MOESK Has Initiated Investment Program Discussion at Moscow Area Duma

"MOESK will invest more than RUR 81 bn in the electric grid facilities of the Moscow Area during the next five years", Petr Sinyutin, the company head said at the hearing at the Moscow Area Duma regarding the investment program of the company for the years 2014-2018.

The hearing, which was attended by the deputies of the Moscow Area Duma, representatives of municipal government authorities, business community were held at the initiative of MOESK. This form of cooperation with the public was used by the company for the first time. Its purpose is to maximize the openness of the process of formation and implementation of its investment program.

The hearing, which took place on January 22, was opened by the report of the Director General of JSC "MOESK" Petr Sinyutin on the objectives and key parameters of the investment program for 2014-2018.

Electricity transmission revenue (47%), borrowed funds (36%), as well as the company's grid connection incomes (17%) are called as the main sources of the investment program financing.

The content-related analysis of the key parameters of the investment program was organically supplemented by the proposals to change the regulatory framework in the area of grid connection, which were developed in the grid company and, according to energy specialists, would lead to further simplification of the grid connection procedure.

In the joint reports of the first deputy general director of MOESK for economic activity and corporate governance Alexander Inozemtsev and deputy director general for grid connection and services development Alexander Pyatigor, the parameters of the investment program were specified in terms of its social and economic focus, relationship with the development plans of the Moscow Area, enhancing of its competitive attractiveness. In particular, it was noted that MOESK plans to connect 461 social facilities, more than 40,000 housing construction facilities as part of the investment program.

The chairman of the Moscow Area Duma committee for construction, architecture, housing and energy Vladimir Dupak, deputy Alexey Bodunkov, Minister for energy industry of the Moscow Area Leonid Neganov, deputy general director of JSC "Russian Grids" Valentin Mezhevich, representatives of municipalities expressed their expert opinions on the investment program of MOESK speaking during the discussion.

As a result, the deputies not only took note of MOESK top management’s information, but also decided to work together to promote the idea of further simplification of grid connection in the region. A joint working group will be created for this purpose.

Summing up the hearing, the deputy chairman of the Moscow Area Parliament, deputy chairman of the Public Chamber of the Moscow Area Nikita Chaplin noted that thanks to the hearing, the deputies had begun to understand better what was the situation like today in the power industry of the region and why, what MOESK intended to do to develop the centers that are responsible for supply electricity, construction of electric grids, improve the management of the electric grid facilities. "The benefit of this approach is obvious, since in the end it is able to lead to greater public control over investment programs, projects implemented in the region", Nikita Chaplin said.