27th Dec 2012 13:11
Federal Grid Appoints Valery Sedunov to Management Board
27 December 2012, Moscow - Federal Grid Company of Unified Energy System ("Federal Grid Company" or "the Company") (MICEX-RTS, LSE: FEES), announces that its Board of Directors has appointed Valery Sedunov to the Company's Management Board. Mr. Sedunov is also the general director of the JSC FGC UES affiliate - Backbone electric grids of Centre (MES Centre).
Valery Sedunov began his career in the electricity sector in 1972 after graduating from the Ivanovo Energy Institute with a degree in industrial automisation and electricity distribution. He began his career at MES Centre as an engineer, and Mr. Sedunov subsequently worked his way up to the position of first deputy general director and chief engineer, then in 2010 he was appointed general director of MES Centre.
Mr. Sedunov was born in 1950. He has been granted numerous awards for his work in the electricity sector, including the Honorary Title of "Distinguished Energy Sector Worker of the Russian Federation", which was bestowed on him by presidential decree in 2012.
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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