Official website of the President of Russia

News   /

President of Russia Vladimir Putin: Your company accounts for 16 percent of the total capacity, correct?

Chairman of the Management Board – General Director of RusHydro Viktor Khmarin: A little lower than that, 13–14 percent of the total capacity. Our company is probably the largest in Russia at the moment. Last year’s production reached 152 billion kWh, which is rather high.

The holding continues to manage the lion’s share of the total generation and distribution network in the Russian Far East and around 50 percent of all hydraulic power in Russia. Our workforce comprises around 72,000 employees.

Vladimir Putin: It is a large team.

Viktor Khmarin: Yes, it is.

Allow me to briefly cover the 2024 results.

Vladimir Putin: Please, of course.

Viktor Khmarin: Economically, in 2024, we have earned around 650 billion rubles in profits. EBITDA equals 150 billion. Overall, 2024 was an anniversary year for our company – RusHydro marked 20 years. In December, we celebrated this anniversary already in our office in Krasnoyarsk. Thank you very much from the team for your anniversary greetings.

Regarding investment programmes and large construction projects completed last year, I would like to tell you about the Pevek – Bilibino overhead power transmission line in Chukotka. We finished the construction of the line that stretches for almost 500 km in extreme weather conditions one year ahead of schedule. The construction was completed last year.

Vladimir Putin: And you manage over 100,000 km in total?

Viktor Khmarin: Yes, this is our primary network in the Far East.

Vladimir Putin: If you compare it to the year before last, is it more or less?

Viktor Khmarin: I believe we are picking up the pace, both financially and directly in physical terms, in megawatts. If we speak about the investment programme up to 2029, it currently stands at approximately 1.13 trillion in financial equivalent. We have planned around 3.3 gigawatts by 2029.

Vladimir Putin: I was just about to ask about this programme up to 2029 – is it being implemented?

Viktor Khmarin: Yes, primarily in the Far East. Eighty percent of the investment programme is linked to the Far East. We continue to work on eight major construction projects: these include modernisation, two coal-fired power plants, Yakutskaya and Partizanskaya, and four gas-fired power plants in the Far East.

At the peak of construction, up to 10,000 builders will be engaged to carry out these investment projects. Once completed, they will provide the country with around two thousand new jobs. This is major energy infrastructure that will operate for decades.

Vladimir Putin: Could you comment on these investment projects [referring to the presentation]?

Viktor Khmarin: These are the projects we completed in 2024. In Magadan, the Ust-Srednekanskaya HPP, 570 megawatts. There are also two small hydroelectric plants: the Bashennaya, with 10 megawatts, in the Chechen Republic, and the Cherekskaya, with 23.5 megawatts, in Kabardino-Balkaria.

I omitted to mention the launch of the first boiler unit and turbo-generator No. 1 at the Vladivostok TPP-2, which is also quite important for the region and for us as an energy company. In total, over 800 megawatts were brought online last year.

Vladimir Putin: During our previous meeting, you also spoke about the company’s financial position. How would you assess it today?

Viktor Khmarin: The financial situation is quite challenging because prices are rising across the board, inflation is high and, consequently, the company’s debt load is substantial. Naturally, when interest rates in the country are high, it is rather difficult to sustain rapid investment growth, because the energy sector has always been considered a socially important industry, and we cannot raise the cost of our products, per kilowatt, based purely on market principles.

We are in discussions with the Government and regularly request preferential financing, as well as regulation of the coal market, for instance, which constitutes a significant share of our production costs. There are other proposals as well.

Vladimir Putin: Nevertheless, the key modernisation and construction projects are still proceeding.

Viktor Khmarin: They are, yes.

Vladimir Putin: Good. Thank you.

<…>