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Putin signs decree on extra capitalisation of RusHydro

November 22, 2012, 17:11 UTC+3
Putin has signed a decree on the development of the OJSC Federal Hydro- Generating Company RusHydro
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Photo ITAR-TASS

Photo ITAR-TASS

MOSCOW, November 22 (Itar-Tass) — Russian President Vladimir Putin has signed a decree on the development of the OJSC Federal Hydro- Generating Company RusHydro, which involves its extra capitalisation by 50 billion roubles by means of allocations from the 2012 federal budget. “The money should be used for the development of the electrical energy industry of the Far East,” the RF head of the state said on Thursday at a meeting with Minister for the Russian Far East Development and the RF presidential envoy for the Far Eastern Federal District Viktor Ishayev and RusHydro head Yevgeny Dod. He named among the main facilities the thermal power plant (TPS) in the town of Sovetskaya Gavan, the Sakhalin GRES-2 state district power plant, the Yakutsk GRES-2 state district power plant and the Blagoveshchensk TPS.

“By the same decree the relevant departments are obligated to ensure the effective and absolute targeted use of the budget funds,” Putin pointed out. He also demanded that the next steps after the company extra capitalisation should be taken under strict control and in the interests of the state. “All further actions that may be taken after the extra capitalisation of the company should be taken under your special control,” the president told Ishayev and Dod. “I hope I make myself clear, and it is clear what is at stake: any further steps in the development of the company, its separate segments are possible, but exclusively with regard to the interests of the state and the funds invested to the related facilities,” Putin said.

The RF president noted that this – “is only one of the steps for the development of Eastern Siberia and the Far East.” “The development, support of the region should certainly be started from the electric power industry,” he said. “All of my trips to the region and in fact, the analysis of the real economic situation show that inequality in tariffs creates inequality in terms of economic activity, and in people’s lives,” he said.

Ishayev agreed with this view. “If we change the situation with the electric power industry, the territory will become at once more attractive for investment, and we will give an impetus and a signal from the government to investors,” he said. Ishayev stressed that the specified facilities are essential. “They are in a rather exhausted state, and people are waiting for the solution of these issues,” he admitted. “New, more efficient technologies are coming, new fuels: certain capacities will run on both gas and coal,” he said. “Given the diversification of fuels, it is very correct, and we have already seen that even the system itself will generate additional revenue by reducing costs,” Ishayev said. “Maybe the tariff reduction will not happen there today, but at least checking the tariff, the stabilisation of its rate will be an extremely positive fact,” said the minister, noting that both the population and producers will appreciate it.

The RusHydro OJSC was established on December 26, 2004 within the framework of the implementation of the state electric power industry reform program, pursuant to the RF government’s executive order. As of September 30, 2012, the company’s total capacity reached 35.2 gigawatt. Its total heating capacity is 16,168 Gcal per hour. The company includes 19 branches in 17 regions of Russia. The total volume of its electricity generation in 2011 amounted to 77,008 million kWh. The RusHydro holding also integrates scientific research, design and survey and engineering organisations, as well as retail energy sales companies. RusHydro is Russia’s largest generating company in terms of installed capacity of power stations and the world’s second - after Hydro-Quebec.

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