Results of the Board of Directors on October 28, 2015
PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting on October 28, 2015.
The Board of Directors resolved to create the Far East power development committee of the Board of Directors.
The committee will be responsible for development of recommendations on power development in the Far East of Russia.
The Board of Directors approved anticorruption policy of RusHydro.
The Board of Directors took a note of the status of implementation of four priority projects in the Far East of Russia: Blagoveschenskaya TPP (2nd stage), Yakutskaya TPP No.2 (1st stage), TPP in Sovetskaya Gavan’, and Sakhalinskaya TPP No. 2 (1st stage).
In the end of 2014, all projects had been approved by the Federal agency of assessment (FAU Glavgosexpertiza), technological assessment and price audit of projects had been completed, the general contractors for each project had been selected. Currently, the construction of all projects is underway.
The 2nd stage of the Blagoveschenskaya TPP is 80% ready. In December 2015, the main equipment of the plant will be commissioned. The main facilities of TPP in Sovetskaya Gavan’ are being installed. Pre-construction works at the Sakhalinskaya TPP-2 have been completed. The main and auxiliary equipment of the Yakutskaya TPP No.2 is being installed.
The Board of Directors took a note of the report on interim results of 2015 business-plan execution for the 1st half of 2015 (including reports on implementation of investment program (including comprehensive modernization program) and annual procurement plan for the 1st half of 2015).
Electricity generation and output by RusHydro’s power plants in the 1st half of 2015 totaled 99.6% and 100.2% of the planned volumes respectively.
In the 1st half of 2015, increase in total installed capacity amounted to 13.5 MW as a result of completion of modernization and reconstruction works at the Kamskaya HPP (3 MW) and the Zhigulevskaya HPPs (10.5 MW).
Financing of the investment program in the 1st half of 2015 (excluding investment projects implemented by the Company’s subsidiaries) amounted to RUB 31.26 bn or 99.2% of funding plan for the 1st half of 2015 and 47.9% of the annual plan. Total funding of the investment program in the 1st half of 2015 (including investment projects implemented by the Company’s subsidiaries) amounted to RUB 40.26 bn or 96.6% of funding plan for the period and 45.8% of the annual plan. Actual financing of technical rehabilitation and modernization projects in the 1st half of 2015 totaled RUB 11.86 bn or 106.6% of the plan for the 1st half of 2015 and 38.9% of the annual plan.
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.