RusHydro to lower financing for modernization program over 10% in 2014
MOSCOW. March 3 (Interfax) - Russian power generating company OJSC RusHydro is planning to lower financing for its technical modernization and reconstruction program by more than 10% in 2014, RusHydro economics director Sergei Kirov told journalists.
Asked about lowering financing for the program, he said: "We will be able to optimize [the program] for 2014 by more than 10% I think; we already discussed [this] with colleagues," he said.
As concerns optimization, management is also considering other RusHydro construction projects, Kirov said.
The current investment program allocates 56 billion rubles for the 2014 technical modernization and reconstruction program against 28.6 billion rubles in 2013.
Another task is lowering the cost at tenders by 10% and more below the estimated cost, Kirov said.
Adjustments to the investment program for 2014 and suggestions for 2015-2017 will be submitted to the Energy Ministry by March 15. The materials are currently under the discussion of company management.