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Annual Report 2015

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Capital Investment structure

In 2013-2014, the volume of capital investment declined due to the RAB regulation parameters (parameters revision in 2012, Gross Revenue Requirement (GRR) smoothing), the limitation of electricity transmission tariff growth rate. The decline in capital investment continued in 2015, which was caused by the limitation of electricity transmission tariff growth rate, the general economic recession in the Russian Federation and decline in electricity consumption.

As compared to the previous year, the capital investment funding structure in 2015 changed as follows: the volume of new construction funding increased by 10% due to the grid connection activities on major projects.

Capital investment funding structure, RUB million
2011 2012 2013 2014 2015
Total 5,706 8,157 6,634 5,191 4,811
High-priority projects 0 1,005 610 798 1,125
Retrofitting and upgrading 0 345 351 671 522
New construction 0 661 259 127 603
Programmes 1,535 1,449 1,263 941 859
Retrofitting and upgrading 1,374 1,348 1,033 801 622
New construction 161 101 230 140 237
Grid connection (hereinafter — GC), including 2,145 3,023 2,834 2,545 2,136
GC facilities with a capacity of over 670 kW (HV, MV1) 0 624 64 395 521
GC facilities with a capacity of 150 to 670 kW (MV2) 805 398 609 479 255
GC facilities with a capacity of 15 to 150 kW 103 188 307 231 174
GTC facilities with a capacity to 15 kW 1,094 1,813 1,854 1,441 1,186
Generation 143 0 0 0 0
Distribution grids 912 804 838 332 174
Retrofitting and upgrading 605 0 0 296 163
New construction 307 804 0 35 11
Process management automation (except automated utility metering systems) 283 338 193 107 118
Electricity metering and monitoring means 31 257 232 128 67
Safety programmes 52 30 22 11 57
Purchase of electric grid assets, land plots and other facilities 70 195 47 14 0.5
Other programmes and measures 678 1,055 595 315 273
Retrofitting and upgrading:
TRR 4,176 5,947 5,139 3,858 3,116
Dynamic pattern of capital investments, RUB million
Dynamic pattern
Capital investment funding structure, RUB million

In 2012, the post-crisis recovery and completion of the transition process to RAB-regulation at the branches allowed to increase the Investment Programme funding volume up to RUB 8.1 billion, which is 43% higher than in 2011.

In 2013-2015, the Investment Programme funding volume significantly reduced. The decrease in the volume of capital investments in 2013-2014 was due to RAB regulation parameters. Further capital investment decline in 2015 was caused by the limitation of electricity transmission tariff growth rate, the general economic recession in the Russian Federation and decline in electricity consumption.