OREANDA-NEWS. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting on September 20, 2016.

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The Board of Directors approved interim results of 2016 business plan execution for the 1st half of 2016 (including reports on implementation of investment program (including comprehensive modernization program) and annual procurement plan for the 1st half of 2016).

The Board of Directors commissioned Nikolay Shulginov, Chairman of the Management Board – General Director of PJSC RusHydro, to consider the amendments to 2016 business plan and report to Yuri Trutnev, Chairman of the Board of Directors of RusHydro, until October 31, 2016.

Actual generation and output in the 1st half of 2016 were higher than planned targets (108.3% and 109.0% of the targets respectively). The difference resulted from elevated inflows to reservoirs of the Volga-Kama cascade, reservoirs of Novosibirskaya and Sayano-Shushenskaya HPPs, as well as above-average inflows in the Northern Caucasus.

During the 1st half of 2016, 13.5 MW of installed capacity have been added due to rerating of the equipment on Kamskaya HPP and Zhigulevskaya HPP (3 MW and 10.5 MW respectively). Modernization of Kamskaya HPP was completed, with increase of installed capacity to 552 MW.

Funding of investment program in the 1st half of 2016 totaled RUB 14.42 bn or 22.0% of the annual plan and 77.0% of the financing plan for the 1st half of 2016. Funding of subsidiaries’ investment programs for the period totaled RUB 9.68 bn, or 28.4% of the annual plan and 95.6% of the 6-month plan. Actual funding of comprehensive modernization program for the1st half of 2016 totaled RUB 8.28 bn or 24% of the annual plan and 84% of the 6-month plan.

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The Board of Directors reviewed consolidated business-plan (including consolidated investment program) of RusHydro Group for 2016-2020.

The Board of Directors commissioned Nikolay Shulginov, Chairman of the Management Board – General Director of PJSC RusHydro, to consider the amendments to Regulations on business planning system of PJSC RusHydro and report to Yuri Trutnev, Chairman of the Board of Directors of RusHydro, until October 31, 2016.

Nikolay Shulginov, Chairman of the Management Board – General Director of RusHydro, commented: “In the 1st half of 2016, RusHydro continued its efforts aimed at increasing efficiency and optimization of its investment program. As a result, the company reduced planned funding of comprehensive hydropower refurbishment and modernization program by smoothing funding schedule and reducing per unit costs through more efficient procurement and renegotiating of key supply contracts. RusHydro maintains the target of RUB 30 bn per year for hydropower refurbishment and modernization. At the same, the Company gives utmost priority to maintaining initially planned reliability and safety standards. The Company is focused on increasing shareholder value, profitability and sustainable development”.

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The Board of Directors approved Board of Directors working plan for the 2nd half of 2016.

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The Board of Directors reviewed execution of non-hydro renewable energy projects (RES) development program by the RAO ES of the East. The Board of Directors commissioned Nikolay Shulginov, Chairman of the Management Board – General Director of PJSC RusHydro, to finalize the RES development program in the Far East in cooperation with JSC Far East development Fund and submit the document for the Board’s review until March 31, 2017.

RAO ES East, a subsidiary of RusHydro, is an operator of Group’s renewables fleet in isolated areas of the Far East of Russia. The company now envisages installation of 146 MW of non-hydro renewable energy capacity.

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The Board of Directors moved the approval of the report on implementation of RusHydro’s Innovative Development Program for 2011 - 2015 with an outlook for 2021 in 2015 to a later date.