20th Nov 2012 08:14
The Russian Ministry of Energy Approves Federal Grid's 2013-2017 Investment Program
Federal Grid announces that the Russian Ministry of Energy has approved the Company's 2013-2017 investment program (Order #531, dated October 31st, 2012) in the total sum of RUR 775.5 billion (including VAT).
The program provides for putting 66,870 MVA of transformer capacity and 16,985 km of transmission lines into operation. It is focused on resolving the following priority tasks:
• UNEG development to provide for reliable operations;
• Renovation of the Company's grid assets;
• Implementation of electric grid projects that are of State importance (the 2014 Sochi Olympic Games - 2014, the ESPO pipeline, the Skolkovo Innovation Center and upgrading power supply reliability for Moscow and St. Petersburg, etc);
• Implementation of agreements concluded with regional administrations to supply electric energy to consumers;
• Launch of units' power output;
• Implementation of innovative projects and energy efficiency programs;
• Creation of technological infrastructure to ensure functioning of the competitive electric energy and power market.
The investment program will be financed out of Federal Grid's own funds, loans and borrowings, as well as from the federal budget.
The program provides for an even distribution of investment expenses across a 5-year period; it will allow the Company to maintain a balanced structure of financing sources.
In the near-term, the program will be considered by Federal Grid's Board of Directors.
Enquiries:
Contacts
| ||
Analysts / Investors | ||
Federal Grid IR team | Work | Mobile |
Alexander Duzhinov | +7 (495) 710 9064 | +7 (916) 041 8053 |
Nadezda Sukhova | +7 (495) 710 9541 | |
Egor Toropov | +7 (495) 710 9333 ext. 2275 | |
Vladimir Baklanov | +7 (495) 710 9333 ext. 2926 | |
International Media | ||
M:Communications | Work | Mobile |
Tom Blackwell | +7 (495) 363 2841 | +7 (919) 102 9064 |
Sam VanDerlip | +7 (495) 363 2845 | +7 (916) 306 6112 |
About Federal Grid Company
Federal Grid Company is the operator and manager of Russia's unified electricity transmission grid system, including high voltage transmission lines, and holds the status of a natural monopoly.
The Company's assets include more than 124,000 km of transmission lines and 854 substations with more than 322 GVA of 35-750 volt transformer capacity. Based on the length of transmission lines and installed transformer capacity, Federal Grid is the largest publicly traded electricity transmission company in the world.
Federal Grid's business is to provide electricity transmission and technological connection services. It maintains and develops the grid system and supervises grid facilities and infrastructure in 73 Russian regions, covering a territory of 13.6 million square kilometres. Its customers are regional distribution companies, electricity suppliers and large industrial enterprises.
Since January 1st 2010, Federal Grid has operated under a 5-year regulatory asset base (RAB) model.
The Company was incorporated in June 2002 as part of the reorganization of Russia's electrical power industry. The largest shareholder, with a 79.55% stake, is the Russian Federation Government.
Federal Grid Company's ordinary shares are listed on the MICEX-RTS stock exchange under the ticker symbol FEES and the Company's GDRs are traded on the London Stock Exchange under the same FEES ticker symbol. The Company's shares are included in the MSCI Emerging Markets and MSCI Russia indices.
In 2011 the Company's IFRS revenue was RUB 139,571 million (up 23% compared to 2010), adjusted EBITDA was RUB 83,760 million (a 24% increase from 2010), and adjusted net profit was RUB 38,241 million (up 37% on 2010).
Further information can be found at www.federal-grid.com
Related Shares:
FEES.L