The rapid spread of the COVID-19 virus from early 2020 led to a decline in business activity and a rapid deterioration of commodity markets, marked by considerable bouts of volatility. The second half of 2020 saw our end markets stabilise, and then show signs of recovery in 4Q 2020. Despite these challenges, En+ continued to move forward with confidence and maintained stable operating performance both in its Metals and Power segments. Aluminium production remained at the same level as 2019, while power generation delivered year on year production growth, in part driven by the benefits of our "New Energy" modernisation programme. Despite the pandemic, electricity demand in Siberia saw only an insignificant decline, prices remained broadly stable over the year and favourable hydrological conditions supported the Group's power generation. In response to the challenging market environment caused by COVID-19, the Metals segment successfully adjusted its sales mix, with a material increase in sales to geographies where demand was stronger and increasing VAP sales to 44% of total sales, accompanied by an 8.3% increase in released premiums. The end of 2020 was marked by a recovery in global aluminium demand, with a positive impact on aluminium prices. Aluminium prices ended the year above $2,000/t, compared to an LME average price of $1,703/t over 2020. While there remains potential for further growth from current levels, due to the evolving COVID-19 situation, the aluminium market outlook going into 2021 remains uncertain.
