Results of the Board of Directors on December 23, 2015
PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting on December 23, 2015.
The Board of Directors has approved unconsolidated business-plan of PJSC RusHydro for 2016, including: annual and quarterly KPIs, investment program, quarterly schedule of financing and investment, program of increase of efficiency of operational and investment activity and cost reduction; took a note on the Company’s business plan for 2017-2020, including investment program for the period. The Board of Directors approved annual procurement plan for 2016.
RusHydro’s investment program for 2016-2020 provides for commissioning 915.48 MW and 687.8 GCal of additional capacity. In 2016, comprehensive reconstruction of the Sayano-Shushenskaya HPP will be completed. The construction of four priority projects in the Far East will continue. Financing of these projects in 2016-2020 is planned in the amount of RUB 46,933 mn (incl. VAT).
In 2016, construction of the Zelenchugskaya HPP-PSPP, implemented under capacity delivery agreement (DPM), is planned to be completed, adding 140 MW of capacity.
In 2016-2020, the Compaly plance to finance the following investment projects:
The Board of Directors approved the list of annual and quarterly KPIs of PJSC RusHydro for 2016, as well as Methodology of calculation and valuation of RusHydro’s KPIs.
The list of RusHydro’s KPIs and Methodology of calculation and valuation of KPIs are developed in compliance with the Guideline for KPIs of the state-owned companies approved by the Federal Agency for State Property Management (Rosimushchestvo). New documents were developed in order to improve the efficiency of publicly owned joint stock companies as well as the government’s control over such companies.
Annual KPIs of Rushydro include:
The quarterly KPIs include:
The Board of Directors took a note on information on status of implementation of priority projects in the Far East: Yakutskaya TPP-2, 2nd stage of Blagoveshenskaya TPP, TPP in Sovetskaya Gavan’, Sakhalinskaya TPP-2.
Project of extension of Blagoveshenskaya TPP is practically completed. In December 2015 the first stage of the second phase of the plant will be commissioned. Installation of two boilers is underway on the site of TPP in Sovetskaya Gavan’, construction of main buildings continue, concrete casting of the 150 meter chimney is completed. Main construction phase has begun on the site of Sakhalinskaya TPP-2: concrete casting of the main equipment basement is underway. On Yakutskaya TPP-2 construction site work on main buildings has progressed to the point allowing heating. Installation of main and auxiliary equipment is underway.
The Board of Directors elected the following members to the Far East energy development committee:
The Board of Directors has elected Yury Trutnev as Chairman of the Committee.
Committee function includes advising the Board of Directors on issues of the Far East energy sector development within the Company competence.
The Board of Directors approved its working plan for the first half of 2016.
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.
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