Our Investments

Our Capex in dynamics is positive. 2010 investments exceed 2009 ones by RUR 1 096 mln. (or 32%) due to the necessity for implementing grid update strategy with a view to increase reliability, to provide continuity of service, to increase the quality of energy transmission by changing obsolete equipment.

During 2010 we fulfilled a considerable amount of work in terms of constructing new objects, update and reconstruction of existing grid objects.

Key Capex directions in 2010:

  • Prevention of grid ageing (maintenance of equipment performance characteristics within limits of permitted values);
  • New construction (removal of restrictions on connection in energy-deficient territories and creation of new main substations);
  • Development of energy transmission services (transmitted energy increase by connecting new consumers);
  • Provision of grid reliability (continuity of required energy transmission services).

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  CAPEX, RUR mln. including:
  Update and reconstruction New construction Other (acquisition of fixed assets)
  target actual % target actual % план actual % target actual %
Sverdlovenergo 1189 1144 96 782 728 93 284 311 109 122 106 87
Permenergo 2692 2548 95 1409 1302 92 1 227 1 162 95 57 84 148
Chelyabenergo 840 862 103 452 447 99 321 328 102 93 114 122
HQ 14 8 57 11 6 54 3 2 66 0 0 -
IDGC of Urals 4735 4562 96 2654 2482 94 1835 1802 98 272 304 112
  CAPEX, RUR mln. including:
  Update and reconstruction New construction Other (acquisition of fixed assets)
  target actual % target actual % план actual % target actual %
Sverdlovenergo 1189 1144 96 782 728 93 284 311 109 122 106 87
Permenergo 2692 2548 95 1409 1302 92 1 227 1 162 95 57 84 148
Chelyabenergo 840 862 103 452 447 99 321 328 102 93 114 122
HQ 14 8 57 11 6 54 3 2 66 0 0 -
IDGC of Urals 4735 4562 96 2654 2482 94 1835 1802 98 272 304 112

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  Target Actual Completed, %  
  Fixed assets put into operation, RUR mln. Capacity installed Increase of capacity installed Fixed assets put into operation, RUR mln. Capacity installed Increase of capacity installed Fixed assets put into operation, RUR mln. Capacity installed Increase of capacity installed
  km MVA km MVA km MVA km MVA km МVA кm МVA
Sverdlovenergo 1491 671 236 604 215 1502 721 248 607 231 101 108 105 100 108
Permenergo 2551 374 28 171 11 2689 411 55 193 36 105 110 200 113 336
Chelyabenergo 987 532 239 494 209 1082 538 366 512 324 110 101 153 104 155
HQ 11 0 0 0 0 9 0 0 0 0 81 - - - -
IDGC of Urals 5040 1577 503 1270 435 5282 1670 669 1312 591 105 106 133 103 136
  Target Actual Completed, %  
  Fixed assets put into operation, RUR mln. Capacity installed Increase of capacity installed Fixed assets put into operation, RUR mln. Capacity installed Increase of capacity installed Fixed assets put into operation, RUR mln. Capacity installed Increase of capacity installed
  km MVA km MVA km MVA km MVA km МVA кm МVA
Sverdlovenergo 1491 671 236 604 215 1502 721 248 607 231 101 108 105 100 108
Permenergo 2551 374 28 171 11 2689 411 55 193 36 105 110 200 113 336
Chelyabenergo 987 532 239 494 209 1082 538 366 512 324 110 101 153 104 155
HQ 11 0 0 0 0 9 0 0 0 0 81 - - - -
IDGC of Urals 5040 1577 503 1270 435 5282 1670 669 1312 591 105 106 133 103 136

Actual 2010 Capex totaled RUR 4 562 mln. (96% from targets). Completion of technical update and reconstruction, including connection, was 94% (target – RUR 2 654 mln., actual – RUR 2 482 mln.). Deviation from the target figures was due to technological limits and lack of disconnections for update and reconstruction as well as due to decrease of estimated cost after tenders. Completion of new construction and expansion of existing objects, including connection, was 98% (target – RUR 1 835 mln., actual – RUR 1 802 mln.) caused by decrease of estimated cost after tenders. The completion of other works, including acquisition of fixed assets, totaled RUR 304 mln. (112% of target figures). Deviation from target figures was due to disposition of property complexes belonging to other companies to our balance sheet upon a court decision as well as acquisition of grids to consolidate network assets.

The most important grid objects, built and commissioned during 2010, are:

  • 110/10 kV substation “Granitnaya” (Chelyabinsk, construction),
  • 10 kV cable line (Chelyabinsk, construction),
  • 110/10/6 kV substation “Zarechnaya” (Chelyabinsk, reconstruction),
  • 110 kV aerial line “Shagol-Sosnovskaya-Isakovo” (the Chelyabinsk region, Sosnovsky district, reconstruction),
  • 110/6 kV substation “Gorod-2” (the Chelyabinsk region, Miass, reconstruction),
  • 110/35/6 kV substation “Krasnouralsk” (the Sverdlovsk region, Krasnouralsk, reconstruction),
  • 110 kv “Belogorye” and 110 kV aerial line (the Sverdlovsk region, Nizhni Tagil, Uralets village, construction),
  • overhang of 110 kV aerial line “Serovskaya GRES-Krasnoturinsk-SGRES-Serov” (the Sverdlovsk region, Serov).

during the reported period we commenced to construct the following objects:

  • 110/6 kV substations “Iva” (Perm, microdistrict “Kostarevo”, commissioning is planned in 2011),
  • 110/35/6 kV substation “Plekhanova” (Perm, commissioning is planned in 2011).

The structure of financing resources for our 2010 investment program is as follows:

    SE PE ChE EO Total
Investment resources, total, RUR mln, no VAT 1 144 2 548 862 8 4 562
Internal resources Depreciation of the reported year 915 839 517 8 2279
Unused depreciation of the past years 0 0 38 0 38
Non-distributed profit of the past years 0 288 26 0 314
Profit of the reported year used in investment program of the reported year, including 204 367 36 0 567
Renovation included into tariffs 74 0 0 0 74
Sale of core non-current assets 0 0 0 0 0
Sale of non-core non-current assets 0 0 0 0 0
Connection fee 90 367 36 0 493
Other internal resources 66 23 81 0 171
External resources Budget resources (federal, municipal) 0 0 0 0 0
Borrowed funds (with interest) 0 600 0 0 600
Borrowed funds (additional issue) 0 0 0 0 0
Connection fee 0 431 163 0 594
Other external resources, including participation interest in construction at the expense of other resources 0 0 0 0 0

During the creation of this business report our long-term 2011-2015 investment program was updated. According to Russian Government Decree #977 dd. 01.12.2009 the above-mentioned programs were submitted for approval to the local executive bodies according to the following parameters:

  RUR mln, no VAT
  2010 2011 2012 2013
Sverdlovenergo 1 144 2 845 4 267 5 617
Update and reconstruction 728 1 815 2 982 4 326
New construction 311 486 603 708
Other 106 543 683 583
Permenergo 2 548 2 942 4 058 5 111
Update and reconstruction 1 302 1 643 2 211 2 533
New construction 1 162 535 1 117 1 844
Other 84 765 730 734
Chelyabenergo 862 1 969 2 716 3 377
Update and reconstruction 447 1 279 1 703 2 324
New construction 328 661 749 886
Other 87 29 264 167
HQ 8 29 186 104
Update and reconstruction 6 9 15 16
New construction 2 15 172 89
Other 0 5 0 0
IDGC of Urals 4 562 7 786 11 228 14 209
Update and reconstruction 2 482 4 747 6 911 9 198
New construction 1 802 1 697 2 640 3 527
Other 277 1 342 1 676 1 484

The diagram demonstrates our target Capex in 2011-2013. We forecast the growth of Capex that is due to investment resources increase, including transition to RAB-tariffs.

The table contains the key resources of our 2010-2013 investment program (submitted for the approval by the local executive bodies.

RUR mln, no VAT 2010 2011 2012* 2013* IDGC
*forecast prices  
Total: 4 562 7 786 11 228 14 209 4 562
Internal resources Depreciation of the reported year 2 279 2 530 2 793 3 148 2 279
Unused depreciation of the past years 38 0 0 0 38
Non-distributed profit of the past years 314 5 0 0 314
Profit of the reported year used in investment program of the reported year, including 567 1 293 5 726 8 130 567
Renovation included into tariffs 74 1 293 5 726 8 130 74
Sale of non-core non-current assets 0 0 0 0 0
Sale of non-core non-current assets 0 0 0 0 0
Connection fee 493 0 0 0 493
Other internal resources 171 0 0 0 171
External resources Budget resources (federal, municipal) 0 0 0 0 0
Borrowed funds (with interest) 600 3 039 1 785 2 168 600
Borrowed funds (additional issue) 0 0 0 0 0
Connection fee 594 918 924 762 594
Other external resources, including participation interest in construction at the expense of other resources 0 0 0 0 0