September 27, 2016. Moscow, Russia.
PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY)
announces that the Company's Board of Directors held a meeting on
September 20, 2016.
***
The Board of Directors approved interim results of
2016 business plan execution for the 1st half of 2016
(including reports on implementation of investment program (including
comprehensive modernization program) and annual procurement plan for
the 1st half of 2016).
The Board of Directors commissioned Nikolay
Shulginov, Chairman of the Management Board – General Director of
PJSC RusHydro, to consider the amendments to 2016 business plan and
report to Yuri Trutnev, Chairman of the Board of Directors of
RusHydro, until October 31, 2016.
Actual generation and output in the 1st
half of 2016 were higher than planned targets (108.3% and 109.0% of
the targets respectively). The difference resulted from elevated
inflows to reservoirs of the Volga-Kama cascade, reservoirs of
Novosibirskaya and Sayano-Shushenskaya HPPs, as well as above-average
inflows in the Northern Caucasus.
During the 1st half of 2016, 13.5 MW of
installed capacity have been added due to rerating of the equipment
on Kamskaya HPP and Zhigulevskaya HPP (3 MW and 10.5 MW
respectively). Modernization of Kamskaya HPP was completed, with
increase of installed capacity to 552 MW.
Funding of investment program in the 1st
half of 2016 totaled RUB 14.42 bn or 22.0% of the annual plan and
77.0% of the financing plan for the 1st half of 2016.
Funding of subsidiaries’ investment programs for the period totaled
RUB 9.68 bn, or 28.4% of the annual plan and 95.6% of the 6-month
plan. Actual funding of comprehensive modernization program for
the1st half of 2016 totaled RUB 8.28 bn or 24% of the
annual plan and 84% of the 6-month plan.
***
The Board of Directors reviewed consolidated
business-plan (including consolidated investment program) of RusHydro
Group for 2016-2020.
The Board of Directors commissioned Nikolay
Shulginov, Chairman of the Management Board – General Director of
PJSC RusHydro, to consider the amendments to Regulations on business
planning system of PJSC RusHydro and report to Yuri Trutnev, Chairman
of the Board of Directors of RusHydro, until October 31, 2016.
Nikolay Shulginov, Chairman of the Management
Board – General Director of RusHydro, commented: “In the 1st
half of 2016, RusHydro continued its efforts aimed at increasing
efficiency and optimization of its investment program. As a result,
the company reduced planned funding of comprehensive hydropower
refurbishment and modernization program by smoothing funding schedule
and reducing per unit costs through more efficient procurement and
renegotiating of key supply contracts. RusHydro maintains the target
of RUB 30 bn per year for hydropower refurbishment and modernization.
At the same, the Company gives utmost priority to maintaining
initially planned reliability and safety standards. The Company is
focused on increasing shareholder value, profitability and
sustainable development”.
***
The Board of Directors approved Board of Directors
working plan for the 2nd half of 2016.
***
The Board of Directors reviewed execution of
non-hydro renewable energy projects (RES) development program by the
RAO ES of the East. The Board of Directors commissioned Nikolay
Shulginov, Chairman of the Management Board – General Director of
PJSC RusHydro, to finalize the RES development program in the Far
East in cooperation with JSC Far East development Fund and submit the
document for the Board’s review until March 31, 2017.
RAO ES East, a subsidiary of RusHydro, is an
operator of Group’s renewables fleet in isolated areas of the Far
East of Russia. The company now envisages installation of 146 MW of
non-hydro renewable energy capacity.
***
The Board of Directors moved the approval of the
report on implementation of RusHydro’s Innovative Development
Program for 2011 - 2015 with an outlook for 2021 in 2015 to a later
date.
***
The Board of Directors took a note of the
information on status of implementation of four priority projects in
the Far East: Yakutskaya TPP-2 (1st stage), 2nd
stage of Blagoveshenskaya TPP, TPP in Sovetskaya Gavan’,
Sakhalinskaya TPP-2 (1st stage) as of June 30, 2016.
The Board of Directors commissioned Nikolay
Shulginov, Chairman of the Management Board – General Director of
PJSC RusHydro, to develop the list of measures aimed at efficiency
improvement and construction control of four priority projects in the
Far East, and submit them for the Board’s review until October 31,
2016.
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