Bloomberg News

RusHydro Spent Less Than Planned Last Year on Crunch

January 23, 2009

OAO RusHydro, Russia’s state- controlled hydropower producer, invested 29 percent less last year than planned because the global credit crunch limited access to financing.

The company invested 55.5 billion rubles ($1.69 billion) after planning to spend 78 billion rubles, Moscow-based RusHydro said in an e-mailed statement today. RusHydro added 325 megawatts of capacity in 2008, or 86 megawatts fewer than planned.

This year, the generator plans to add 145 megawatts of capacity and spend 79.6 billion rubles on new build and upgrades. Funds will come from a share sale, own profit, state subsidies, and sale of minority holdings in other utilities.

RusHydro’s board also agreed today to sell almost 4 billion shares at 1 ruble each, with most of the shares likely to be acquired by the Russian government.

To contact the reporter on this story: Yuriy Humber in Moscow at yhumber@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net


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