TGC-1 approved the 2011 investment program

Декабря 27, 2010

The Board of Directors approved the key parameters of the business-plan of TGC-1 for 2011: non-consolidated revenue – RUR 59.9 bn, non-consolidated profit – RUR 3.5 bn (according to Russian accounting standards, i.e. without consolidation of subsidiaries).

Management forecasts the following operating figures: total electricity generation should amount to 29 TWh (45% - hydrogeneration, 55% - thermal generation), heat output - 25.5 mn GCal/h.
Maintenance costs should amount to RUR 3.1 bn in 2011.
Also, the Board approved the 2011 CAPEX program. The key objectives of the investment program in 2011 are as follows:
    * commissioning of the 1st 180MW CCGT unit at Pervomayskaya CHPP; completion of construction and pre-launch testing of the 2nd 180MW CCGT unit at Pervomayskaya CHPP;
    * commissioning of the 450MW CCGT unit at Yuzhnaya CHPP;
    * commissioning of 2 hydraulic units 30MW each at Lesogorskaya and Svetogorskaya HPPs of Vuoksa cascade, further reconstruction of the cascade;
    * further advancing the construction of 450MW CCGT unit at Pravoberezhnaya CHPP;
    * start of Okhta CHPP project;
    * refurbishment of Apatitskaya CHPP and construction of heating pipeline from the power-plant to Kirovsk;
    * reconstruction of Iovskaya HPP.
The total financing of the program should amount to RUR 15.3 bn (VAT inclusive) without accounting for CAPEX spend of subsidiaries.