The annual General Meeting of Shareholders of  Kubanenergo PJSC  (a subsidiary of Rosseti) was held under the chairmanship of Yuri Mangarov, Deputy Head of the Office of Rosseti PJSC, Chairman of the Board of Directors of Kubanenergo PJSC, on 16 June, 2017 in Krasnodar. The meeting summed up the production and financial performance of the company in 2016.

Summing up the activities of Kubanenergo PJSC, Sergey Sergeev – Deputy General Director for Capital Construction of Rosseti noted that despite difficult economic conditions, Kubanenergo continued to develop confidently, provided stable operation of the power grid complex and reliable power supply to consumers in the Krasnodar region and the Republic of Adygea and showed positive financial results.

Sergey Sergeyev, said: “High professionalism of the staff allowed to reduce the number of technological faults in 2016 by 10.3%. The specific accident rate in electric networks has decreased by 1.6% in comparison with the previous year, and the shortage of electricity has decreased by 40.2%.

To enhance its operational efficiency, Kubanenergo took steps to optimize accounts receivable, consolidate electric grid facilities. The Company gained 257 million rubles from activities on reduction of the level of electricity losses.”

By the end of the reporting period, the company has invested over 6 billion rubles in investment programme. Kubanenergo put into operation about 278 MVA of transformer capacity and more than a thousand kilometers of power transmission lines.

The energy efficiency programme of Kubanenergo continued to implement innovative projects to improve quality of transmission and metering of electricity, conducted both at the expense of the company’s own funds, and by inviting investors. Kubanenergo attracted private capital for development and improvement of electricity metering. As a result of implementation of energy service contracts in 2016, a gain of 119.2 million kWh was obtained, including decrease in losses: 66.9 million kWh and increase in productive supply: 52.3 million kWh.

In general, Kubanenergo fulfilled its main task – ensuring of reliable, high-quality power supply to consumers and strengthening the image of an enterprise that has high significance for stable social and economic development of the Krasnodar region and the Republic of Adygea. By the results of 2016, the Company’s net profit reached 2.1 billion rubles.

The annual General Meeting of shareholders of the Company, among others, addressed the issues on approval of the annual report of Kubanenergo, annual financial statements, election of a new Board of Directors, Auditing Commission, approval of the Auditor, distribution of profits, payment of dividends for the year, as well as approval of the restated Charter and internal documents of the Company.

During the Annual General Meeting, shareholders also discussed the recommendations of the Board of Directors of Kubanenergo on distribution of 2 140.5 million rubles of undistributed profits, and payment of dividends on ordinary shares of the Company following the results of 2016 in the amount of over 535 million rubles in monetary terms.

Information on the results of voting and decisions taken will be disclosed by Kubanenergo after drawing up the minutes of meeting of the annual General Meeting of Shareholders.