The Board of Directors has approved the General Director’s report on the results of implementing the business plan of the Company and the progress of investment projects in the 1st half of 2011 during its ordinary meeting.

The indicators of electricity production (15.2 billion kW/h) and heat output (14.8 million GCal) by generating plants of the Company (without JSC Murmanskaya CHPP) for 6 months of the current year are in accordance with the business plan. The Company’s revenue in the reporting period is also at the planned level and equals 32,555 million rubles (the planned value is 32,149 million rubles).

The financing of the investment Programme in the period from January till June amounted 7.6 billion rubles. A new CCGT generating unit at Yuzhnaya CHPP and a new hydroelectric unit at Lesogorskaya CHPP were entered into operation, the works to build new generating units at Pervomayskaya and Pravoberezhnaya CHPPs were continued as well as the works to assemble a new hydroelectric unit at Svetogorskaya HEPP of the Vuoksi HEPPs Cascade and design the new generating power at PP-2 of the Central CHPP in Saint Petersburg. The financing of the investment Programme of JSC TGC-1 in 2011 is planned in amount of 19.2 billion rubles.

Besides that, the Board of Directors approved the implementation of the project to reconstruct hydroturbines at Iovskaya HEPP of the Niva HEPPs Cascade (Murmansk Oblast) with impeller replacement as expedient and included it in the list of high-priority projects of the investment Programme of JSC TGC-1 for the period until the year 2015.