23.03.2021
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Results of the Board of Directors meeting on March 19, 2021

March 23, 2021, Moscow, Russia. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting in absentia on March 19, 2021.


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The Board of Directors approved the report on divestment of Company’s non-core assets for 2020. The Company continues to optimize its asset structure. PJSC RusHydro has successfully completed its target on divestment of none-core assets for 2020 saving RUB 93 bn annually. Consequently, RusHydro Group has also fulfilled its plan on divestment of non-core assets for 2020 saving over RUB 200 mn in annual maintenance.

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The Board approved the report on implementation of the Company’s insurance protection for 2020. Following program execution, insurance expenses have decreased after application of decreasing coefficients to insurance tariffs made possible by high fire safety standards and recertification of facilities.


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The Board of Directors approved the report on execution of the company's comprehensive procurement program for 2020. In the reporting period, PJSC RusHydro has carried out 2,227 procurement procedures, 99.8% in electronic format. The effect of carrying out procurement procedures amounted to RUB 1.3 bn (excl. VAT).  


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The Board of Directors took into consideration information on execution status of priority projects in the Far East.


The Group is currently constructing the first phase of two single-circuit 110 kV Pevek-Bilibino overhead lines in Chukotka region. Over 100 utility poles have been assembled already. The new overhead lines will provide reliable electricity supply between Pevek, where a new floating nuclear power plant Akademik Lomonosov came online in 2020 and Bilibinskaya nuclear power plant. The project is implemented to replace the obsolete power lines which have been in operation since 1960 and gradual decommissioning of Bilibinskaya nuclear power plant. Moreover, new mining projects requiring additional electricity supply are currently under way in Pevek-Bilibino electricity generating system.


RusHydro is also engaged in the four projects under the government’s program on modernization of thermal capacities with guaranteed return on investment (Kabarovskaya CHPP-4, Artemovskaya CHPP-2, second phase of Yakutskaya GRES-2 and modernization of Vladivostokskaya CHPP-2). The government approved feasibility studies and technical documentation on Khabarovskaya CHPP-4, the documentation on Yakutskaya GRES-2 is pending approval while the documentation for construction of Artemovskaya CHPP-2 and Vladivostokskaya CHPP-2 will be reviewed this year.


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The Board of Directors took into consideration the report on major transactions of subsidiaries – intergroup rent agreements.


 

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The Board of Directors determined the following

  • PJSC RusHydro’s internal audit department’s activities action plan for 2021;
  • Technical requirements for audit services of RusHydro’s financial statements prepared in accordance with RAS and IFRS standards as well as audit of the Group’s long-term development program for 2021, 2022 and 2023.

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The Board of Directors approved using independent consulting services of JSC PricewaterhouseCoopers Consulting to evaluate the performance of the Board of Directors. Such evaluation is necessary to determine the effectiveness of the Board of Directors and its committees once every three years. Prior assessment of the Board of Directors took place in 2018.

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