Russian hydropower project operator JSC RusHydro has announced that it will reorganize the company's hydro engineering operations by consolidating its three subsidiaries into a unified operation.
As per an in absentia meeting of the RusHydro (LSE: HYDR) board of directors earlier this week, the consolidation "aims to improve project complex efficiency and increase the total economic effect through better usage and planning of hydro engineering resources".
Included in the consolidation are:
- JSC Institute Hydroproject
- JSC Lenhydroproject
- JSC Mosoblhydroproject
According to RusHydro, the three groups have "similar capabilities and functions that often overlap", though the company notes that Institute Hydroproject and Lenhydroproject have more "expertise in developing comprehensive and complex hydro engineering projects", while Mosoblhydroproject specialized in small and medium hydroproject developments.
The three will now operate under the new "JSC Incorporation Hydroproject" banner, which will be wholly owned by RusHydro.
The board also identified several hydropower-related priority objectives for 2013, including:
- Reliability and modernization of operating plants;
- Operations and maintenance efficiency improvements; and
- Increased capacity through implementation of investment projects.