JSC RusHydro Holds Regular Meeting of the Board of Directors
JSC RusHydro (ticker symbol: ticker symbol: LSE, RTS, MICEX: HYDR OTCQX: RSHYY) announces that a meeting of the Company's Board of Directors was held in absentia November 30th, 2010.
On November 30th, 2010, the Company's Board of Directors terminated the powers of Kalamanov Vladimir Avdashevich, a member of JSC RusHydro's Management Board, and elected Tsoy Sergey Petrovich to serve as a member of the Management Board, beginning December 1st, 2010. Furthermore, the Board of Directors confirmed that Tsoy may simultaneously continue to hold the post of Chairman of JSC TV Center's Board of Directors.
Tsoy was born April 23rd, 1957. In 1982, he graduated from the Department of Journalism of M. A. Suslov Rostov State University, and in 2005, he completed a degree from the Department of Political Psychology at M. V. Lomonosov Moscow State University. He holds a ph.D. in political science. From 1983-1987, he worked as a correspondent for the ZiL Production Association newspaper "Moskovskij Avtozavodets." From 1987-1989, he was a correspondent for "Stroitelnaya Gazeta," the newspaper of the Central Committee of the Communist Party of the Soviet Union. From 1989-1990, he worked as the head specialist and senior editor for the Public Relations and Mass Media Department of the Moscow City Executive Committee. From 1990-1991, he was the Press Center editor-in-chief, deputy head of Soviets, Mass Media, Non-Governmental Organizations and Citizens Relations Department of the Moscow Council's Executive Committee. From 1991 to 1992, he was the Vice-Mayoral advisor for information and head of the Mayor's Office press-center. From 1992-1996, he was the head of the press-center for the Mayor's Office and an advisor to the Mayor. From 1996-2000, he served as the Mayor's press secretary and Prime Minister of the Moscow City Government, as well as head of the press-center for the Mayor's Office. From 2000-2001, he was press secretary for the Mayor and Prime Minister of the Moscow City Government, as well as head of the press-center for the Mayor's Office and chief editor of the "Vestnik Merii Moskvy" magazine. From 2001-2003, he was the press secretary for the Mayor of Moscow and head of the press-center for the Mayor's Office and the Moscow City Government. From 2003-2010, he was head of the press-center for the Mayor's Office and the Moscow City Government, as well as serving as press secretary for the Moscow Mayor. Beginning in 2006, he was also the Chairman of the Board of Directors of JSC TV Center. He was awarded the Medal of Order of Merit for the Motherland (2nd degree), the 850th Anniversary of Moscow Medal, the Order of Friendship, the Order of Honor, the Good Conduct badge for 25 years and the Order of Merit for the Motherland (4th degree).
The Company's Board of Directors approved the conclusion of the sale and purchase agreements on capacity delivery for new power plants (including pump-storage units) with participants in the wholesale market for electric power (capacity). The agreements are to be governed by Wholesale Market Rules.
Pursuant to these agreements, JSC RusHydro shall ensure the timely delivery of capacity within a fixed period, and the Buyer shall accept and pay for delivered capacity in accordance with provisions of these agreements, the Wholesale Market Rules, agreements on accession to the trading system of the wholesale market and the Wholesale Market Regulations. The capacity price shall be determined by the FTS (the Russian Federal Tariff Service) in accordance with worked-out procedures.
The agreements are to be concluded with regard to facilities listed in the Company's Investment Program, approved by the Supervisory Board of the Non-commercial Partnership Market Council.
The information in this press release may contain
projections or other forward-looking statements regarding future events or the
future financial performance of RusHydro. You can identify forward looking
statements by terms such as "expect," "believe,"
"anticipate," "estimate," "intend,"
"will," "could," "may" or "might," the
negative of such terms or other similar expressions. We wish to caution you
that these statements are only predictions and that actual events or results
may differ materially from these statements. We do not intend to update these
statements to reflect events and circumstances occurring after the date hereof
or to reflect the occurrence of unanticipated events. Many factors could cause
the actual results to differ materially from those contained in our projections
or forward-looking statements, including, among others, general economic
conditions, our competitive environment, risks associated with operating in
Russia, rapid technological and market change in our industries, as well as
many other risks specifically related to RusHydro and its operations.