminium smelting and electricity generation: aluminium requires very large and relatively stable electricity supplies, while Siberia has extensive hydropower resources and an established heavy-industry base. During its formative period, En+ assembled and managed interests in electricity generation and aluminium. The group became closely connected with United Company RUSAL, which grew into one of the world's largest aluminium producers. En+'s power portfolio included major Siberian generation assets and interests associated with Irkutskenergo, while the group and RUSAL were involved in the development of the Boguchanskaya hydroelectric project. These assets supported a vertically integrated model in which generation, transmission relationships and industrial consumption were linked within the same corporate group. The group's strategic identity increasingly focused on hydropower-backed aluminium. Electricity generated by large hydroelectric facilities generally has lower direct greenhouse-gas emissions than electricity generated from coal, although the full environmental impact of hydropower depends on project design, reservoirs, transmission and local conditions. En+ used this power profile to promote lower-carbon aluminium and to differentiate its production system in markets where customers were seeking to reduce the emissions intensity of industrial materials. A major corporate turning point came in 2017, when En+ completed an international public offering and its global depositary receipts began trading in London. The flotation gave the group a broader international investor base and made its ownership, governance and operating exposure more visible to global capital markets. En+ remained linked to RUSAL, so its public-market performance was materially influenced by aluminium prices, RUSAL's operating results and the condition of the global aluminium industry. In April 2018, the United States Treasury designated En+ Group, RUSAL and several other companies associated with Oleg Deripaska under sanctions. The sanctions created significant operational and market-access risks. They affected the group's relationships with banks, customers, suppliers and investors and contributed to volatility in aluminium markets. The US government later granted temporary relief and negotiated a restructuring intended to separate the companies from Deripaska's control without forcing an immediate liquidation of their international assets. In January 2019, the United States removed sanctions from En+ Group and RUSAL after the companies adopted measures intended to reduce Deripaska's ownership and influence, introduce additional independent oversight and improve transparency. Deripaska remained subject to personal sanctions and retained an economic interest, but the corporate governance arrangement was changed. The episode became one of the defining events in En+'s modern history and continues to shape how the group is assessed by investors and counterparties. After the sanctions episode, En+ continued operating its aluminium and power businesses while emphasizing operational efficiency, sustainability and low-carbon production. The group has described its hydroelectric generation portfolio as one of the largest privately controlled hydropower portfolios in the world. Its energy business supplies electricity to industrial consumers and the wider power system, while its metals exposure comes predominantly through RUSAL and related aluminium operations. The company has also remained exposed to regulatory and geopolitical changes. Russia's invasion of Ukraine in 2022 produced a new wave of sanctions, export controls, financial restrictions and logistics disruptions affecting Russian companies and their international counterparties. En+ has continued to publish corporate, financial and sustainability information, but the group's operating environment is more dependent on jurisdiction, payment channels, shipping routes, commodity-market conditions and the policies of governments in the countries where it sells or sources products. Today, En+ is best understood as an industrial group rather than a conventional branded-products company. Its core proposition is the combination of large-scale hydropower and aluminium production, with low-carbon aluminium as the most prominent outward-facing positioning. The company's long-term prospects depend on aluminium demand, electricity availability and pricing, the performance of its Russian assets, access to international markets, sanctions compliance and the continued credibility of its environmental claims.

• 2022

  Geopolitical operating environment changes

  [9]Moscow trading presence expandsenplusgroup.com

  The invasion of Ukraine and resulting sanctions and trade restrictions materially change the operating environment for Russian metals and energy companies.

• 2020

  Moscow trading presence expands

  [9]Moscow trading presence expandsenplusgroup.com

  The group's ordinary shares become available for trading in Moscow, complementing its international depositary-receipt history.

• 2019

  Corporate sanctions restructuring

  [7]US Treasury removal of sanctions from En+ Group and RUSALhome.treasury.gov

  The United States removes sanctions from En+ and RUSAL after ownership and governance changes intended to reduce Deripaska's control.

• 2018

  US sanctions designation

  [6]US Treasury sanctions announcement of April 2018home.treasury.gov

  The US Treasury designates En+ Group and RUSAL in connection with sanctions against Oleg Deripaska.

• 2017

  International public offering

  [8]London Stock Exchange En+ Group company pagelondonstockexchange.com

  En+ completes an international offering and lists global depositary receipts in London.

• 2007

  Boguchanskaya hydropower project reaches a major development phase

  [4]En+ Group power businessenplusgroup.com

  The Boguchanskaya hydroelectric project, developed by En+ and RUSAL interests, becomes a central part of the group's Siberian power and aluminium strategy.

• 2002

  En+ Group is established

  [3]En+ Group historyenplusgroup.com

  Oleg Deripaska establishes En+ as a holding structure for metals and power assets.

Vertically integrated producer of low-carbon aluminium and major hydropower-based electricity generator

• Metals

  Primary aluminium

  Primary aluminium is the group's principal metals output through its controlling interest in RUSAL. The production system includes alumina conversion and aluminium smelting assets, with a substantial share of smelting electricity supplied by hydropower-linked generation. Aluminium is sold into industrial supply chains including transport, construction, packaging, engineering and electrical applications. The group positions hydro-based output as having a comparatively low carbon intensity.

• Metals

  Aluminium alloys and value-added products

  RUSAL's wider product portfolio includes aluminium alloys, billets, slabs, foil-related products and other value-added forms used by downstream manufacturers. These products allow the group to serve customers beyond the market for standard primary metal and to tailor material properties for automotive, aerospace, construction, packaging and industrial uses. Availability and market access vary by product, plant and destination.

• Electricity generation

  Hydropower-generated electricity

  En+ Power operates and manages a large portfolio of electricity-generation assets, with hydropower as its defining technology. Its generation fleet supplies electricity to industrial customers and wholesale power markets, particularly in Siberia. The power business is strategically important both as a standalone source of electricity revenue and as the energy foundation for the group's aluminium operations.

• Sustainability-oriented metals offering

  Low-carbon aluminium

  Low-carbon aluminium is a positioning and product proposition built around aluminium manufactured using predominantly hydropower-based electricity. The offering is intended for customers seeking to reduce the emissions intensity of their material supply chains. Its environmental profile depends on the boundaries and methodology used for carbon accounting, but the underlying commercial rationale is the group's access to large hydroelectric resources.

• 2019

  Sanctions-related ownership and governance restructuring

  Sanctions were removed from En+ and RUSAL after a restructuring intended to reduce Deripaska's ownership and influence and to strengthen independent oversight. The episode remained a significant corporate-governance controversy even after the companies were removed from the US sanctions list.

  Source

• 2018

  US sanctions against En+ Group and associated companies

  The US Treasury designated En+ Group, RUSAL and other companies associated with Oleg Deripaska. The action generated major concerns over governance, market access, counterparties and the continuity of international aluminium supply.

  Source

Read more

• Low-carbon aluminium positioning

  International metals markets

  En+ and RUSAL have promoted aluminium made with predominantly hydropower-based electricity as a lower-carbon material for customers seeking to reduce supply-chain emissions.

  Outcome. The positioning became a central part of the group's sustainability and commercial communications.

  Source
• Sustainability and hydropower communications

  Russia · International

  The group communicates the role of hydropower, energy efficiency, emissions reduction and responsible operations in its metals and power businesses.

  Outcome. Sustainability reporting remains part of En+'s investor and stakeholder communications.

  Source

• 2022

  Adaptation to expanded Russia-related restrictionsOther

  Background

  The war in Ukraine generated new sanctions, trade restrictions, financial constraints and logistics problems for Russian industrial groups.

  Action taken

  En+ continued operating its assets while adapting sales, financing, logistics and disclosure practices to the changed regulatory environment.

  Aftermath

  The group remained active but faced greater dependence on regional markets, compliant counterparties and alternative trade and payment channels.

  Source

• 2018

  Response to US sanctionsStrategy

  Background

  The US sanctions designation threatened the group's international relationships and created the possibility of severe disruption to its aluminium and power businesses.

  Action taken

  En+ and related parties negotiated ownership, voting, governance and oversight changes intended to reduce Oleg Deripaska's control.

  Aftermath

  The United States removed sanctions from En+ and RUSAL in January 2019, while Deripaska remained personally sanctioned.

  Source

• 2017

  International listingStrategy

  Background

  En+ sought access to international equity investors and a public-market platform for its metals and energy holding structure.

  Action taken

  The group completed an international public offering and admitted global depositary receipts to trading in London.

  Aftermath

  The listing increased international visibility but also heightened exposure to global sanctions, governance and investor scrutiny.

  Source

• Expansion of low-carbon aluminium strategyStrategy

  Background

  Customers and investors have shown increasing interest in the emissions intensity of aluminium and in electricity sources used for smelting.

  Action taken

  The group has emphasized hydropower-backed production, energy efficiency and lower-carbon aluminium in its commercial and sustainability communications.

  Aftermath

  Low-carbon aluminium became a central element of En+'s public positioning and differentiation from more carbon-intensive production systems.

  Source

• 2021-05-19

  UC RUSAL proposes demerger of high-carbon assets[10]UC RUSAL提议分拆高碳资产aluminiumtoday.com

  Reported: 2021-05-19

  En+ Group welcomed UC RUSAL's proposal to split its metal segment into two companies, with a newly created entity comprising higher-carbon assets. The proposed demerger remains subject to regulatory approval and stakeholder consultations.

1. 1En+ Group official websiteenplusgroup.com
2. 2En+ Group managementenplusgroup.com
3. 3En+ Group historyenplusgroup.com
4. 4En+ Group power businessenplusgroup.com
5. 5En+ Group sustainabilityenplusgroup.com
6. 6US Treasury sanctions announcement of April 2018home.treasury.gov
7. 7US Treasury removal of sanctions from En+ Group and RUSALhome.treasury.gov
8. 8London Stock Exchange En+ Group company pagelondonstockexchange.com
9. 9Moscow trading presence expandsenplusgroup.com
10. 10UC RUSAL提议分拆高碳资产aluminiumtoday.com