Groundbreaking of Fortum subsidiary TGC-10’s new Nyaganskaya plant in
Russia
A groundbreaking ceremony took place today at Fortum subsidiary
TGC-10’s new Nyaganskaya combined cycle power plant. The plant is being
constructed near Nyagan, a town in the heart of Russia’s gas and oil
producing region in the Khanty-Mansisk Autonomous Region (KhMAR) in
western Siberia. Officially launching the construction were the
Governor of the KhMAR Alexander Philippenko, Head of RAO UES of Russia
Anatoly Chubais, President and CEO of Fortum Mikael Lilius and General
Director of TGC-10 Andrey Shishkin.
The new power plant will comprise three gas-fired units that each have
a power production capacity of 400 MW. The first two units will be
commissioned in 2011 and the third in 2012. Once completed, the power
plant will have an annual production of 8.6 TWh of electricity.
According to RAO UES, power consumption in the region is estimated to
increase by over 50% by 2010 based on the last five years’ development.
With an estimated total investment cost of about EUR 1 billion, the
construction of Nyaganskaya CHP is currently the largest single
investment project in the Russian power sector. It will be financed
with means attracted during TGC-10’s additional share issue arranged in
March 2008 and with bonded debts and bank loans.
TGC-10 is a territorial generating company operating in the Urals and
Western Siberia regions. The company was founded in 2006 as part of the
Russian power sector reform. The total installed capacity of TGC-10 and
its affiliates is 3,000 MW of electricity and 15,800 MW of heat with
annual production of 18 TWh of electricity and 27 of TWh heat. The
Nyaganskaya investment is part of TGC-10’s extensive investment plan to
further increase its electricity production capacity with 2,300 MW by
2013.
Fortum acquired a majority share in TGC-10 in an auction held in
February 2008 and currently holds 76.5% of TGC-10 shares. Fortum has
made a mandatory public tender offer for the entire share capital of
TGC-10 to minorities. The offer acceptance period ends on 18 July 2008.
