Results of the Board of Directors on October 21, 2015
PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting in absentia on October 21, 2015.
The Board of Directors approved an Addendum to the agreement of December 18, 2012, on allocation of budget funds between RusHydro, the Federal Agency for State Property Management and Ministry of Energy of Russia aimed to implement the President’s decree No. 1564 of November 22, 2012, on further development of RusHydro. In accordance with the agreement the Company received funds in the amount of RUB 50 bn from the federal budget to finance the implementation of four priority projects in the Far East of Russia.
The addendum provides for amendments to the main characteristics of the projects (technical, cost and terms of implementation) that have been determined based on the results of expert review and independent technical and price assessment:
In the end of 2014, a full cycle of audits and approvals in regards to all four power plants was completed. The cycle includes: approval of the project documentation by FAU Glavgosexpertiza (Federal Agency for Expert Assessment), independent technical and price audit and review at joint sessions of scientific collegium of Non-Commercial Partnership NTS UES (Scientific and Engineering Council of United Energy System) and Scientific Council of the Russian Academy of Science on safety of large energy systems. The general contractors for each project were selected. Currently, the construction of all projects is underway.
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.