Rosseti invests over 430 bln rubles in 2022

MOSCOW Feb 9 (Interfax) - Rosseti made investments totaling over 430 billion rubles in 2022, Alexei Molsky, deputy head of the company for investment and capital construction, said at the Prosto Capital Russian forum on financial literacy.

"We thought we should reduce our investments, but in fact, we invested more than we did last year," he said, commenting on the company's 2022 results. "We even set a small, let's say, 10-year record for investment activity - over 430 billion rubles was invested," Molsky said.

Last year, the company managed to complete all repairs on its key new projects at the Eastern range "together with Mosenergo, we worked it out, squeezed here and there, and the sites were put into operation and the plans fulfilled."

Last year, the company commissioned over 28,000 km of transmission lines and about 10 GW of transformer capacity, the company said in a statement on its Telegram channel. Investments in 2023-2024 are expected to be 10-20% higher than in 2022.

The level of investment program financing for the holding's subsidiaries was expected earlier to be about 425 billion rubles, which was 100 billion more than in 2021, the head of the company, Andrey Ryumin said.

In January, the reorganization of the network companies was completed - the network's holding, Russian Networks joined with its prior subsidiary FGC UES. The merged company was named Federal Network Company - Rosseti, abbreviated as Rosseti. It combines organizations managing the infrastructure and distribution network assets. The majority shareholder of the combined company is the Federal Property Management Agency, which owns 75% plus 1 share.