IDGC North West boosts 2017 investment program 50% to 7 bln rubles
ST PETERSBURG. May 16 (Interfax) - PJSC IDGC of the North West is to increase its 2017 investment program 1.46-fold to 7.1 billion rubles, the grid operator's CEO Alexander Letyagin told Interfax.
"This year's investment program is over 7 billion rubles. This is significantly higher than in 2016," Letyagin said at a press conference on Tuesday.
The 2016 investment program stood at 4.843 billion rubles.
Letyagin said the bulk of the funds will be allocated for the construction of the Yuzhnaya electrical substation in Cherepovets in Vologda Region with a capacity of 80 MVA; connecting Russian Federal Road Agency (Rosavtodor) facilities at a section of the Moscow-St Petersburg toll highway in Novgorod Region by construction four substations with a total capacity of 33.6 MVA; connecting Lukoil and Gazprom facilities in the Komi Republic and other regions as well as connecting Russian Defense Ministry facilities in Pskov Region.
The IDGC of the North West board of directors has approved a revised draft of the company's 2016-2025 investment program with 34.108 billion rubles of financing.
"The main increase is related to financing the technical connection of the section of the St Petersburg-Moscow road in Novgorod Region at a cost of 1.305 billion rubles," a press service representative said.