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RAO UES Energy Carbon Fund and WGC-6 Sell Greenhouse Gas Emission Quotas

Moscow, 3 March 2008. OOO "Energy Carbon Projects", a subsidiary of the Energy Carbon Fund of RAO "UES of Russia", has held an auction to sell greenhouse gas emission reduction units generated by WGC-6 as a result of implementation of investment projects.

The company put up for sale ERUs in the amount 550,000 tonnes of CO2, which will be received as a result of modernization of the Kirishskaya TPP, where a 750 MW combined-cycle gas turbine unit will be installed, and modernization of the TPP-24, where a 110 MW gas turbine will be added to the existing 310 MW power unit in 2008–2012.

Twelve companies have expressed their interest in taking part in the auction. Upon review of the bids, the auction commission named the winner, the UK-based Clean Planet Group, which offered the highest price per tonne of CO2. The transaction price is estimated at more than 4.5 million Euro. The receipts will be used to finance the projects being implemented by WGC-6.

"WGC-6 views the Kyoto Protocol as a mechanism for co-financing our investment programmes intended to reconstruct and modernize the existing equipment, improve energy efficiency, and we are not going to miss this opportunity," said Alexey Selyakov, Deputy General Director for Economy and Finance at WGC-6.

* The Kyoto Protocol is an international environmental treaty which obliges the industrially developed countries to reduce greenhouse gas emissions in 2008-2012 by 5.2% compared to the level of 1990.


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