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Annual Report 2015

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Long-Term Investment Programme

1,425 km The increase of capacity

The Investment Programme for 2016-2020 is approved by the Board of Directors dated April 29, 2015 (Minutes No. 181/23) and endorsed by the Ministry of Energy of the Russian Federation (Order No.906).

Retrofitting and upgrading of the power grid complex (82% of the total investment) as needed due to the high proportion of depreciation of fixed assets combine to the main area of capital investment in the Investment Programme for 2016-2020. The proportion of investments in new construction in the long-term Investment Programme accounts for 18% of the total volume of investments.

The Long-term Investment Programme endorsed by the Ministry of Energy of the Russian Federation provides for capital investment in the volume of RUB 22,315 million net of VAt for 2016–2020. The planned funding volume is RUB 26,440 million, including VAT. The planned commissioning of fixed assets is RUB 23,919 million.

The following capacities are planned to be commissioned :

  • Power lines — 5,367.4 km;
  • Transformer capacity of 1,766.9 MVA, with increase of capacity of 1,424.9 km and 736.1 MVA.

The uneven nature of commissioning over the years is due to the implementation of major investment projects in 2016 and 2020 in the Vologdaenergo, Kolenergo and Komienergo branches.

The uneven nature of commissioning of overhead power transmission lines over the years is due to the implementation of a target programme to replace open wires with self-supporting insulated wires and the implementation of the major project ’Construction of 110 kV overhead line and 110/10 kV substation Olkhovey’ in the Komienergo branch.

The reduced funding in 2016 resulted from the need to settle and repay the outstanding debts to PJSC FGC UES for electricity transmission services and reaching the volume of current payments in accordance with the contractual terms.

The volume of capital investments is determined by calculation for scenario conditions of the Investment Programme subject to the following condition: accounts payable at the end of the reporting year should not exceed 50% of the annual volume of the Investment Programme.

According to the scenario conditions of the Investment Programme due to the receipt of payment from the applicant (JSC Yamalgazinvest), the investment project in Komienergo — ’Construction of 110 kV overhead line and 110/10 kV substation Olkhovey’ (compressor station KS-5 Usinskaya, compressor shop 2) is included to the Investment Programme with implementation period of 2016-2017.

The dynamic pattern of commissioning of facilities as fixed assets is determined by the dynamic pattern of capital investments, and uneven nature over the years is due to the planned commissioning of major investment projects in 2016 and 2020.

The projected reduction in the volume of capital investment in 2016 is attributed to the deterioration of financial and economic performance of the Company as a result of the limitation of electricity transmission tariff growth rate.

Commissioning dynamic pattern, RUB million net of VAT
Commissioning dynamic pattern
Funding dynamic pattern, RUB million VAt included
Funding dynamic pattern
Acceptance of works dynamic pattern, RUB million net of VAT

Acceptance of works dynamic pattern