RusHydro completes consolidation of assets in Kamchatka
December 20, 2019 Moscow, Russia. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces completion of assets consolidation in Kamchatka. The restructuring included merging of JSC Geotherm and PJSC KamGEK with PJSC Kamchatenergo.
The restructuring has been implemented in two stages: the first stage included merging of geothermal assets into JSC Geotherm, while second stage envisaged merging of JSC Geotherm and PJSC KamGEK with PJSC Kamchatenergo.
Nikolai Shulginov, Chairman of the Management Board – General Director commented: ‘Assets consolidation allows to reduce operating costs, increase efficiency of investments and make energy supply in the region more reliable”.
Today, RusHydro Group is represented in the region by only two companies instead of nine earlier: PJSC Kamchatenergo and JSC YuESK (100% subsidiary of PJSC Kamchatenergo, responsible for energy supply to isolated communities of Kamchatka Peninsula).
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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