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Mosenergo-Annual-Report-2010.Pdf Table of content Address by the Chairman of the Board of Directors 3 “Ivestment projects” 24 Address by the Director General 5 “Forsazh project” 25 Mosenergo today 7 Corporate governance 26 Company portrait 7 Main principles 26 Mosenergo in figures 8 General shareholder meeting 26 Major Events of 2010 10 Board of Directors and its committees 27 Operations 11 Internal Audit Commission 28 Production 11 Management 28 Distribution 12 Remunerations 29 Fuel supply 13 Changes in the Company structure 29 Investment and maintenance activities 13 “Development of the heating business” 30 Investments 13 Additional information 31 Maintenance and repairs 14 History of Mosenergo 31 Enhancement of production reliability and efficiency 15 Structure of the energy sector of Russia 32 Energy saving program 15 Risks 32 SAP and “Effective communications» projects 16 Securities 35 “Lean production” 17 Dividend policy 36 “Safety, labor protection and ecology” 18 Information about the members of the Board of Directors, Analysis of financial results 19 committees of the Board of Directors and Executive Board 36 Social responsibility 20 Compliance with the corporate behavior code Personnel management and social programs 20 of the Federal Financial Market Service 41 Personnel numbers and structure 20 Information about interested party transactions 47 System of incentives for the personnel 21 Information policy 50 Social programs 21 Financial reporting according to the Russian Accounting Standards 51 Personnel training and development 21 Financial reporting according to the IFRS 79 Labor protection 22 Glossary 120 Environment protection 22 Contact information 120 Table of content 2 Mosenergo Operations Analysis Social Corporate Additional today of financial results responsibility governance information Address by the Chairman of the Board of Directors Dear shareholders! The key priority in the activities of Mosenergo - the largest territorial generating company in Russia and the largest supplier of heat in the world – is to ensure reliable supply of heat and electricity to the consumers in Moscow and Moscow region. Last year the power plants of the Company generated 65 billion kWh of electricity, which is 5.2% more than in 2009. Heat delivery increased by 6.8% to 69.9 million Gcal. The share of generating capacities commissioned during the recent years in the total output of Mosenergo has been growing steadily. Electricity generation at the new power units grew in 2010 by 10.2% and amounted to 8 billion kWh. Construction of highly efficient combined cycle units with the efficiency in excess of 50%, implementation of the state-of-the-art power engineering technologies, replacement of the aged equipment are among the priority tasks of the Company. Achieving these tasks greatly improves technical performance of the power units, enhances fuel consumption efficiency and minimizes the environmental impact of the power plants. The Company is already a leader of the Russian power industry in terms of the rate of commissioning of new generating capacities. In 2007-2008, three new combined cycle steam-gas power units with the total rated power of 1,325 MW were commissioned at the power plants of Mosenergo; in 2010 construction of the SGU-420 Unit №8 of TPP-26 was completed. As of today, this is the most modern combined cycle plant Chairman of the Board in Russia, with the efficiency as high as 59%. of Directors of Mosenergo K.G. Seleznev Construction of the SGU-420 unit at TPP-12, SGU-420 units at TPP-16 and TPP-20 and GTE-65 gas turbine facility at TPP-9 pursuant to the capacity rendering agreements signed during the last year will result in the increase of the total installed capacity of the Company by 1,120 MW. These power units are scheduled to be commissioned in 2012-2014. The measures taken to reduce operational costs, ensure financial stability and improve personnel management methods and instruments were also aimed at improving overall efficiency of the Company. Stable operations along with implementation of a large scale investment program should contribute to further strengthening of the leading position of Mosenergo among the Russian generating companies. Address to Shareholders 3 Mosenergo Operations Analysis Social Corporate Additional today of financial results responsibility governance information In 2010, Mosenergo continued the efforts to enhance energy efficiency. Renovation and installation of new equipment, routine maintenance activities, measures taken to optimize equipment loading and operating modes allowed achieving substantial saving of fuel, reducing in-house power consumption and thereby obtaining tangible economical benefit. The Company is a constant member of the energy saving program of Moscow, annually contributing to improvement of effectiveness of the use of energy resources. One of the foremost priorities for the Company is environment protection. A system of ecological management compliant with the international standard ISO 14001:2004 has been implemented in Mosenergo. The power plants of the Company are equipped with automated environmental monitoring systems. Annual programmes of measures to minimized effluents and improve processing of wastewater are in place. One of the most important principles of Mosenergo in the area of corporate management is to observe the balance between the immediate interests of the Company shareholders and the need for its further development. An important milestone in evolution of the corporate management system of the Company was approval in December 2010 by the Board of Directors of dividend policy defining the principles of distribution of the Company profits. I feel confident that joint efforts of the Board of Directors, Company management and shareholders will continue facilitating dynamic growth of the Company. Member of Gazprom Executive Board Chairman of the Board of Directors of Mosenergo K.G. Seleznev Генеральный директор ОАО «Мосэнерго» Address to Shareholders 4 Mosenergo Operations Analysis Social Corporate Additional today of financial results responsibility governance information Address by the Director General Dear shareholders! In 2010 Mosenergo succeeded in reliably and uninterruptedly providing electric energy and heat to industries and general public. Over the year, the financial performance of the Company has improved substantially. Thus, EBITDA increased by 17% compared to 2009 and amounted to 21 billion roubles whereas net profit reached the record level of 7.6 billion roubles, which is 69% over the net profit of the previous year. In December 2010, Dividend policy of Mosenergo was approved by the decision of the Board of Directors. The established procedure of calculation of the amount of dividends allows paying 5% to 35% of the net profit of the company as dividends under the condition that the reserve fund is fully created as according to the Articles of Association. In 2010 we successfully fulfilled all the tasks for the year, the most important of which was the implementation and further dissemination of the “Lean production” program at the plants operated by Mosenergo and in the General Directorate. General Director The principal objectives of the Program were to increase reliability of equipment operation and to minimize Mosenergo V.G. Yakovlev the production expenses of the Company. The tools and procedures being implemented at the affiliates of the company are designed to eliminate all the possible kinds of production losses and to increase overall efficiency of operation. The integrated program of lean production is presently in place at the thermal power plants TPP-23, TPP- 21, TPP-11, and TPP-25. Implementation is in progress at TPP-8, TPP-20, TPP-27, TPP-12, and TPP-22. Overall economic effect of implementation of the “Lean production” program at four affiliates of Mosenergo in 2010 amounted to 344.4 million roubles. Address to Shareholders 5 Mosenergo Operations Analysis Social Corporate Additional today of financial results responsibility governance information The ongoing transformations significantly affected operation of power plants. Major initiatives Operating personnel of the affiliates was trained in six standard operational procedures, which are intended for enhancing reliability of equipment operation and minimizing fuel consumption. decreased the risks associated with human performance in case of abnormal situations. Equipment reliability can be increased by means of standardization of equipment walkdown programs and implementation of tools and instrumentation for visualization and accounting of “Labor protection days” are held at the affiliates of Mosenergo on a monthly basis, weekly defects. Fuel consumption can be decreased at the expense of minimization of the deviations of information leaflets of the safety, labor protection and environmental unit are circulated to all the key technical and economic parameters from the prescribed values, standardization of the the plants, display stands with visual information about occupational injures are installed at all choice of auxiliary equipment, control of in-house power consumption. More attention is also the plants. being given to decreasing deviations of the operating modes from the dispatcher schedules with the aid of tools standardizing personnel actions. Overall economic effect from the optimization Expense optimization and monitoring of operations in 2010 amounted to 2010. In 2010, a series of expense optimization and monitoring activities were performed in the In the framework of development
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