Lenenergo to increase 2012 investment program by almost 6%
ST. PETERSBURG. Sept 26 (Interfax) - The board of directors at OJSC Lenenergo convened on Wednesday and confirmed an adjusted business plan and investment program for 2012, the company said in a statement.
According to the approved changes, the company's' 2012 investment program will be expanded by 5.8% to 14.1 billion rubles from its earlier approved size. For instance, Lenenergo's total investment program for St. Petersburg will increase by 5% to 10.44 billion rubles and for the Leningrad region - up 8.6% to 3.656 billion rubles.
The amendments were made, in part, based on the adjusted figures for the execution of the 2011 program and because the St. Petersburg administration presented electricity grid assets as payment for additional shares in Lenenergo.
This year, Lenenergo will commission 1,252 MBA in transformer capacity and set up 1,301 kilometers in electricity transmission lines. Compared to the initially approved investment program, capacity planned for commissioning has been increased by 260 MBA and 213 kilometers, respectively.
The adjusted investment program will be presented for approval by subjects of the Russian Federation where the company operates - St. Petersburg and Leningrad Region.
OJSC Lenenergo is the largest regional electricity grid company in northwest Russia. It serves an area of 87,100 square kilometers with a population of over 6 million. The Lenenergo electricity grid complex consists of 38,800 kilometers of overhead power transmission lines, almost 16,000 km of cable and over 13,800 substations.
The company's main shareholders are OJSC IDGC Holding and the St. Petersburg administration.