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April 5, 2018

Results of the Board of Directors Meeting on April 2, 2018

April 5, 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 April 2, 2018.


The Board of Directors took note on the report on consolidated investment program for 2019 – 2023 and an update on investment program for 2018 as well as its sources of financing.

The draft investment program for 2018-2023 includes commissioning of more than 1.5GW of new electric capacity and over 1,000 GCal thermal capacity, construction and modernization of over 200 km of heat lines and close to 8,500 km of electric grids. Total size of the investment program including priority projects in the Far East is over RUB 443 bn. The Group’s investment program is sustainable with guaranteed sources of funding.

During the period of 2018 – 2023 RusHydro Group plans to commission the following facilities: first phase of Sakhalin GRES-2, third hydropower unit of Ust-Srednekanskaya HPP, Nizhne-Bureyskaya HPP, Zaramagskaya HPP-1, CHPP Vostochnaya, CHPP in Sovetskaya Gavan’, construction of first phase of two single-circuit 110 KW power lines Pevek-Bilibino and others.


The Board of Directors accepted proposal submitted by the shareholders of the Company on the list of candidates to the Board of Directors to be voted at 2018 AGM. The list includes the following candidates:

  • Artem Avetisyan, Director of New business division, Agency for Strategic Initiatives for New Projects Promotion;

  • Maxim Bystrov, Chairman of the Management Board, JSC ATS, NP Market Council;

  • Voevodin Mikhail, Genral Director, PJSC VSMPO-AVISMA Corporation;

  • Pavel Grachev, CEO, PJSC Polyus;

  • Sergei Ivanov, General Director, LLC RT Capital

  • Vyacheslav Kravchenko, Deputy Minister of Energy of the Russian Federation;

  • Pavel Livinsky, General Director, PJSC Rosseti;

  • Vyacheslav Pivovarov, General Director, Altera Capital;

  • Mikhail Rastrigin, Deputy Minister of Economic Development of the Russian Federation;

  • Nikolay Rogalev, Chancellor, Moscow Power Engineering Institute, Federal Research University;

  • Yury Trutnev, Deputy Chairman of the Government of the Russian Federation — Plenipotentiary Representative of the President of the Russian Federation in the Far Eastern Federal District;

  • Alexei Chekunkov, General Director, JSC Far East and Baikal Region Development Fund;

  • Sergey Shishin, Senior Vice-President, VTB Bank (PJSC);

  • Andrei Shishkin, Vice-President for Energy, Localization and Innovation, PJSC Rosneft Oil Company, Chairman of the Management Board, PJSOC Bashneft;

  • Nikolay Shulginov, Chairman of the Management Board — Director General of PJSC RusHydro.


The Board of Directors included the following candidates to Audit Commission of the Company:

  • Natalia Annikova, First Deputy General Director, OJSC Construction Department ¹308;

  • Tatyana Zobkova, Department Division Head, Ministry of Energy of the Russian Federation;

  • Marina Kostina, Deputy Department Director, Ministry of Economic Development of the Russian Federation.

  • Igor Repin, Deputy Executive Director, Association of Institutional Investors;

  • Dmitry Simochkin, Deputy Head of Department, Federal Agency for State Property Management


The Board of Directors approved the proposal on the agenda for the AGM on results of 2017 submitted by the Federal Agency for State Property Management, a Company shareholder holding 60.56% shares, representing the Russian Federation as shareholder. The Agenda contains the following items:

  • Approval of the annual report;

  • Approval of accounting (financial) reports;

  • Approval of distribution of Company 2017 profit;

  • On dividends: volume, timeline and form of payment, date of record for dividend payment eligibility based on 2017 results;

  • On compensation to Board of Directors members, not employed by government agencies;

  • On reimbursement for participation in the work of the Audit commission to members of the Commission, not employed by government agencies;

  • Election of the Board of Directors;

  • Election of the Audit Commission;

  • Approval of the auditor.

The agenda and date of the AGM will be approved at one of the upcoming Board of Directors meetings.


The Board of Directors approved termination of PJSC RusHydro’s participation in MGES of Dagestan and authorized its representatives in the Company’s Governance to liquidate MGES of Dagestan.
Liquidation of MGES of Dagestan is planned as it currently does not conduct business and operations. Amsarskaya, Shinazskaya and Arakulskaya HPPs with a combined installed capacity of 3.8 MW, formerly owned by MGES of Dagestan, were sold to PJSC RusHydro in 2013.

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