11 Aug 2017 17:07
Results of the Board of Directors on August 10, 2017
August 11, 2017. 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 August 10, 2017.
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The Board of Directors re-elected Yury Trutnev as its Chairman.
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The Board of Directors elected Sergei Ivanov as Deputy Chairman to the Board of Directors.
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The Board of Directors elected following members to the Far East energy development committee:
1. | Yury Trutnev | Deputy Chairman of the Government of the Russian Federation - Plenipotentiary Representative of the President in the Far Eastern Federal District |
2. | Igor Zadvornov
| Head of the Office of the Deputy Chairman of the Government of the Russian Federation - Plenipotentiary Representative of the President in the Far Eastern Federal District |
3. | Alexei Chekunkov | Director General, JSC Far East Development Fund |
4. | Pavel Grachev | President, PJSC Polyus |
5. | Vyacheslav Kravchenko | Deputy Minister of Energy of the Russian Federation |
6. | Vladimir Tupikin | Deputy Chairman of the Management Board, NP Market Council |
7. | Alexey Mol'sky | Deputy Chairman of the Management Board, PJSC FGC UES |
8. | Sergei Kachayev | Deputy Minister for the Development of the Russian Far East |
9. | Denis Pilenieks | Deputy Director for Development, JSC System Operator of the United Power System |
10. | Mikhail Kolesnikov | Vice-President, Chairman of Committee on energy industry, the all-Russian non-governmental organization of small and medium business OPORA RUSSIA |
11. | Denis Konstantinov | Expert, Department of tariff regulation, infrastructure reforms and energy efficiency, Ministry of Economic Development of Russia |
12. | Andrey Kazachenkov | Member of Management Board, First Deputy Chairman of the Management Board, PJSC RusHydro |
13. | Sergey Tolstoguzov | Deputy General Director for the Far East - Director of Division 'Far East', PJSC RusHydro
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The Board of Director re-elected Yury Trutnev as Chairman of the Committee.
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The Board of Directors elected following members to the Strategy Committee:
1. | Igor Zadvornov
| Head of the Office of the Deputy Chairman of the Government of the Russian Federation - Plenipotentiary Representative of the President in the Far Eastern Federal District |
2. | Pavel Grachev
| President of PJSC Polyus
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3. | Nikolai Rogalev
| Rector, National Research University "Moscow Power Engineering Institute" |
4. | Sergey Shishin | Senior Vice-President of the VTB Bank (PJSC) |
5. | Nikolai Shulginov | Chairman of the Management Board - General Director, PJSC RusHydro |
6. | Vyacheslav Pivovarov | General Director, LLC Altera Capital |
7. | Andrei Gabov | Acting Deputy Director, Head of Department, Department of tariff regulation, infrastructure reforms and energy efficiency, Ministry of Economic Development of Russia |
8. | Eugene Stolyarov | Head, Department of property relations and large-scale privatization of The Federal Agency for State Property Management (Rosimushchestvo); |
9. | Pavel Snikkars | Director, Department of power industry development, Ministry of Energy of Russia |
10. | Alexandr Bogashev | Deputy Director, Department for corporate governance, pricing and oversight, Ministry of Energy of Russia |
11. | Boris Livshits | Deputy head, Competitive pricing development department, NP Market Council |
12. | Vasily Nikonov | Head of energy department, PJSC Rosneft |
13. | George Rizhinashvili
| Member of the Management Board, First Deputy Chairman of the Management Board, PJSC RusHydro |
The Board of Director elected Igor Zadvornov Chairman of the Committee.
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The Board of Directors elected following members to Audit Committee:
1. | Maxim Bystrov | Chairman of the Management Board, NP Market Council |
2. | Sergei Ivanov | General Director, LLC RT-Capital |
3. | Vyacheslav Pivovarov | General Director, LLC Altera Capital |
The Board of Director elected Sergei Ivanov Chairman of the Committee.
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The Board of Directors elected following members to Nominations and Compensation Committee:
1. | Maxim Bystrov | Chairman of the Management Board, NP Market Council |
2. | Sergei Ivanov | General Director, RT-Capital |
3. | Vyacheslav Pivovarov | General Director, LLC Altera Capital |
The Board of Director elected Vyacheslav Pivovarov Chairman of the Committee.
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The Board of Directors elected following members to the Investments Committee:
1. | Maxim Bystrov | Chairman of the Management Board, NP Market Council |
2. | Sergei Ivanov | Member of RusHydro's BoD, General Director of LLC RT-Capital
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3. | Vyacheslav Pivovarov | General Director, Altera Capital |
4. | Nikolai Rogalev
| Rector, National Research University "Moscow Power Engineering Institute" |
5. | Alexei Chekunkov | Director General, JSC Far East Development Fund |
6. | Andrei Gabov | Acting Deputy Director, Head of Department, Department of tariff regulation, infrastructure reforms and energy efficiency, Ministry of Economic Development of Russia |
7. | Sergei Zhuravlev | Vice-President (GR), PJSC Polyus |
8. | Denis Milyutin | Head, Directorate for control of energy resources costs of Energy Department, PJSC Rosneft |
9. | Pavel Snikkars | Director for electric energy development, Ministry of Energy of Russia |
10. | Andrey Kazachenkov | Member of the Management Board, First Deputy Chairman of the Management Board, PJSC RusHydro |
11. | Sergei Kirov | Member of the Management Board, First Deputy Chairman of the Management Board, RusHydro |
12. | Victor Khmarin | Deputy General Director, PJSC RusHydro |
The Board of Director elected Maxim Bystrov Chairman of the Committee.
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The Board of Directors elected following members to the Committee on reliability, energy efficiency and innovations:
1. | Nikolai Rogalev | Rector, National Research University "Moscow Power Engineering Institute" |
2. | Alexei Chekunkov | Director General, JSC Far East Development Fund |
3. | Vyacheslav Kravchenko | Deputy Minister of Energy of the Russian Federation |
4. | Elena Belchenko | Acting Director, Natural Monopolies Relations Department, PJSC Polyus |
5. | Yuri Vishnevsky | Deputy Director for United Power System regime management, JSC System Operator of the United Power System |
6. | Roman Gromov | Head of strategic development, NP Market Council. |
7. | Boris Bogush | Member of the Management Board - Chief Engineer, PJSC RusHydro |
8. | George Rizhinashvili | Member of Management Board, First Deputy Chairman of the Management Board, PJSC RusHydro |
9. | Sergey Tolstoguzov | Deputy General Director for the Far East - Director of Division 'Far East', PJSC RusHydro |
10. | Kirill Frolov | Deputy General Director for R&D, PJSC RusHydro |
11. | Nikolay Karpukhin | Nikolay Karpukhin, Deputy General Director for Construction, PJSC RusHydro |
12. | Mikhail Fedorov | President, Peter the Great St. Petersburg Polytechnic University |
The Board of Director elected Nikolai Rogalev Chairman of the Committee.
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The Board of Directors reviewed status of development of Leningradskaya pumped storage hydropower plant (PSHPP) investment project and adopted the following decisions in regards to the project:
- To cancel Leningradskaya PSHPP investment project in the absence of market mechanisms providing for sufficient return on investment;
- To charge Chairman of the Management Board - General Director to organize:
1. development of Leningradskaya PSHPP liquidation project along with measures of rehabilitation of arable land and forest lots within construction site of the facility;
2. implementation of works, related to liquidation of Leningradskaya PSHPP;
3. financing of expenses, related to liquidation of Leningradskaya PSHPP.
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The Board of Directors approved gratuitous targeted contributions to budgets of Far East Federal District regions (Kamchantka Krai, Magadan Oblast', Yakutia (Sakha) Republic, Sakhalin Oblast' and Chukotka Autonomous Region) and approved respective agreements between RusHydro and the regions. The purpose of the contributions is leveling electricity (capacity) tariffs levels in the regions pursuant article 32 of the Federal Law #35-FZ of 26.03.2003 (Law on electric power industry). According to the agreements, these regions will use the contributions to provide subsidies to guaranteeing providers of electricity in the amount, sufficient to compensate losses, incurred by the providers in the retail market due to leveling of the tariffs to average values. The volume of the contributions is set by the Government of the Russian Federation in accordance with point 1.1 of article 32 of the Law on electric power industry.
(Note: RusHydro will use additional revenue from capacity prices' add-ons approved by the Russian Government in the amount corresponding to the necessary targeted contributions)
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The Board of Directors adopted decision on confidential issue, not subject to disclosure.
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The Board of Directors determined position of RusHydro's representative at EGM of JSC Yakutskaya TPP-2 and instructed the representatives to vote for approval of the Additional agreement to General contractor agreement for construction of TPP-2 (1st phase) of 24.02.2014 #01/ZRUH/13-121293.
About RusHydro
RusHydro Group is one of Russia's largest generating companies. RusHydro is the leading producer of renewable energy in Russia with over 70 generating facilities in Russia and abroad. The company also manages a number of R&D, engineering and electricity retail companies. Group's thermal assets are operated by subsidiary - RAO Energy System of East in the Far East of Russia. Total electricity generation capacity of the Group is 38.9 GW, heat capacity - 16.2 thousand GCal/h.
Russian Federation owns 66.8% in RusHydro, the rest is held by other institutional and individual shareholders (over 360,000). The company's stock is traded on Moscow Exchange (MOEX), and included in MSCI EM и MSCI Russia indexes. Company's GDRs in the IOB section of LSE, ADRs - in OTCQX.
For more information:
Investor Relations Department
Tel. +7 (800) 333 8000 ext. 1607, 1319, 1304
ir@rushydro.ru
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.