29
against foreign states in the Russian Federation.
In order to diversify the country risk is developing cooperation with both European and Asian, and Latin
American partners in accordance with previously signed agreements intercompany
It is also worth noting the growing volume of Russia's cooperation with partners in the SCO and BRICS,
the establishment of new financial institutions and the arrival to the country capital data partners that influence
country risk in the direction of its decline.
Political Risks
Due to the tightening of control on the part of energy sector regulatory agencies, the Issuer is taking steps
necessary to avoid a detrimental effect of the above-mentioned risks on its activity. In particular, key attention is
paid to ensuring transparency and reliability of control procedures for expenditure of budgetary funds under
implementation of the Issuer’s investment program, as well as implementation of risk management measures, as
described in this section.
Regional Risks
The Issuer is registered as a taxpayer in Krasnoyarsk Krai, but productive assets and the operations
themselves are carried out in many regions of the Russian Federation. In this respect it is possible to define
specific risk in two regions: risks inherent in potential terrorist activity are a burning problem for the North
Caucasus, and the Far East is characterized by earthquake activity and the inaccessibility of certain areas.
Measures are being taken in respect of these risks and they are described in the following two sections. The risk
on the whole is assessed as insignificant.
Assumed actions of the Issuer in the event of an adverse effect of changes in the situation in the country
(countries) and the region (regions) on its activities.
Work is progressing by the Issuer on amendment of Russian Federation legislation and corporate
standards in technical regulation as regards procurement of hydropower engineering facility safety and
reliability;
The Issuer continues implementation of the social policy, directed to support relatives of the deceased and
injured persons of the accident at the Sayano-Shushenskaya HPP (for detailed information please visit the
Issuer's corporate site http://www.sshges.rushydro.ru/, SShHPP Reconstruction).
The Company is also constructing 4 electricity generation facilities in the Far East (CHPP in Sovetskaya
Gavan (planned date of commissioning - 2017), Sakhalinskaya SDPP-2 (1st stage) (planned date of
commissioning - 2017); Yakutsk SDPP-2 (1st stage) (planned date of commissioning - 2016),
Blagoveshchenskaya CHPP (2nd stage (planned date of commissioning - 2016).
Besides in 2015 the first phase of the second stage of the Annunciation CHP was conducted. The main
technological equipment have passed the individual test and trial starts: December 10, 2015 dust coal boiler has
successfully passed the first launch of a liquid fuel (fuel oil), in the ignition mode, with 30% of the installed
thermal load of boiler aggregate worked continuously for 45 hours. It received a positive opinion from the RTN
to stage a voltage of 110 kW of outdoor switchgear. December 25, 2015 a new power grid was issued into a
single first current turbine generator was synchronized with the grid. Main process equipment has successfully
passed comprehensive testing, during which the boiler, steam turbine and generator continuously worked for 72
hours. The transaction on the transfer of companies of the BEMA project under the jurisdiction of the Russian
Federation is being implemented.
In the second phase of the project in 2016 it is planned to complete construction of the tower, perform
landscaping, reconstruction of fuel facilities, building of roads and external networks, to complete the
reconstruction of protective structures. In order to ensure maximum transparency of expenditure of budgetary
funds allocated by the state for the development of power industry of the Far East, PJSC "RusHydro" has formed
a mechanism to Ministry of Economic Development, Ministry of Energy and the Accounts Chamber of the
Russian Federation continuously assess and analyse the progress of the project, to check the efficiency of capital
investments and to exercise control over target use of funds. Transparent use of funds provides PJSC "Savings
Bank" through a system of separate bank accounts, which are opened for each participant in the construction.
Independent price and technology audit of design and estimate documentation for each project are carried out by
engineering companies, selected on a competitive basis by Sberbank. For more information on the parameters of
the target budget of spending control system can be found in a special section of the site RusHydro
"Development of the Far East Energy" at http://www.rushydro.ru/activity/razvitie_energetiki_dalnego_vostoka/
Changes in the situation in the country and regions of the Issuer's activities, the nature and frequency of
such changes, and risks inherent thereto are difficult to predict, as it is the case with their effect on the future
activities of the Issuer. Most of these risks are beyond the control of the Issuer due to their global scale. In case
of disruption in the situation in Russia or the regions, which may adversely affect the Issuer's activities, the
Issuer's management will undertake a number of actions for crisis management to mitigate to the greatest
possible extent the adverse effect of the situation on the company.
Risks related to possible military conflicts, imposition of a state of emergency or strikes in the country
Dostları ilə paylaş: |