Overview
11 branches
458 thousand sq. km
Service area
Service area
13.6 mln
Population
Population
KEY INDICATORS
THE GEOGRAPHY OF ACTIVITY(1)
TYPES OF OPERATIONSData Period
2012
6M 2013
9M 2013
Market Cap(1), RUB bn
Market Cap, USD mln
Productive supply(2), bn kWh
Revenue (RAS/IFRS), RUB bn.
Net income (RAS/IFRS)(3), RUB bn
CAPEX, RUB bn
Staff (RAS/IFRS), thousand people
Number of shareholders(4)
Market Cap, USD mln
Productive supply(2), bn kWh
Revenue (RAS/IFRS), RUB bn.
Net income (RAS/IFRS)(3), RUB bn
CAPEX, RUB bn
Staff (RAS/IFRS), thousand people
Number of shareholders(4)
Market Cap(1), RUB bn
Market Cap, USD mln
Productive supply(2), bn kWh
Revenue (RAS/IFRS), RUB bn
Net income (RAS/IFRS)(3), RUB bn
CAPEX, RUB bn
Staff (RAS/IFRS), thousand people
Number of shareholders(4)
Market Cap, USD mln
Productive supply(2), bn kWh
Revenue (RAS/IFRS), RUB bn
Net income (RAS/IFRS)(3), RUB bn
CAPEX, RUB bn
Staff (RAS/IFRS), thousand people
Number of shareholders(4)
Market Cap(1), RUB bn
Market Cap, USD mln
Productive supply(2), bn kWh
Revenue (RAS), RUB bn
EBITDA(3) (RAS), RUB bn
CAPEX, RUB bn
Staff (RAS/IFRS), thousand people
Number of shareholders(4)
Market Cap, USD mln
Productive supply(2), bn kWh
Revenue (RAS), RUB bn
EBITDA(3) (RAS), RUB bn
CAPEX, RUB bn
Staff (RAS/IFRS), thousand people
Number of shareholders(4)
24.6
808
57.9
69.4/69.9
3.5/4.4
15.8
29.9/31.2
16,428
808
57.9
69.4/69.9
3.5/4.4
15.8
29.9/31.2
16,428
15.6
475
29
41.8/41.9
1.2/0.6
4.2
30.8/31.5
16,428
475
29
41.8/41.9
1.2/0.6
4.2
30.8/31.5
16,428
11.1
342.6
42.4
64.59
8.1
8.1
30.8
16,428
342.6
42.4
64.59
8.1
8.1
30.8
16,428
Types of operations
• Transmission and distribution of power electricity
• Grid connection
• Energy services
• The functions of a supplier of last resort
(from 01.02.2013 Bryansk, Kursk, Orel,
from 01.05.2013 Tver, from 01.10.2013 Smolensk).
IDGC of Centre is a natural monopoly; prices are set by regulators: the Federal Tariff Service (FTS) and regional regulatory bodies (REC)
Kostromaenergo
| Area of the region | 60.2 thousand sq. km |
|---|---|
| Population | 668 thousand people |
| Share in the power transmission market (in terms of revenue) |
97.0% |
| Share in the market for grid connection | 100% |
| Length of 0.4-110 kV overhead lines (along the ROW) |
23,775 km |
| Length of 0.4-110 kV cables | 1,474 km |
| Capacity of Substations | 3,166 MVA |
| Number of substations | 6,438 |
| Number of installed units | 105,162 |
Yarenergo
| Area of the region | 36.2 thousand sq. km |
|---|---|
| Population | 1,272 thousand people |
| Share in the power transmission market (in terms of revenue) |
78.4% |
| Share in the market for grid connection | 90% |
| Length of 0.4-110 kV overhead lines (along the ROW) |
26,606 km |
| Length of 0.4-110 kV cables | 317 km |
| Capacity of Substations | 4,111 MVA |
| Number of substations | 7,020 |
| Number of installed units | 124,458 |
Tverenergo
| Area of the region | 84.2 thousand sq. km |
|---|---|
| Population | 1,353 thousand people |
| Share in the power transmission market (in terms of revenue) |
77.3% |
| Share in the market for grid connection | 89.1% |
| Length of 0.4-110 kV overhead lines (along the ROW) |
46,315 km |
| Length of 0.4-110 kV cables | 317 km |
| Capacity of Substations | 5,612 MVA |
| Number of substations | 11,432 |
| Number of installed units | 170,828 |
Smolenskenergo
| Area of the region | 49.8 thousand sq. km |
|---|---|
| Population | 986 thousand people |
| Share in the power transmission market (in terms of revenue) |
93.9% |
| Share in the market for grid connection | 99% |
| Length of 0.4-110 kV overhead lines (along the ROW) |
38,053 km |
| Length of 0.4-110 kV cables | 2,016 km |
| Capacity of Substations | 4 822 MVA |
| Number of substations | 9,392 |
| Number of installed units | 155,094 |
Bryanskenergo
| Area of the region | 34.9 thousand sq. km |
|---|---|
| Population | 1,278 thousand people |
| Share in the power transmission market (in terms of revenue) |
71.3% |
| Share in the market for grid connection | 77% |
| Length of 0.4-110 kV overhead lines (along the ROW) |
25,078 km |
| Length of 0.4-110 kV cables | 131 km |
| Capacity of Substations | 3,060 MVA |
| Number of substations | 5,783 |
| Number of installed units | 84,323 |
Orelenergo
| Area of the region | 24.7 thousand sq. km |
|---|---|
| Population | 787 thousand people |
| Share in the power transmission market (in terms of revenue) |
84.0% |
| Share in the market for grid connection | 90.1% |
| Length of 0.4-110 kV overhead lines (along the ROW) |
27,866 km |
| Length of 0.4-110 kV cables | 117 km |
| Capacity of Substations | 2,552 MVA |
| Number of substations | 5,986 |
| Number of installed units | 92,099 |
Kurskenergo
| Area of the region | 30.0 thousand sq. km |
|---|---|
| Population | 1,127 thousand people |
| Share in the power transmission market (in terms of revenue) |
80.5% |
| Share in the market for grid connection | 78.3% |
| Length of 0.4-110 kV overhead lines (along the ROW) |
34,734 km |
| Length of 0.4-110 kV cables | 240 km |
| Capacity of Substations | 4,950 MVA |
| Number of substations | 9,462 |
| Number of installed units | 152,255 |
Belgorodenergo
| Area of the region | 27.1 thousand sq. km |
|---|---|
| Population | 1,533 thousand people |
| Share in the power transmission market (in terms of revenue) |
98.7% |
| Share in the market for grid connection | 100% |
| Length of 0.4-110 kV overhead lines (along the ROW) |
41,679 km |
| Length of 0.4-110 kV cables | 6,346 km |
| Capacity of Substations | 7,108 MVA |
| Number of substations | 12,454 |
| Number of installed units | 275,343 |
Lipetskenergo
| Area of the region | 24.0 thousand sq. km |
|---|---|
| Population | 1,174 thousand people |
| Share in the power transmission market (in terms of revenue) |
81.1% |
| Share in the market for grid connection | 82.5% |
| Length of 0.4-110 kV overhead lines (along the ROW) |
28,153 km |
| Length of 0.4-110 kV cables | 349 km |
| Capacity of Substations | 4,085 MVA |
| Number of substations | 7,630 |
| Number of installed units | 112,969 |
Voronezhenergo
| Area of the region | 52.2 thousand sq. km |
|---|---|
| Population | 2,335 thousand people |
| Share in the power transmission market (in terms of revenue) |
77.1% |
| Share in the market for grid connection | 77% |
| Length of 0.4-110 kV overhead lines (along the ROW) |
51,022 km |
| Length of 0.4-110 kV cables | 188 km |
| Capacity of Substations | 6,361 MVA |
| Number of substations | 11,584 |
| Number of installed units | 176,752 |
Tambovenergo
| Area of the region | 34.5 thousand sq. km |
|---|---|
| Population | 1,092 thousand people |
| Share in the power transmission market (in terms of revenue) |
71.3% |
| Share in the market for grid connection | 76% |
| Length of 0.4-110 kV overhead lines (along the ROW) |
26,500 km |
| Length of 0.4-110 kV cables | 116 km |
| Capacity of Substations | 3,499 MVA |
| Number of substations | 6,167 |
| Number of installed units | 100,209 |
IDGC of Centre
| Area of the region | 457.8 thousand sq. km |
|---|---|
| Population | 13.6 mln people |
| Share in the power transmission market (in terms of revenue) |
83.6% |
| Share in the market for grid connection | 87% |
| Length of 0.4-110 kV overhead lines (along the ROW) |
369,780 km |
| Length of 0.4-110 kV cables | 11,612 km |
| Capacity of Substations | 49,326 MVA |
| Number of substations | 93,348 |
| Number of installed units | 1,549,492 |
(1) weighted average price as of 28.12.2012
(2) Within the company
(3) Excluding retrospective recalculation related to the requirements of the updated IAS 19 standard
(4) as of 06.05.2013
(1) as of 30.09.2013
(1) weighted average price as of 30.06.2013
(3) EBITDA is calculated by the formula: net profit + income tax and other obligatory payments + interest expense - interest income + depreciation.
(1) weighted average price as of 30.09.2013
Key Performance Indicators for 2012
KPIs for 2012(1) were fully implemented
Net income
Net income
covered with
cash flow
Target
2.9RUB bn
Actual
3.0RUB bn
Equity
Target
50.5RUB bn
Actual
50.5RUB bn
ROE
covered with
cash flow
Electrical energy losses
to supply to the grid
Target
9.93%
Actual
9.71%
Number of
accidents
Target
0
Actual
0
System Average
Interruption Frequency
Index (SAIFI)
Target
< 1
Actual
0.99
System Average
Interruption Duration
Index (SAIDI)
Target
< 1
Actual
0.9
Investment program
implementation efficiency
in the current year
Target
≥ 95
Actual
103
The KPI implementation plan for 2012 was approved by the resolution of the Board of Directors of IDGC of Centre, minutes No. 28/11 of December 30, 2011; minutes No. 22/12 of September 21, 2012. Actual KPI implementation for 2012 was approved by the Board of Directors of IDGC of Centre, minutes No. 13/13 of May 30, 2013
Business Model of IDGC of Centre
Stage 1
Electricity is transmitted from generating companies to the area of responsibility of IDGC of Centre, the “joint operation” area (IDGC of Centre + TGC): either directly or via FGS UES
Stage 2
Electricity is transmitted from the area of responsibility of IDGC of Centre (from the “joint operation” area) to consumers (under “direct” contracts + power supply contracts): either directly or via TGC
Stage 3 (LETTERS IN ORANGE TRIANGLES)
Part 1:
- Consumers make payments for electricity under sale and purchase agreements to power supply companies and guarantee suppliers
- Consumers make payments for electricity and power transmission under power supply contracts to power supply companies and guarantee suppliers
- IDGC of Centre and TGC make payments for energy losses under sale and purchase agreements to power supply companies and guarantee suppliers
Part 2:
- Payment for electricity from power supply companies and guarantee suppliers to the wholesale electricity market
- Payment for electricity from consumers to the wholesale electricity market
Part 3:
- Power supply companies and guarantee suppliers make payments for power transmission under contracts for power transmission to IDGC of Centre
- Consumers make payments for power transmission under contracts for power transmission to IDGC of Centre
Part 4:
- IDGC of Centre makes payments for power transmission under contracts for power transmission to FGC UES
- IDGC of Centre makes payments for power transmission under contracts for power transmission to TGC
Stage 4. Guarantee supplier:
(LETTERS IN BLUE TRIANGLES)
(LETTERS IN BLUE TRIANGLES)
Part 1:
- Consumers make payments for electricity under sale and purchase agreements to power supply companies, guarantee suppliers and IDGC of Centre
- Consumers make payments for electricity and electricity transmission under power supply contracts to power supply companies, guarantee suppliers and IDGC of Centre
- TGC make payments for energy losses under sale and purchase agreements to power supply companies, guarantee suppliers and IDGC of Centre
Part 2:
- Payment for electricity from power supply companies, guarantee suppliers and IDGC of Centre to the wholesale electricity market
- Payment for electricity from consumers to the wholesale electricity market
Part 3:
- Power supply companies and guarantee suppliers make payments for power transmission under contracts for power transmission to IDGC of Centre
- Consumers make payments for power transmission under contracts for power transmission to IDGC of Centre
Part 4:
- IDGC of Centre makes payments for power transmission under contracts for power transmission to FGC UES
- IDGC of Centre makes payments for power transmission under contracts for power transmission to TGC
Tariff Regulation
Forecast of boiler NGP and the growth rate of unified boiler tariff
for electricity transmission services subject to any adjustments*
AVERAGE ONE-RATE TARIFF,
Kopecks/kWh
Approved parameters of tariff regulation
Rate of return on the "new" capital in 2012 - 12%, in 2017 - 11%
| IRAB, RUR bln | Operating expenses | Rate of return on the "old" capital,% | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Basic level, RUR mln. | Performance Index, % | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | ||
| Belgorodenergo | 17,730 | 2,694 | 3% | 12% | 11% | 11% | 11% | 11% | 11% |
| Bryanskenergo | 1,056 | 1% | |||||||
| Voronezhenergo | 12,554 | 1,685 | 3% | 1% | 1% | 1% | 1% | 1% | 11% |
| Kostromaenergo | 6,187 | 947 | 3% | 3% | 3% | 3% | 4% | 6% | 11% |
| Kurskenergo | 6,384 | 852 | 2% | 1% | 1% | 1% | 1% | 1% | 11% |
| Lipetskenergo* | 1,208 | 5%/2% | |||||||
| Orelenergo | 4,207 | 877 | 3% | 1% | 1% | 1% | 1% | 1% | 11% |
| Smolenskenergo | 7,658 | 1,623 | 3% | 3% | 5% | 10% | 11% | 11% | 11% |
| Tambovenergo | 3,245 | 925 | 3% | 1% | 1% | 1% | 5% | 11% | 11% |
| Tverenergo* | 1,836 | 1% | |||||||
| Yarenergo | 8,579 | 1,116 | 1% | 1% | 2% | 2% | 3% | 4% | 11% |
* Tverenergo, Lipetskenergo with regard to the revision of PP number 953 by 24.10.2013
Governance Structure and Major Shareholders
25% of the company’s shares are in free float*, which is one of the highest rates in distribution sector.
* Estimates of the Index Committee of the MICEX Stock Exchange
Corporate Governance
The Company has the highest corporate governance rating among all IDGC(1)
(1) according to the Russian Institute of Directors
Investment Structure and Changes in Capital
In 2012, capital of IDGC of
Centre totalled
Centre totalled
15.85
RUB bn
In 2012, IDGC of Centre commissioned over 8 thousand km of power lines and transformer capacity totalling 1.5 thousand MVA; the year-on-year increase amounted to 73.3% and 1.9% respectively.
SOURCES OF FINANCE FOR CAPITAL, %
2012
9M 2013
Sources
Destinations
of the
Company’s
CAPEX CAPEX
breakdown
by
branch
Large Investment Projects Implemented in 2013
Implementation
of investment
projects will
enable the Company
to improve reliability
and quality of power
supply in its service area
of investment
projects will
enable the Company
to improve reliability
and quality of power
supply in its service area
Kostromaenergo
Overhaul of Motordetal – Kostroma-1 and Zavolzhskaya 1, 2 110 kV overhead lines
Project outcome: improving the reliability of power supply to consumers in Kostroma
| Commissioning: | 2014 |
|---|---|
| Estimated cost: | RUB 505 mln |
| Capacity to be commissioned: | 20 km |
Voronezhenergo
Construction of a 110 kV cable line between substation No. 30 and Studencheskaya substation (No. 13)
Project outcome: improving the reliability and quality of power supply to consumers in Voronezh
| Commissioning: | 2013 |
|---|---|
| Estimated cost: | RUB 300 mln |
| Capacity to be commissioned: | 7 km |
Kurskenergo
Construction of 8 March – Korenevo – Rylsk 110 kV overhead lines
Project outcome: improving the reliability of power supply in the south-western part of the Kursk Region, which is connected with Ukraine via 110 kV transit lines
| Commissioning: | 2019 |
|---|---|
| Estimated cost: | RUB 614 mln |
| Capacity to be commissioned: | 45 km |
Orelenergo
Overhaul of Mtsensk – Chern, Mtsensk – Plavsk 110 kV overhead lines
Project outcome: Plavsk – Mtsensk and Mtsensk – Chern 110 kV overhead lines are intersystem transit lines transmitting power from the Tula power system to the Orel Region. The project is aimed at ensuring the reliability of power transmission and increasing the capacity of the power lines
| Commissioning: | 2015 |
|---|---|
| Estimated cost: | RUB 300 mln |
| Capacity to be commissioned: | 52 km |
Belgorodenergo
Renovation of Yuzhnaya 110/10 kV substation and installation of 2х40 and 2х25 MVA power transformers
Project outcome: overcoming the shortage of capacity at the regional main substation; extending the operational life of main equipment, meeting the target for quality and reliability of power supply to consumers
| Commissioning: | 2016 |
|---|---|
| Estimated cost: | RUB 541 mln |
| Capacity to be commissioned: | 130 MVA |
Construction of Kreyda 110kV substation
Project outcome: commissioning capacities to supply power to a new private housing estate; ensuring sustainability of a section of the power grid (renovation of Belgorod 330 kV substation), meeting the target for reliability of power supply; boosting power consumption
| Commissioning: | 2014 |
|---|---|
| Estimated cost: | RUB 284 mln |
| Capacity to be commissioned: | 50 MVA |
Credit Ratings and Loan Portfolio
AVERAGE BORROWING RATE
LOAN PORTFOLIO STRUCTURE
(AS OF 30.09.2013)
(AS OF 30.09.2013)
IDGC of Centre is one of the few power distribution companies to have been assigned an international credit rating by Standard & Poor’s. In 2013, the agency upgraded the Company’s credit rating to ‘BB’,
outlook ‘Stable’
outlook ‘Stable’
The ‘BB/Stable’ rating assigned to IDGC of Centre confirms:
high reliability, a stable financial position, a high level of liquidity
high reliability, a stable financial position, a high level of liquidity
| Foreign Peers | S&P | Moody's |
| National Grid (UK) | A- | — |
| Red Electrica (Spain) | BBB | Baa2 |
| REN (Portugal) | BB+ | Ba1 |
| Tata Power (India) | BB- | B1 |
| Capex SA (Argentina) | B- | — |
| Manila Electric (Philippines) |
B- | — |
| Domestic Peers | S&P | Moody's |
| FSK EES | BBB | Baa3 |
| Rosseti | — | Ba1 |
| Rushydro | BB+ | Ba1 |
| Mosenergo | BB | — |
| IDGC of Centre | BB | — |
| MOESK | BB | Ba2 |
| IDGC of Centre and Volga Region |
BB | Ba2 |
| IDGC of Volga | — | Ba2 |
| IDGC of Urals | — | Ba2 |
| Lenenergo | — | Ba2 |
Dynamics of Quotes & Milestones
In October 2012, shares of IDGC of Centre were included in the A1 Quotation List of the MICEX Stock Exchange
Increase in regulatory risks and the lack of clear plans on tackling critical issues in electric grid complex led to a sharp drop in the value of shares of all networking companies. The Company's management believes that the growth factors of shareholder value will be the effectiveness of the program to optimize operating costs, work on consolidating assets in the operating regions, as well as the prospect of additional revenue from providing of energy services and guaranteeing supplier functions performance.
Start of trading
| May 21, 2008 |
Quotation list
| MICEX Stock Exchange | A-1 |
Ticker symbols
| Moscow Exchange | MRKC |
| Bloomberg | MRKC RX |
| Reuters | MRKC.MM |
Index calculation
| Weighting, % | ||
| Shares used in the index calculation | MICEX PWR | 1.85 |
| MICEX SC | 2.23 |
Stock quotes
Preliminary results for 2011 and plans for 2012 are released
Comment of President D. Medvedev emphasizing that high tariffs and difficulties with connection are among the key problems of small business
Government Resolution No. 1178 'On Pricing with regard to Regulated Prices (Tariffs) in the Electric Power Industry' dated December 29, 2011
Management of JSC IDGC of Centre takes part in the Russia Forum 2012 organized by Troika Dialog Investment Company and Sberbank of Russia
The Ministry of Economic Development of Russia opposes postponing privatization of fuel and energy companies
IDGC of Centre publishes its financial statements for 2011 under RAS
The Ministry of Economic Development plans to order subsidiaries of state-owned companies to allocate 25% of income for dividends
IDGC of Centre releases its IFRS financial statements for 2011
V. Putin instructs ministers to continue keeping down utility tariffs
Book closure for dividend payments for 2011
The Government transfers the management of IDGC to the Federal Grid Company
The FTS suggests that revision of RAB tariffs should be postponed until November 1
The Government intends to consolidate FGC and IDGC Holding under the management of Rosneftegaz
The FTS approves long-term RAB regulation for the Belgorodenergo branch of IDGC of Centre
The annual GSM appproves dividends for 2011 totalling RUB 422 mln
The head of the Russian Ministry of Energy considers the RAB–based tariff system important
The Russian Ministry of Energy suggests that subsidiaries of IDGC Holding should be privatized when consolidated with FGC
IDGC of Centre acquires the municipal grid assets of Stary Oskol urban district of the Belgorod Region for RUB 416 mln
IDGC of Centre publishes its IFRS financial statements for 6M 2012
Management of IDGC of Centre takes part in a conference of the investment bank HSBC
The Government finds an alternative to Rosneftegaz for consolidating FGC and IDGC Holding
The FTS does not approve the transition of Bryanskenergo, a branch of JSC IDGC of Centre, to RAB
The Moscow Commercial Court upholds the claim of NLMK against IDGC of Centre for RUB 5.1 bn
The Russian Minister of Energy A. Novak confirms the plan to privatize one or two pilot IDGCs in 2013; President V. Putin supports this idea
MICEX includes shares of IDGC of Centre in the A1 Quotation List
The FTS approves the transition of Voronezhenergo, a branch of JSC IDGC of Centre, to RAB
IDGC of Centre publishes its financial statements for 9M 2012 under RAS
President V. Putin signs a decree to rename IDGC Holding JSC Russian Grids and give this company the state-owned stake in FGC
According to Vedomosti, audit of IDGC of Centre conducted by a special commission reveals numerous violations in the company's operations
According to Vedomosti, termination of 'last mile' agreements may be postponed until 2017
The head of Technopromexport O. Isaev is appointed acting General Director of IDGC of Centre
Interfax reports citing a source close to the BD of IDGC Holding that three or four IDGCs (the source named IDGC of Centre, IDGC of Centre and the Volga Region, IDGC of Volga) have been shortlisted for the first privatization
V.Putin signs a law on long-term regulation of prices for power and water supply
The court postpones considering the appeal of IDGC of Centre and FGC against NLMK's claim for payment of RUB 5.1 bn until February 7 to provide documents
On January 23, the supervisory board of NP Market Council may strip seven power supply companies of their status of guarantee suppliers
According to Kommersant, the proposal of IDGC Holding for licensing all grid companies is being discussed by the Ministry of Energy and relevant agencies
M. Kurbatov: in 2013 one or two IDGCs are to be privatized
According to A. Dvorkovich, Russia plans to present JSC Russian Grids to investors at the forum in Davos
Functions of a guarantee supplier of power in the Bryansk, Orel and Kursk Regions are transferred to JSC IDGC of Centre
IDGC Holding increases the scope of its investment program for 2012-2017 by RUB 10 bn to RUB 835 bn
Izvestia reports quoting the Deputy Minister of Energy M. Kurbatov that the government is still unable to give up the 'last mile' completely
The Chairman of the Board of Directors of the state-owned IDGC Holding Georgy Boos thinks that Lenenergo, Tyumenergo, Yantarenergo and IDGC of Centre and the Volga Region may be sold this year
IDGC Holding to convene an Extraordinary General Meeting of Shareholders over renaming the company JSC Russian Grids on March 23
A shortlist of IDGCs to be privatized to be compiled at the end of summer at the earliest, after Russian Grids are established
The strategy for the development of the power grid complex in Russia up to 2017 is brought up for public discussion
Standard & Poor's upgrades the credit rating of JSC IDGC of Centre to 'BB/B/ruAA', outlook 'Stable'
V. Putin orders that utility prices be reduced in the regions where they have been raised unreasonably
The court upholds the decision to charge IDGC of Centre RUB 5.1 bn in favour of NLMK
IDGC of Centre publishes its financial statements for 2012 under RAS
According to Interfax, Rosimushchestvo and FGC are involved in a dispute over the government's authority over the company following the establishment of Russian Grids
The Supreme Commercial Court of the Russian Federation reverses the decision to charge IDGC of Urals RUB 285 mln in favour of Chelyabinsk Electrometallurgical Plant
The Russian President V. Putin holds a meeting over the development of the power grid complex
The head of FGC Oleg Budargin reports to the Russian President Vladimir Putin that the government's irresponsible tariff policy may drive a number of interregional distribution grid companies into bankruptcy as early as next year
IDGC of Centre publishes its IFRS financial statements for 2012
The draft Strategy for the Development of the Power Grid Complex in Russia up to 2030 involves limiting the share of the tariff for power transmission in the final electricity price
Rosimushchestvo carries out a valuation of the shares of FGC and IDGC Holding for consolidation purposes
The Government approves the Strategy for the Development of the Power Grid Complex in Russia up to 2030
JSC Russian Grids publishes its IFRS financial statements for 2012
Functions of a guarantee supplier in the Tver Region and the Republic of Buryatia to be transferred to JSC Russian Grids
The Ministry of Economic Development suggests reducing the indexation of gas prices in 2014 and 2015 from 15% to 5% for businesses, from 9-10% to 6% for grid companies
The Board of Directors of IDGC of Centre recommends the shareholders to make a decision on dividend payments totalling RUB 0.02044 per ordinary share at the annual GSM
Book closure before the annual GSM
The dividend rate of Russian state-owned companies may be increased from 25% to 35%
The Ministry of Energy and the FTS are developing a method for benchmarking three types of expenses for grid distribution companies
JSC Russian Grids is excluded from the MSCI Russia Index
The Russian President demands that the 'last mile' issue be resolved as soon as possible
The Ministry of Energy proposes a new scheme for abandoning the 'last mile'
The Chairman of FGC's Management Board O. Budargin suggests increasing the scope of Russian Grids' investment program to RUB 250 bn per year, and that of FGC to RUB 200 bn per year through borrowings
The Deputy Minister of Energy M. Kurbatov states that the Ministry of Energy does not support the idea of increasing the total investment program of FGC and Russian Grids
Oleg Budargin is elected General Director of Open Joint-Stock Company Russian Grids
The Russian Ministry of Economic Development and the Non-Profit Partnership Community of Energy Consumers do not support the solution to the 'last mile' issue proposed by the Ministry of Energy
The head of Russian Grids O. Budargin states that it is possible to reduce operating expenses by 15% by optimizing the company's management structure
The Russian President suggests that the rate of increase in the tariffs of natural monopolies should not exceed the inflation rate for five years starting from 2014
The Presidential Administration criticizes the proposal recently made by the Ministry of Energy concerning the 'last mile'
The Federal Commercial Court of the Moscow District reversed the decision of the Moscow Commercial Court and the ruling of the 9th Commercial Appeal Court on the claim of NLMK against IDGC of Centre
Head of JSC Russian Grids Oleg Budargin commissioned an inventory of investment programs of IDGC’s branches.
The deputy head of the Ministry of Energy Mikhail Kurbatov made several statements during a press conference organized by RBC.
Company published RAS financial statements for the 6 months of 2013.
According to media reports (referring to a letter from head of FAS to FAS local bodies) FAS will not prevent JSC Russian Grids buying local grid companies.
According to Interfax, deputy prime minister Arkady Dvorkovich said that the amount of the JSC Russian Grids investment will not be reduced, because of decision to fund part of the Company’s costs from NWF resources and pension fund.
According to Interfax, the government intends to develop a new approach to "last mile" issue in network segment by the end of August.
Moscow Arbitration Court dismissed the introduction of provisional measures according to JSC Russian Grids lawsuit to the Ministry of Energy to invalidate orders on tenders for guaranteeing supplier status.
IDGC of Centre’s board of directors at the meeting on August 21 approved the adjusted business plan and investment program for 2013.
The Company published unaudited IFRS financial statements for 6 months of 2013.
VTB Capital analysts revised the ratings of IDGC of Centre shares reducing target prices and lowering the recommendation to "sell".
According to media reports, the Prime Minister instructed the Ministry of Economic Development, Ministry of Finance, Ministry of Transport, the Ministry of Energy and FTS to submit to the government a version of the socio-economic development forecast for 2014 and planned period of 2015-2016 providing zero tariff indexation of natural monopolies.
According to media reports, the Ministry of Finance proposal to oblige the state-owned companies to pay a minimum annual dividend of 25% of IFRS net profit approved by the government.
According to RBC, JSC Russian Grids planning to reduce costs.
Federal Tariff Service proposes to amend the RAB parameters and contracts for the provision of power.
Ministry of Economic Development has lowered JSC Russian Grids investment program evaluation for 2014- 2016.
Ministry of Economic Development has published an updated forecast of socio-economic development of Russia for 2014-2016.
