JSC RusHydro Board of Directors approves 2010 investment program
The Board of Directors of JSC RusHydro (ticker symbol: HYDR; MICEX, RTS and LSE) considered and approved the Company’s investment program for 2010 in the amount of 97.1 billion rubles (including VAT).
The planned volume of investments under the program of technical rehabilitation and modernization in 2010 will equal 12.2 billion rubles. Over 80% of these funds will be spent on acquiring hydroturbine, hydromechanical and auxiliary equipment, electric machinery, creating an automatic process control system, relay protection and automatic equipment and industrial safety systems at the Company’s hydropower plants. Also, the implementation of the program of technical rehabilitation and modernization will enable JSC RusHydro to increase the capacity of its operational hydropower plants by 42 MW in 2010.
The areas of investment under the JSC RusHydro program of technical rehabilitation and modernization have been adjusted taking into account the conclusions and recommendations of the Federal Agency for Environmental, Technological and Nuclear Supervision, which are reflected in the statement on the investigation of the reasons for the accident at the Sayano-Shushenskaya HPP. The implementation of the program of technical rehabilitation and modernization will make it possible to enhance considerably technological safety, reliability and efficiency of the operation of facilities through the replacement of main and auxiliary equipment and also through the introduction of advanced monitoring and control systems at the Company’s hydropower plants.
Financing for the Company’s construction projects is planned in the amount of 64.6 billion rubles, of which 37.4 billion rubles will be spent on financing the BEMO project (which is being carried out on a parity basis with UC RusAl) and 15.4 billion rubles on the construction of the Zagorskaya PSHPP-2.
The maximum volume of funds planned under the program of the restoration of the Sayano-Shushenskaya HPP will equal 16.1 billion rubles. Four hydropower units with a total capacity of 2,560 MW will be restored at the Sayano-Shushenskaya HPP in 2010. The first of them (hydropower unit No. 6 with a capacity of 640 MW) was launched into operation on February 24; hydropower unit No. 5 is scheduled to enter service in March 2010 while hydropower units Nos. 3 and 4 are planned to become operational by the end of the year.
In addition, the RusHydro investment program stipulates 3.5 billion rubles in funds to finance the construction of a shore spillway for the Sayano-Shushenskaya HPP. The first stage of the spillway is scheduled to be ready by June this year.
Under the approved investment program, 3.1 billion rubles will be allocated for the designing of facilities and also for the financing of other projects, including 2.7 billion rubles for the project of the South-Yakutia Hydropower Complex (the development of the project documentation of the Kankunskaya HPP).
The financing of the projects of developing renewable energy sources will increase by 28% to 973 million rubles.
Shares / ADR