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TGC-1

September 30, 2019

Shareholders resolved to transfer the powers of TGC-1 sole executive body to Gazprom Energoholding LLC

On 27 September 2019, Extraordinary General Shareholders Meeting of TGC-1 took place as an absent voting.

TGC-1 shareholders resolved to transfer the powers of the sole executive body to the managing company Gazprom Energoholding LLC.

These powers are already exercised by Gazprom Energoholding LLC in PJSC Mosenergo, PJSC MOEK and PJSC OGK-2, which allowed improving the efficiency of these companies' management. With this transfer of powers, the creation of a unified management system for the main production companies of Gazprom Group in the electric power industry has been completed.

Reference

Gazprom Energoholding LLC (100% subsidiary of PJSC Gazprom) was created within the implementation of the PJSC Gazprom Strategy in the electric power sector as a vertically integrated company. Gazprom Energoholding LLC manages its subsidiaries enterprises of the electric power sector of Gazprom Group, by performing the functions of a single corporate centre.

The main production companies of Gazprom Group in the electric power sector are PJSC Mosenergo, PJSC MOEK, PJSC OGK-2 and TGC-1. The powers of the sole executive body of PJSC Mosenergo and PJSC MOEK were transferred to Gazprom Energoholding LLC in accordance with the decisions of Extraordinary General Shareholders Meetings of the companies on 20 May 2015, and, as for PJSC OGK-2, based on the decision of the Annual General Shareholders Meeting on 26 June 2018.

TGC-1 is a leading producer and supplier of electricity and heat in the North-West of Russia. TGC-1 comprises 53 power plants within four constituent entities of the Russian Federation: St. Petersburg, the Republic of Karelia, and Leningrad and Murmansk Oblasts. TGC-1's installed electric capacity is 6.95 GW, and heat capacity is 13.75 thousand Gcal/h. Major Shareholders: Gazprom Energoholding LLC (51.79%) and Fortum Power and Heat Oy (29.45%).

 

 

 

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