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JSC RusHydro 92XY Results of the Board of Directors



  JSC RusHydro (92XY) - Results of the Board of Directors

RNS Number : 7895Q
JSC RusHydro
09 November 2012
 

            Results of the Board of Directors on November 9, 2012

November 9, 2012. Moscow, Russia. JSC RusHydro (ticker symbol: MICEX-RTS, LSE:
HYDR; OTCQX: RSHYY)  announces that the  Company's Board of  Directors held  a 
meeting in absentia today, November 9, 2012.

                                     ***

The Board of Directors approved the establishment of a unified O&M (operations
and maintenance) company through  reorganization of RusHydro's subsidiaries  - 
JSC «Turboremont-VKK», JSC «Elektroremont-VKK», JSC «REMIK», JSC «SSHPR» - and
their merger with another 100% subsidiary JSC «Hydroremont-VKK».

The establishment of RusHydro's single  O&M company is aimed at  strengthening 
of engineering competency  within RusHydro  group, O&M  cost optimization  and 
improvement of personnel  technical skills as  RusHydro pursues its  ambitious 
comprehensive  modernization  program.  The  implementation  of  this  program 
requires the improvement of resource  base, management system, RusHydro's  and 
contracting organizations' expertise that provides for necessity of setting up
a joint center of engineering assets control.

The management  estimates  that the  establishment  of a  unified  engineering 
company will allow saving ca. RUR 700 mn in O&M costs per year.

The comprehensive  modernization  program  was developed  in  accordance  with 
RusHydro's strategic plan after detailed inspection and reliability assessment
of hydrotechnical facilities,  equipment and buildings.  The program  provides 
for  replacement  of  ca.  50%  of   turbines,  40%  of  generators,  60%   of 
transformers, plants auxiliaries and power circuit-breakers for the  company's 
hydropower fleet. This modernization  will result in significant  reliability, 
efficiency  and  security  improvement  of  RusHydro  generating   facilities, 
increase in  installed  capacity  of  ca.  1  GW  and  sustainable  growth  of 
electricity generation by 2025.

                                     ***

The Board  of Directors  made the  amendments  and additions  to the  list  of 
non-core assets of RusHydro approved by the Board on February 29, 2012.

These amendments  aim to  update the  data  after adjustment  of the  list  of 
assets.

 

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 35.2 GW, heat capacity -
16.2 thousand GCal/h.

Russian Federation  owns  60.5%  in  RusHydro,  the  rest  is  held  by  other 
institutional and individual shareholders (over 360,000). The company's  stock 
is traded on the MICEX and RTS stock exchanges, and included in MSCI EM и MSCI
Russia indexes. Company's GDRs in the IOB section of LSE, ADRs - in OTCQX.

 

For more information:

JSC RusHydro, Investor Relations Department

Tel. +7 (495) 225-3232 ext. 1319, 1394, 1607

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.

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
END
 
 
STRXKLFBLFFEFBL -0- Nov/09/2012 13:53 GMT
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