RusHydro retail companies transferred management function to ESC RusHydro
JSC RusHydro announces that shareholders of JSC Krasnoyarskenergosbyt, JSC Ryazan Energy Retail Company, JSC Chuvashskaya Energy Retail Company and LLC Energy Retail Company of Bashkortostan, retail companies controlled by RusHydro, transferred management function to a single governing body - JSC Energy Retail Company RusHydro (ESC RusHydro), a 100% subsidiary of RusHydro.
The corporate change will result in creation of a unified governance structure for retail companies, without the need of a merger. It will ensure a unified approach to implementing the principles of managing the retail assets, improve coordination of development plans, implement unified investment, financial and personnel policies, lead to lower operating costs.
Re-engineering of existing business processes, as well as development of unified management standards will enhance the responsibility of retail companies before consumers and optimize their operations.
Currently, RusHydro and ESC RusHydro actively engage with the Federal tariff service, regional authorities and minority shareholders of retail companies to openly communicate the expected positive effects of optimization.
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.
Shares / ADR