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RusHydro recapitalisation to be approved by Q1 2013 - Dvorkovich

September 24, 2012, 21:50 UTC+3

The method of recapitalisation has not been chosen yet

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MOSCOW, September 24 (Itar-Tass) —— The Russian government will make the decision on RusHydro recapitalisation by no later than the first quarter of 2013, Deputy Prime Minister Arkady Dvorkovich said.

“I think the decision should be made this year or certainly no later than the first quarter of next year,” he said on Monday, September 24, adding that the decision should be dovetailed to the investment programme for 2013-2014.

Dvorkovich stressed that the decision would be made anyway. “Volumes are clear because they are linked to the investment programme – 30 billion roubles, if we mean only the investment programme, or 50 billion roubles or slightly over if we mean possible additional transactions,” he said.

The method of recapitalisation has not been chosen yet. “The set of documents needed for implementing the government’s proposals [regarding RusHydro recapitalisation] has been submitted to the government by the Ministry of Economic Development together with the Energy Ministry. We are ready to submit the documents to the president for approval,” Dvorkovich said.

Apart from the government, proposals concerning RusHydro recapitalisation have been put forth by Rosneftegaz, where Igor Sechin is the chairman of the Board of Directors.

With 35.2 GW installed electricity generation capacity and 16,200 GCal/h heat capacity, RusHydro is one of Russia's largest power generating companies. With

the Sayano-Shushenskaya HPP, the largest in Russia, the company has over 70 renewable energy source (RES) facilities: 9 power stations in the Volga-Kama Cascade with a total installed capacity of more than 10,167 MW, the Zeiskaya HPP (1,330 MW) – the first large-scale hydro-power plant in the Russian Far East, the Bureiskaya HPP (2,010 MW), the Novosibirsk HPP (455 MW) and tens of HPPs in the North Caucasus.

RusHydro’s assets also feature geothermal power plants in Kamchatka and the highly maneuverable Zagorskaya Pumped Storage Hydropower Plant (PSPP) in the Moscow Region.

The company has a controlling stake in RAO Energy System of the East, featuring 8,772 MW of installed electric capacity, 16.2 Gcal/h of heat capacity and more than 96 thousand kilometers of grid lines in the Russia's Far East.

Outside Russia, RusHydro owns the 561-MW Sevan-Razdan Cascade in Armenia.

In addition, the company's holdings include engineering and retail businesses.

As of June 30, 2012, the Russian government owned 60.4952 percent of RusHydro's share capital.

RusHydro shares are traded on the MICEX-RTS. In July 2008, the Company launched a global depository receipt (GDR) program; in July 2009, its DRs began trading on the London Stock Exchange (LSE); and in August 2008, RusHydro's shares were included in the MSCI EM and MSCI Russia indices.

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