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Six New IDCs Established

Moscow, 1 April 2008. Today, the consolidation of two interregional distribution companies, OAO "North-West IDC" and OAO "Volga IDC", was completed. Yesterday, on 31 March, Center, Privolzhye, South, and North Caucasus IDCs were granted the status of consolidated operating companies after the distribution companies within their configurations merged with and into the IDCs.

Previously, on 29 February 2008, a "pilot" Center and Privolzhye IDC completed its consolidation. Thus, seven IDCs have been established out of the eleven to be created.

At the DCs' extraordinary general meetings held in December 2007 - January 2008, the companies shareholders approved the merger of the DCs with and into North West, Volga, Center, Siberia, South, and North Caucasus IDCs, respectively, as well as the Merger Agreements and the Transfer Deeds.

The merger of DCs within Urals IDC is scheduled for 1 May 2008.

The shares of the merged companies are to be converted into additional ordinary shares in IDCs. As a result, all DC shareholders become shareholders in the unified operating company (IDC). RAO "UES of Russia" will maintain its controlling interest in the new company.

Shares in the "pilot" company, Center and Privolzhye IDC, will be floated on the stock market in early April 2008. Shares of the other six IDCs created to date are expected to float on RTS Stock Exchange and MICEX Stock Exchange in May-June 2008.

The resolution to increase the number of IDCs from 4 to 11 (without taking into account the IDC in the Russian Far East)*, the new configuration for the IDCs to be created according to the principle of territorial adjacency and comparable size of assets of the distribution companies was approved by the Board of Directors of RAO "UES of Russia" on 27 April 2007. The Russian Government's Order of 19 December 2007 provides for a new configuration of the IDCs and a new model for the creation of operational companies in the distribution segment.

The intended model for the operation of IDCs is a unified operating company created through merger of the distribution companies which make up its configuration, except for certain DCs, such as OAO "Lenenergo" and OAO "Tyumenenergo", as well as the DC on the basis of the Moscow City and Moscow Region distribution grids, which will be established by 1 July 2008. The new IDCs as unified operating companies will have a greater investment attractiveness and financial and technological reliability.

  • * OAO "North West IDC": OAO "Arkhenergo", OAO "Vologdaenergo", OAO "Karelenergo", OAO "Kolenergo", OAO "Komienergo", OAO "Novgorodenergo", OAO "Pskovenergo";
  • OAO "Center and Privolzhye IDC": OAO "Vladimirenergo", OAO "Ivenergo", OAO "Kalugaenergo", OAO "Kirovenergo", OAO "Marienergo", OAO "Nizhnovenergo", OAO "Ryazanenergo", OAO "Tulenergo", OAO "Udmurtenergo";
  • OAO "Center IDC": OAO "Belgorodenergo", OAO "Bryanskenergo", OAO "Voronezhenergo", OAO "Kostromaenergo", OAO "Kurskenergo", OAO "Lipetskenergo", OAO "Oryolenergo", OAO "Tambovenergo", OAO "Smolenskenergo", OAO "Tverenergo", OAO "Yarenergo";
  • OAO "Siberia IDC": OAO "Altayenergo", OAO "Buryatenergo", OAO "Krasnoyarskenergo", OAO "Kuzbassenergo - Regional Electricity Grid Company", OAO "Omskenergo", OAO "Tomsk Distribution Company", OAO "Tyvaenergo", OAO "Khakasenergo", OAO "Chitaenergo";
  • OAO "South IDC": OAO "Astrakhanenergo", OAO "Volgogradenergo", OAO "Kubanenergo", OAO "Rostovenergo", OAO "Kalmenergo";
  • OAO "North Caucasus IDC": OAO "Dagenergo", OAO "Caucasus Energy Management Company", OAO "Nurenergo", OAO "Stavropolenergo";
  • OAO "Volga IDC": OAO "Mordovenergo", OAO "Orenburgenergo", OAO "Penzaenergo", OAO "Volzhskaya IDC", OAO "Chuvashenergo";
  • OAO "Urals IDC": OAO "Kurganenergo", OAO "Permenergo", OAO "Sverdlovenergo", OAO "Chelyabenergo";
  • OAO Tyumenenergo;
  • OAO "Lenenergo";
  • OAO "Moscow United Electricity Grid Company" (MOESK).

This announcement was disclosed as a material fact in the Interfax newswire at 19:05 hours Moscow time on 1 April 2008 in accordance with the requirements of the Federal Service for Financial Markets of Russia.


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Stas Degtyarev
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+7 (495) 710-6239

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