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Annual Report for 2012 OJSC “Mosenergo” Content

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Annual Report for 2012 OJSC “Mosenergo” Content Annual Report for 2012 OJSC “Mosenergo” Content Address by Chairman of the Board of Directors . 2. Address by General Director . 3. 1. Mosenergo today . 5 1 .1 . Company profile . 5. 1 .2 . Mosenergo in figures . 5. 1 .3 . Major corporate events of 2012 . 7. 2. Mosenergo operations . 9 2 .1 . Generation . 9. 2 .2 . Sales . 10. 2 .3 . Fuel supply . 13. 2 .4 . Investment and maintenance activities . 13. 2 .4 .1 . Investments . 13. 2 .4 .2 . Maintenance and repair . 14. 2 .5 . Enhancement of production reliability and efficiency . 15. 2 .6 . SAP projects . 15. 3. Analysis of financial performance . 17 4. Human resources management and social responsibility . 19 4 .1 . Headcount and structure of personnel . 19. 4 .2 . Staff motivation system . 20. 4 .3 . Personnel training . 20. 4 .4 . Social programs . 20. 4 .5 . Labor protection . 21. 4 .6 . Environmental protection . 25. 5. Corporate governance . 29 5 .1 . Main principles . 29. 5 .2 . General Meeting of Shareholders . 29. 5 .3 . Board of Directors and its Committees . 29. 5 .4 . Audit Commission . 30. 5 .5 . Executive Board . 30. 5 .6 . Remunerations . 31. 6. Additional information . 33 6 .1 . History of Mosenergo . 33. 6 .2 . Risks . 34. 6 .3 . Securities . 36. 6 .4 . Dividend policy . 37. 6 .5 . Investor relations . 38. 6 .6 . Information about the Members of the Board of Directors, BoD’s Committees and the Executive Board . 38. 6 .7 . Compliance with the Corporate Governance Code of the Federal Financial Markets Service . 45. 6 .8 . Information on interested party transactions . 55. 6 .9 . Informational policy . 59. 6 .10 . Financial Reports in accordance with the Russian Accounting Standards . 60. 6 .11 . Financial reports in accordance with the International Financial Accounting Standards . 115 6 .12 . Glossary . 167 6 .13 . Contact information . 168 1 Address by the Chairman of the Board of Directors Address by General Director plant GTU-65 at TPP-9 . According to the capacity supply agreements, commissioning of new generating capacities at the Company’s subsidiaries has been scheduled for 2013-2014 . The new generating capacities have substantially contributed to Mosenergo’s performance indicators, thus increasing the overall efficiency of the Company’s operations . The revenues from SGU- generated electricity and heat sales have increased by 17% (or up to 23 .7 billion roubles) over the previous year . The share of steam-gas units’ generation in the total output of the Company reached 16 .4% in 2012 (as compared to 14 .8% in 2011) . OJSC “Gazprom” has declared the year 2013 to be “The Year of Environmental Protection” . For Mosenergo, environmental protection has traditionally been a top priority in its activities . The Company has implemented the Environmental Management System that complies with the international standard ISO 14001:2004 . A computerized environmental monitoring system has been functioning at the Mosenergo’s power plants . In compliance with implementation of its environmental policy, Dear Shareholders, Mosenergo has upgraded the majority of power generating boilers at Dear Shareholders, its power plants . The Company has been implementing actions aimed The Gazprom Group is the largest owner of electrical energy assets at emission reduction and effluents cleanup: low emission burners Throughout 2012, Mosenergo ensured reliable electricity and heat actions of the subsidiaries aimed at improving key performance in Russia and the leader in installed capacity among the national energy and staged combustion systems are being installed in boilers, as well supply to its consumers . According to the Russian Accounting Standards, indicators of their operations and enhancing maintenance processes generating companies . The highest priority for Gazprom in the energy as flue gas recirculation systems, and also waste water treatment and the 2012 revenues of the Company exceeded 155 billion roubles . and investment activities . sector is reliable supply of electricity and heat to our consumers . This cleanup facilities are being built and upgraded . As a result of the actions The Mosenergo’s investment program was carried out successfully As of end of 2012, Mosenergo managed to hold the growth of its objective is being achieved largely thanks to the implementation of undertaken, the volume of emissions from Mosenergo’s power plants during the last year . In the framework of this program, a number of fixed costs at 2 .8%, which is significantly lower than the official inflation major investment programs, upgrading of the existing power units and has remained at a level significantly below the maximum allowable limit major strategic projects are being implemented, such as construction rate in the country in the last year (6 .6%) . construction of new power plants . established by the environmental protection authorities . of a 61 .5 MW power unit at TPP-9, a 220 MW power unit at TPP-12, Throughout 2012, Mosenergo was paying special attention to Over 5 GW of state-of-the-art generating capacities has been put In 2012, Mosenergo continued its efforts aimed at reducing its a 420 MW power unit at TPP-16, and a 420 MW power unit at TPP- personnel development and social programs . For Mosenergo, human in operation under capacity supply agreements since Gazprom became operating costs, ensuring financial stability, and improvement of 20 . Commissioning of new generating capacities will make it possible capital investment is one of the most important aspects for achieving its a player in the energy sector of our country . The Gazprom Group has methods and tools for human resources management . for Mosenergo to strengthen its competitive advantages and to create strategic goals and objectives . In the reporting period, in the framework become an absolute leader in the industry in the field of upgrading its Among the key principles of Mosenergo in the field of corporate conditions for further growth of the Company’s equity value . of human capital management system, the Company implemented production facilities . governance has always been observance of shareholders’ interest As always, Mosenergo has placed a great emphasis on the projects a number of projects, including programs for efficient involvement of In 2012, a number of large-scale projects were completed . At the balance for the Company’s further development, improvement of aimed at improvement of equipment reliability . talented young people and retention of best employees . Kirishskaya GRES, a 800 MW steam-gas power unit was commissioned, information transparency, and enhancement of investment potential . The As of end of 2012, the share of new SGU power units in the total In 2013, we will pull our efforts to ensure stable supply of electrical which is the largest in Russia . At Pravoberezhnaya TPP in Saint- Company has been pursuing a dividend policy that governs distribution electricity output went up to 16 .4% over 14 .8% in 2011 . Along with and heat energy to our consumers through reliable operation of our Petersburg, a 450-MW steam-gas power unit was put in operation, thus of the Company’s profits . Mosenergo has been actively interacting with growing efficiency of heat-extraction mode, the new generating generating capacities and efficient management of the Company . making possible to enhance the reliability of power supply to the city . the investment community, stock exchanges and rating agencies . In capacities helped to reduce the fuel consumption rate from 249 to 248 In early 2013, in the city of Sochi we commissioned the Adler thermal March 2013, the international rating services agency Standard & Poor’s g/kWh in the reporting period . power station of 360 MW capacity, so that it could supply electricity and has confirmed the long-term corporate credit rating of Mosenergo at the In 2012, in the framework of its “Lean 2 .0” program Mosenergo heat to the 2014 Winter Olympics’ facilities . BB level and its rating on the national scale at the “ruAA” level . continued its efforts to further improve the Company’s production General Director Mosenergo inside the Gazprom Group is a recognized leader amongst I am confident that joint efforts of the Board of Directors, the system, and the major efforts were focused on supporting of independent of Mosenergo the Russian energy generating companies as regards commissioning of management and shareholders of Mosenergo will further facilitate Vitali G . Yakovlev new capacities . Over the last years, four new steam-gas power units dynamic development of the Company and growth of its performance (SGU) were commissioned with a total capacity of 1 .75 GW . Amongst efficiency . these new generating capacities, the SGU-420 power unit No . 8 at TPP- 26 has a record high efficiency for the Russian power industry – up to Member of Gazprom’s Executive Board, 59% . At present, SGU-420 power units are being built at Mosenergo’s Chairman of the Board of Directors TPP-16 and TPP-20, and also the construction of a SGU-220 power of Mosenergo unit is in progress at TPP-12, as well as building a gas-turbine power Kirill G . Seleznev 2 3 Mosenergo today 1. Mosenergo1 today 1.1. Company profile – Mosenergo is the largest regional.
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