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TGC-1

December 22, 2010

The Board of Directors of TGC-1 approved the 2011 investment program

The Board of Directors of TGC-1 approved the 2011 business-plan and investment program of the Company.

The Board of Directors approved the key parameters of the business-plan of TGC-1 for 2011: non-consolidated revenue RUR 59.9 bn, non-consolidated profit RUR 3.5 bn (according to Russian accounting standards, i.e. without consolidation of subsidiaries). Management forecasts the following operating figures: total electricity generation should amount to 29 TWh (45% - hydrogeneration, 55% - thermal generation), heat output - 25.5 mn GCal/h.

Maintenance costs should amount to RUR 3.1 bn in 2011.

Also, the Board approved the 2011 CAPEX program. The key objectives of the investment program in 2011 are as follows:

- commissioning of the 1st 180MW CCGT unit at Pervomayskaya CHPP; completion of construction and pre-launch testing of the 2nd 180MW CCGT unit at Pervomayskaya CHPP;

- commissioning of the 450MW CCGT unit at Yuzhnaya CHPP;

- commissioning of 2 hydraulic units 30MW each at Lesogorskaya and Svetogorskaya HPPs of Vuoksa cascade, further reconstruction of the cascade;

 -further advancing the construction of 450MW CCGT unit at Pravoberezhnaya CHPP;

- start of Okhta CHPP project;

- refurbishment of Apatitskaya CHPP and construction of heating pipeline from the power-plant to Kirovsk;

- reconstruction of Iovskaya HPP.

The total financing of the program should amount to RUR 15.3 bn (VAT inclusive) without accounting for CAPEX spend of subsidiaries.

 

 

 

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