RusHydro adopted decision to begin levelling of Zagorskaya PSPP-2 building
December28, 2018. Moscow, Russia. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors approved proposal of the Management Board to begin implementation of measures, aimed at levelling of the Zagorskaya pumped storage power plant No. 2 (PSPP-2) building.
According to the plan, the work will begin in 2019 and will take approximately two years. Decision on the levelling is based on results of joint session of scientific collegium of Non-Commercial Partnership NTS UES (Scientific and Engineering Council of United Energy System) and Section on complex problems in energy sector of the Scientific Council of the Russian Academy of Science on safety of large energy systems.
Levelling of Zagorskaya PSPP-2 building project was developed by Hydroproject Institute (RusHydro Group), after subsiding of the building in 2013. The project provides for pumping specially designed solidifying fluids beneath the basement platform of the building. Given complexity and unique nature of the project, the Institute has conducted extended research for testing and justification of the proposed technical solution.
Estimated cost of the levelling project is RUB 3.15 bn. Decisions on further action concerning restoration of Zagorskaya PSPP-2 will be adopted after completion of building levelling and evaluation of the results.
Construction of the 840 MW Zagorskaya PSPP-2 is carried out in the Moscow region near operating Zagorskaya PSPP. In September 2013, due to deficient functioning of the counter-seepage system, subsiding of the building of the plant under construction took place. Currently, the building has been stabilized and survey demonstrated that no damage impeding levelling of the building and further completion of construction has occurred. Currently, works are underway, aimed at preparation for exploitation of facilities to be used by operating Zagorskaya PSPP (tailrace basin, 500-kV switchgear, auxiliary roads).
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 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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