OREANDA-NEWS. September 28, 2010. All planned targets of the investment program for H1 2010 have been met as a whole regarding IDGC of North-West.

IDGC of North-West's Board of Directors meeting was held on 22 September in Moscow. It was headed by the member of the Management Board, Deputy General Director for Corporate Governance and Property of IDGC Holding Alexey Perepelkin.

IDGC of North-West's Board of Directors attended the report of the Company's General Director on compliance with the business plan, including the Company's investment program, for Q2 2010 and 6 months of 2010.

"Based on IDGC of North-West's performance for H 1 2010, the net profit has been RUR 187 million, when the scheduled loss has been RUR 384 million. Thus, the financial result of the Company's performance has exceeded the value planned by the business plan by RUR 571 million," IDGC of North-West's General Director Alexander Kukhmay said.

The actual earnings of IDGC of North-West for H1 2010 have been RUR 13,463 million against the target of RUR 13,394 million. The largest share of the earnings has been obtained from rendering electric power transmission services (RUR 12,909 million, or 96% of the total amount of the Company's earnings).
The earnings associated with electric power transmission as regards IDGC of North-West's branches based on the results of 6 months of 2010 have become as follows: Komienergo - 20%; Vologdaenergo - 18%; Karelenergo, Arkhenergo and Kolenergo - 14%; Novgorodenergo and Pskovenergo - 10%.

Two issues of the agenda were devoted to performance of the Company's annual comprehensive program of purchases for Q1 2010, Q2 2010 and 6 months of 2010. For the first half of the year 2010, the Company carried out 1,100 purchasing procedures for RUR 16,501.2 million; 62.3% of the regulated procedures of purchases were held in a public way, 47% of purchases have been carried out through electronic trading floors.

The report on performance of the resolutions taken at the meetings of the Company's Board of Directors in Q2 2010 was presented by Lyudmila Nazarenko, Corporate Secretary of IDGC of North-West.

In particular, under the resolution of the Board of Directors, within the framework of implementation of the Company's Risk Management Policy and Internal Control Policy, a working group was created to introduce the integrated risk management and internal control system, certificates and risk register of the Company were developed, key business processes are being documented now. As regards strategic directions, Lyudmila Nazarenko noted adoption of the Company's Risk Management Policy and Internal Control Policy.