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Investment activity

Annual indicators

Annual amount of investments in 2021 – 2025

Graph
Начальное изменение 2021 2022 2023 2024 2025
CAPEX without VAT, million RUR, including: 2,7 14 146,7 12 064,2 18 657,9 21 600,2 26 052,4
- Grid connection 2,8 5 163,8 5 742,3 10 286,0 11 173,1 13 118,4
- New construction, million RUR 186,8 959,5 871,7 428,8 454,1 431,8
- Retrofitting and reconstruction, million RUR -7,8 6 561,3 4 023,5 5 602,0 6 160,4 8 545,6
- Others, million RUR 12,7 1 462,0 1 426,7 2 341,1 3 812,6 3 956,6
Fixed assets commissioned without VAT, million RUR 25,7 15 384,1 12 444,7 18 443,3 19 375,0 26 699,9
Financing with VAT, million RUR 20,1 16 859,4 15 144,4 20 665,6 26 594,5 28 896,5
Сapacity commissioned, km 28,7 2 700,8 2 459,2 3 365,6 3 210,6 5 090,5
Сapacity commissioned, MVA 3,1 386,0 362,8 451,1 730,7 1 031,4

Main indicators of the Investment program 2025 – 20301


2025 2026 2027 2028 2029 2030
CAPEX without VAT, million RUR 25 917,5 26 778,1 17 272,7 18 059,7 16 227,6 17 924,2
Fixed assets commissioned without VAT, million RUR 25 893,2 28 256,5 18 746,5 18 548,6 16 160,0 18 273,4
Financing with VAT, million RUR 29 331,4 31 840,2 22 721,6 21 535,1 21 802,1 22 478,9
Сapacity commissioned, km 4 953,8 2 274,5 2 507,2 1 823,2 2 238,4 2 359,3
Сapacity commissioned, MVA 998,9 702,3 191,6 160,1 127,1 194,7
1 – according to Order of the Ministry of Energy from 24.12.2025 № 16@

The Investment program structure (CAPEX) (without VAT) for 2025 – 2030 broken down by the branches1


million RUR 2025 2026 2027 2028 2029 2030
Belgorodenergo 5 615,5 3 517,7 2 262,1 2 918,2 2 191,6 2 611,6
Bryanskenergo 1 680,5 1 038,6 821,7 834,7 910,7 730,8
Voronezhenergo 5 111,9 5 013,6 3 692,7 3 820,9 3 983,7 4 488,4
Kostromaenergo 1 357,7 883,1 1 056,2 776,3 1 075,4 1 051,5
Kurskenergo 2 717,0 1 501,9 1 061,0 1 212,1 1 217,0 1 222,2
Lipetskenergo 2 135,3 2 668,9 3 074,3 3 021,2 2 489,7 2 571,7
Orelenergo 730,2 573,9 516,6 596,5 507,2 613,1
Smolenskenergo 1 205,1 1 075,4 982,4 1 088,2 899,1 1 350,5
Tambovenergo 2 296,2 1 394,2 1 242,4 1 319,9 1 350,6 1 305,9
Tverenergo 888,9 5 300,6 291,3 295,9 301,3 307,0
Yarenergo 2 179,2 3 810,2 2 272,0 2 175,8 1 301,2 1 671,6
Executive office 0,0 0,0 0,0 0,0 0,0 0,0
Total 25 917,5 26 778,1 17 272,7 18 059,7 16 227,6 17 924,2
1 – according to Order of the Ministry of Energy from 24.12.2025 № 16@

Priority investment projects completed in 20261


Project name,
location of the facility

Goals and objectives of the project

Design capacity
(MVA, km)

Work within the project

Implementation period, financing % at the reporting date

Funding, million RUB

planned

performed

None

1 – according to Order of the Ministry of Energy of Russia dated 24.12.2025 №16@

Priority investment projects1


Project name,
location of the facility

Goals and objectives of the project

Design capacity
(MVA, km)

Work within the project

Implementation period, financing % at the reporting date

Funding, million RUB

planned

performed

Construction of 110/10 kV Severnaya Substation with 2x40 MVA transformers for grid connection of JSC Kursk KPD Plant named after A.F. Deriglazov, contract No.42313975 dated 07.06.24, city of Kursk (over 670 kW, transformer capacity 80.0 MVA)

The project provides for the construction of a new power centre for grid connection of JSC Kursk KPD Plant named after A.F. Deriglazov

80 MVA

Construction of a two-transformer substation 110/10 kV with installation of 2x40 MVA transformers

2024-2026
93%

943,90

881,69

Construction of 110/10 kV Solnechnaya Substation with 2x25 MVA transformers for grid connection of Enkor Resort LLC, contract No.42453417 dated 15.05.24 (over 670 kW, transformer capacity 50.0 MVA)

The project provides for the construction of a new power centre for grid connection of Enkor Resort LLC

50 MVA

Construction of a two-transformer substation 110/10 kV with installation of 2x25 MVA transformers

2025-2026
24%

1 221,07

288,44

Construction of 110/10 kV named after Chuprov Substation with 2х16 MVA transformers (in the Scheme and Programs for development of electric power systems in Russia - Lesnye Polyany, Kurdumovo village, Yaroslavl district, transformer capacity 32.0 MVA)

The project provides for the construction of a new power centre to eliminate the power shortage and increase the reliability of power supply to consumers

32 MVA

Construction of a two-transformer substation 110/10 kV with installation of 2х16 MVA transformers

2025-2027
5%

1 059,11

50,27

Carrying out design and survey work for the construction of a 110 kV overhead power line Kalininskaya-1 with installation of a commercial metering point (1 piece) to the 110 kV Novaya Tver of the Applicant Substation under construction for grid connection of VSM Dve Stolitsy LLC, contract №42453914 dated 18.12.24 (over 670 kW; length of 38,4 km)

The project provides for the construction of a 110 kV overhead power line to supply electricity to traction substations of JSC Russian Railways for the Moscow – St. Petersburg railway, as part of the implementation of obligations under the grid connection agreement

38,4 km

Construction of a 110 kV overhead power line

2025-2027
45%

46,96

21,12

Carrying out design and survey work for the construction of a 110 kV overhead power line Kalininskaya-2 with installation of a commercial metering point (1 piece) to the 110 kV Novaya Tver of the Applicant Substation under construction for grid connection of VSM Dve Stolitsy LLC, contract №42453914 dated 18.12.24 (over 670 kW; length of 38,4 km)

The project provides for the construction of a 110 kV overhead power line to supply electricity to traction substations of JSC Russian Railways for the Moscow – St. Petersburg railway, as part of the implementation of obligations under the grid connection agreement

38,4 km

Construction of a 110 kV overhead power line

2025-2027
45%

46,96

21,12

Carrying out design and survey work for the construction of a 110 kV overhead power line Kalininskaya-3 with installation of a commercial metering point (1 piece) to the 110 kV Logovezh of the Applicant Substation under construction for grid connection of VSM Dve Stolitsy LLC, contract No.42519219 dated 18.12.24 (over 670 kW; length of 79,44 km)

The project provides for the construction of a 110 kV overhead power line to supply electricity to traction substations of JSC Russian Railways for the Moscow – St. Petersburg railway, as part of the implementation of obligations under the grid connection agreement

79,44 km

Construction of a 110 kV overhead power line

2025-2027
45%

69,27

31,15

Carrying out design and survey work for the construction of a 110 kV overhead power line Kalininskaya-4 with installation of a commercial metering point (1 piece) to the 110 kV Logovezh of the Applicant Substation under construction for grid connection of VSM Dve Stolitsy LLC, contract No.42519219 dated 18.12.24 (over 670 kW; length of 79,44 km)

The project provides for the construction of a 110 kV overhead power line to supply electricity to traction substations of JSC Russian Railways for the Moscow – St. Petersburg railway, as part of the implementation of obligations under the grid connection agreement

79,44 km

Construction of a 110 kV overhead power line

2025-2027
45%

69,27

31,15

Carrying out design and survey work for the construction of a 110 kV overhead power line Novaya with installation of a commercial metering point (1 piece) to the 110 kV Sadva of the Applicant Substation under construction for grid connection of VSM Dve Stolitsy LLC, contract No.42523871 dated 18.12.24 (over 670 kW; length of 40,8 km)

The project provides for the construction of a 110 kV overhead power line to supply electricity to traction substations of JSC Russian Railways for the Moscow – St. Petersburg railway, as part of the implementation of obligations under the grid connection agreement

40,8 km

Construction of a 110 kV overhead power line

2025-2027
45%

48,56

21,84

Carrying out design and survey work for the construction of a 110 kV overhead power line from the 110 kV Vypolzovo traction power station under construction with installation of a commercial metering point (2 pieces) to the 110 kV Sadva of the Applicant Substation under construction for grid connection of VSM Dve Stolitsy LLC, contract No.42523394 dated 18.12.24 (over 670 kW; length of 72,0 km)

The project provides for the construction of a 110 kV overhead power line to supply electricity to traction substations of JSC Russian Railways for the Moscow – St. Petersburg railway, as part of the implementation of obligations under the grid connection agreement

72 km

Construction of a 110 kV overhead power line

2025-2027
45%

64,66

29,08

Carrying out design and survey work for the construction of a 110 kV overhead power line Bologoye with installation of a commercial metering point (1 piece) to the 110 kV Vypolzovo traction Substation under construction for grid connection of VSM Dve Stolitsy LLC, contract No.42523394 dated 18.12.24 (over 670 kW; length of 24,42 km)

The project provides for the construction of a 110 kV overhead power line to supply electricity to traction substations of JSC Russian Railways for the Moscow – St. Petersburg railway, as part of the implementation of obligations under the grid connection agreement

24,42 km

Construction of a 110 kV overhead power line

2025-2027
45%

40,53

18,23

1 – according to Order of the Ministry of Energy of Russia dated 24.12.2025 №16@