Andrey Ryumin appointed Acting Director General of Rosseti, PJSC

Andrey Ryumin appointed Acting Director General of Rosseti, PJSC 15.01.2021

The Board of Directors of Rosseti, PJSC has entrusted Andrey Ryumin, who previously headed Rosseti Lenenergo, with the duties of the company's Director General.

The relevant decision was adopted since Pavel Livinskiy has taken office as Director of the newly created Energy Department within the Russian Government's Executive Office.

Andrey Ryumin became the head of Rosseti Lenenergo in January 2018. Previously, he had worked as an independent member of the Board of Directors of Mosenergo, Director General of the United Energy Company (the second largest electric grid entity in Moscow Region), and in some other energy and investment companies.

In 2020, he supervised performing the Russian President's instructions in terms of completing the consolidation of four large electric grid assets by joining them to Rosseti Lenenergo and entire returning to smoothing tariff revenue in St. Petersburg.

Eighteen modern high-tech electrical substations, 3,348 MVA of transformer capacity, and 6,733 km of new power transmission lines have been commissioned to meet the consumer needs and develop the power systems in regions where Rosseti Lenenergo operates. As a result, the average duration of electric power supply interruptions was reduced by 30%. Technological connection of strategic facilities was accomplished, including for the needs of the Nord Stream 2 gas pipeline.

The activities launched in 2018 to optimize the company's financial and economic situation ensured earning in 2019 the maximum net profit in the entire history of the electric grid company Rosseti Lenenergo, amounting to 12.7 billion rubles. The company achieved its stable and sustainable financial situation, the Debt/EBITDA ratio was reduced to 0.9. The company's market capitalization made 23% in three years, while its net asset value increased by 30%.

As a result, in 2019 the Analytical Credit Rating Agency (Joint-Stock Company) raised the company's credit rating under the national scale to AAA (RU) with a stable outlook.

In 2019, Russia for the first time rose to 7th place in the World Bank's Doing Business ranking in terms of Connection to the Power Supply System owing to a large-scale restructuring of processes by Rosseti Moscow Region and Rosseti Lenenergo in Moscow and St. Petersburg.

Back to the list