December10, 2018. Moscow, Russia.
PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY)
announces that the Company's Board of Directors held a meeting in
absentia on December 6, 2018.
The Board of Directors approved the report on the
interim results of the Company's 2018 Business Plan execution
including actual results for nine months of 2018 (including the
report on execution of the Investment program, as well as
Comprehensive modernization program for nine months of 2018).
PJSC RusHydro’s production increased by 3.2%
y-o-y and reached 72.6 GWh. Revenue reached RUB 124.7 bn, while net
profit amounted to RUB 37.51 bn.
Financing of investment program for the nine
months of 2018 came in at RUB 19.7 bn or 100.2% of the planned
figure. In addition, financing of investment program of the company’s
subsidiaries amounted to RUB 17.7 bn or 100% of plan. Actual
financing of the hydropower rehabilitation & modernization
program in the same period was RUB 11 bn or 100.4% of the planned
Following relabeling of equipment upon the
rehabilitation & modernization program in the first nine months
of the year the installed capacity of Novosibirskaya HPP, HPPs on the
upper Volga, Votkinskaya HPP and Zhiugulevskaya HPP increased by 5
MW, 10 MW, 15 MW and 10.5 MW, respectively.
The Board of Directors approved the report on
execution of PJSC RusHydro’s comprehensive procurement program for
the nine months of 2018. The Company has carried out 1,799
procurement procedures, 97% of which were in electronic format.
The Board approved cancellation of participation
in authorized share capital of JSC Maliye GES Altaya in accordance
with PJSC RusHydro’s Program on divestment of none-core assets. The
Board of Directors authorized PJSC RusHydro representatives in the
management body of JSC Maliye GES Altaya to approve the decision on
liquidation of the Organization.
JSC Maliye GES Altaya (a PJSC RusHydro subsidiary
with 100% ownership) was founded in 2010 in order to carry out design
and construction work on small HPP Chibit project. In 2012 by order
of the Ministry of Energy of the Russian Federation, the project has
been excluded from RusHydro’s investment program.
The Board of Directors preliminarily approved the
Organization entering into fiduciary management agreements.
Within the scope of the agreement JSC ESC
RusHydro, JSC RAO ES of East, JSC Gidroinvest and PJSC Kolymaenergo
are transferring to PJSC RusHydro their owned shares of JSC
Gidroinvest, JSC ESC RusHydro, JSC ChirkeyGESstroi and JSC
Ust-Srednekanskaya GES named after A.F. Dyakov into fiduciary
management. The goal is to optimize corporate governance of
subsidiaries where RusHydro Group’s share in authorized capital is
equal to 100%.
The Board of Directors approved cancellation of
PJSC RusHydro’s participation in CJSC Verkhne-Narynskiye GES by
means of sale of 2,500,000 ordinary registered shares or 50% of the
authorized share capital to JSC Energeticheskiye stantsii (Kyrgyz
Republic) for the price determined by the Board of Directors based on
the appraiser’s report. The Board of Directors approved the sale of
shares by PJSC RusHydro.
CJSC Verkhne-Narynskiye GES was registered in
October 2012 in accordance with the agreement between the Government
of Kyrgyz Republic and the Government of the Russian Federation to
construct and manage Verkhne-Narynsk cascade of hydropower plants.
The joint venture was established to build and manage Akbulynskaya
HPP, Narynskaya HPP-1, Narynskaya HPP-2 and Narynskaya HPP-3.
Construction of the project came to an end following cancellation of
the agreement by the Kyrgyz side on 09.08.2016.
PJSC RusHydro claims to accept its share in the
joint venture CJSC Verkhne-Narynskiye GES by JSC Energeticheskiye
stantsii and be compensated by the Kyrgyz Republic for the costs
incurred as a result of participation in the construction project of
Verkhne-Narynsk cascade of hydropower plants. On October 31, 2018
PJSC RusHydro has filed for international arbitration against Kyrgyz
Republic. Kyrgyz Republic has to respond not later than April 15,
The Board of Directors approved transfer without
compensation of the automobile road to domestic waste landfill into
municipal possession of Talakan township in the Bureysk district of
the Amur region. The road is classified as a none-core asset with no
effect on the company’s operations. Initially built during
construction of the Bureyskaya HPP, it is now a part of the public
transportation infrastructure of the region.
The Board of Directors approved transfer without
compensation of two non-residential buildings of the electric
boiler-house suited for laboratory of the Siberian Federal University
to the Russian Federation represented by the Federal Property
Management Agency in the Krasnoyarsk, Khakassia and Tyva regions. The
buildings are classified as a none-core assets with no effect on the
company’s operations. They were initially built during construction
of the Sayano-Shushenskaya HPP.
The Board of Directors authorized PJSC RusHydro
representatives in the management body of JSC Sulakskiy Gidrokaskad
to approve sale of Gotsaltinskaya HPP property complex to PJSC
JSC Sulakskiy Gidrokaskad a subsidiary of PJSC
RusHydro with 100% ownership, was established to construct
Gotsaltinskaya HPP with an installed capacity of 100 MW. Following
the completion of hydropower plant’s construction in 2016 in order
to improve the structure of operating assets, the HPP was planned to
be transferred to PJSC RusHydro via purchase and sale agreement.
The Board of Directors approved the new edition of
PJSC RusHydro’s charity and sponsorship policy.
The new edition of the policy expands the
company’s sponsorship area of activity from the PJSC RusHydro’s
generating facilities regions of presence to the regions of
subsidiaries’ facilities presence.
The Board of Directors took into consideration the
information on the first phase of construction of two single-circuit
110 kV Pevek-Bilibino overhead lines.
The project for construction of high-voltage
overhead lines is implemented in light of upcoming reconstruction of
the Chaun-Bilibino power system following decommissioning of the
Bilibinskaya nuclear power plant. Construction of 110 kV lines is
essential for the development of the power system of Chukotka
Autonomous Region as well as for general sustainable development of
the Far East power system.
The Board of Directors approved the progress
report on the Plan of measures to implement professional standards in
the Organization in the second and third quarters of 2018.
The Board of Directors terminated the powers of
Tupikin Vladimir Vladimirovich, member of the Far East Energy
Development Committee ahead of schedule and elected Lebedev Sergey
Yurievich, deputy Chairman of the Management Board of NP Market
Council into the Committee.