IDGC of the North-West increases 2012 investment program by 27%
ST. PETERSBURG. July 12 (Interfax) - The board of directors at OJSC IDGC of the North West met on Wednesday and approved an adjusted investment program for this year at 6.6 billion rubles, which is 27% bigger than the earlier confirmed program, the regional grid company said in a statement.
The earlier 2012 investment program came to 5.2 billion rubles. IDGC of the North-West's program for 2011 came to 5.0373 billion rubles.
The statement said that the decision to expand the program for this year was made according to a government order on the "restart" of RAB regulatory measures.
Two thirds of the investment program will go to technically reequipping and rebuilding IDGC's grid facilities, while 30% and 3% will go to construction and acquiring new fixed assets, respectively.
The main facilities in the company's investment program this year include 12 major projects, the costs for which will account for 17% of total capex.
IDGC of the North-West provides services in seven regions of the North-West Federal District covering 1.586 million square kilometers with a population of 6.69 million people. The company's balance sheet indicates 1,141 substations at 35 kilowatts or higher and installed capacity of transformers at the stations - 17,500 MBA.
