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Press-release

RAO UES Board of Directors Holds its Regular Meeting

Moscow, 4 April 2008. Pursuant to the directions given by the Russian Government, the Board of Directors of RAO "UES of Russia" recommended that shareholders at the Annual General Meeting approve the resolution not to pay dividends in respect of 2007.

Such a stance of the Board of Directors is due to the fact that, under the previously adopted resolutions, the Company has already spent RUB75.8 billion for investment purposes out of the anticipated net profit for 2007. In particular, the funds were used to deploy and bring on line mobile gas turbine units in the Moscow Region, a measure designed to meet the peak loads in the winter of 2007-2008 and eliminate the shortfall in the investment programmes of OAO "HydroWGC" and OAO "UES FGC" by acquiring additional shares in these companies. The funds invested in the companies have been capitalized and the shareholders of RAO "UES of Russia" will receive their pro rata shares in the company concerned.

As a result of implementation of the investment programme, RAO "UES of Russia" had a RUB47 billion shortfall in its annual net profit. This was because out of the net profit of RUB452.827 billion posted in 2007 only RUB28.782 was supported with real cash earnings. As previously reported, last year, RAO "UES of Russia" received significant "paper profit" as a result of revaluation of its shareholdings in subsidiaries.

*        *          *

The Board of Directors approved 6 June 2008 as the record date for determining the persons entitled to receive shares in the companies spun off from RAO "UES of Russia" in the course of the final phase of the Company's reorganization.

The decision to carry out the final phase of the Company's reorganization was taken by shareholders at the EGM held 26 October 2007. Within the framework of this phase, RAO "UES of Russia" is to complete asset restructuring, and the companies of the intended (post-reform) sector structure to be spun off from the Parent Company— OAO "WGC-1", OAO "WGC-2", OAO "WGC-3", OAO "WGC-4", OAO "WGC-6", OAO "TGC-1", OAO "TGC-2", OAO "Mosenergo", OAO "TGC-4", OAO "TGC-6", OAO "Volzhskaya TGC", OAO "SGC TGC-8", OAO "TGC-9", OAO "TGC-10", OAO "TGC-11", OAO "Kuzbassenergo", OAO "Yeniseyskaya TGC (TGC-13)", OAO "TGC-14", OAO "HydroWGC" OAO "UES FGC" and OAO "Sochinskaya TPP", and the newly established companies—OAO "IDC Holding" (which unites the distribution network assets) and OAO "RAO Energy Systems of the East" (which unites the energy assets of the Russian Far East and islanded energy systems).

After the reorganization, the Company's shareholders of record on 6 June 2008 will receive shares in the companies spun off from RAO "UES of Russia", and the Company will be cease to exist on 1 July 2008.

If any investor acquires shares in RAO "UES of Russia" after the above record date of 6 June 2008, the shares acquired by such investor will only be converted into shares in OAO "UES FGC" upon completion of the merger of RAO "UES of Russia" with and into FGC, in accordance with the conversion ratios approved by the shareholders on 26 October 2007. This means that such shareholder will not be entitled to any share in the other companies spun off from RAO "UES of Russia".

On the same date, the books will be closed for Depositary Receipts representing shares of RAO "UES of Russia". It is expected that the issuance and redemption of DR will be stopped with effect from 30 May 2008. DR holders who surrender the certificates and provide details of their bank accounts in due time will be entitled to elect between receiving Depositary Receipts representing shares in the spin-off companies or shares in the spin-off companies or proceeds from the sale of such shares. DR holders who fail to provide the required information will only be entitled to receive the proceeds from the sale of shares they are entitled to.

6 June 2008 was proposed by the Company's managers as the record date after consultations with the securities industry members, registrars and securities depositories handling shares of RAO "UES of Russia" and the companies comprising the intended (post-reform) sector structure, and after determining the procedure and timing for the distribution of shares in such companies to RAO UES shareholders.

This date was chosen for purely technical reasons, including the peculiarity of the securities recordkeeping system. The registrars of RAO "UES of Russia" and the spin-off companies will need at least three weeks to draw up a list of shareholders of record and distribute the spin-off shares. In that case, shares in the spin-off companies will be distributed among RAO UES shareholders in early July, as previously planned.

Moreover, it is expected that 6 June will be the last date RAO UES shares are traded on the stock exchanges. After the record date, between 7 June and 1 July 2008, the Company's shares may be traded on the OTC market, but the person who purchases RAO UES shares after 6 June will only receive shares in OAO "UES FGC" for their RAO UES shares in accordance with the conversion ratios approved by the shareholders at the EGM of 26 October 2007, and will not be entitled to any shares in any of the companies to be spun off from RAO "UES of Russia".

It is planned that RAO UES shareholders will be removed from the baskets of securities forming the bases for the MICEX Index and the MICEX Power Index not later than 15 May 2008. For the RTS Index, such day will be 30 April 2008. 29 May 2008 will be the last day of futures trading in RAO UES shares. The last deliveries under such futures contracts will occur on 30 May. Options for these futures will stop to be traded on 27 May.

Stock market participants will be instructed to ensure that negotiated trades with deferred settlement and reverse leg of repo transactions settle before the record date, 6 June 2008.


This announcement was released as disclosure of material fact in the Interfax newswire at 15:28 Moscow time on 4 April 2008 in accordance with the requirements of the Federal Service for Financial Markets of Russia.

*        *          *

The Board of Directors of RAO "UES of Russia" approved the buyback by certain thermal WGCs and TGCs of their shares from shareholders, a measure that will guarantee that the Company's reorganization is completed as scheduled on 1 July 2008.

The structuring for the final phase of the Company's reorganization was approved by the shareholders at the EGM held 26 October 2007. In the course of this phase, interim holding companies will be spun off from RAO "UES of Russia" and part of them will be simultaneously merged with the respective companies comprising the intended (post-reform) sector structure.

In particular, during the final phase it is proposed to spin off interim minority WGC and TGC HoldCos from RAO "UES of Russia", which will receive the stakes of minority shareholders in the respective thermal generation companies (WGCs and TGCs).

The interim WGC/TGC HoldCos will then merge with and into the respective WGCs or TGCs, and their shares will be converted into WGC/TGC shares. To that end, the WGCs and TGCs will need to carry out a technical issue of additional shares which must be registered with the Federal Service for Financial Markets of Russia (FSFM) not later than 1 July 2008.

As the standard timeframe for state registration of additional share issues is 30 days, registration documents are to be filed with the FSFM not later than the end of May 2008. Moreover, the companies are required to amend their charters to reflect the additional share issues and have them registered with the competent authorities.

However, the expected timing of the additional share issues for investment purposes are likely to be postponed in some companies (WGC-1, TGC-4, TGC-11, and TGC-14), which was primarily due to the requests received from potential strategic investors to offer them a longer period to take decisions, as well as unfavourable conditions on the Russian and global stock markets.

This leads to the risk that these companies will not be able to meet the reorganization deadlines approved previously and, consequently, will not be able to timely register with the regulator their additional share issues for the merger of the interim HoldCos.

The share repurchase by the thermal generation companies from their shareholders is intended to eliminate that risk. If the WGCs/TGCs hold Treasury shares, they will be able to meet the deadlines for the merger of the interim HoldCos and complete the reorganization without having to carry out technical share issues.

To repurchase their shares, some WGCs/TGCs will need to hold between 0.18% and 0.72% shares (taking into account the additional shares issued to investors), which will cost between RUB70 million and RUB369 million.

As resolved by the Board of Directors of RAO "UES of Russia" at today's meeting, the WGCs and TGCs may repurchase shares from all shareholders, including the shares comprising the "government stake", at a price equal to the offering price for investment purposes or, if the offering price has not been set yet, at the MICEX average weighted price for the past 3 weeks, times the factor of 1.1, which is expected to be close to the offering price: a premium of 10 percent (average amount by which the offering price exceeds the market prices in a number most recent transactions to sell shares in WGCs/TGCs.

The Board of Directors resolved that it would be necessary to increase the amount of funds to be raised through the additional share issues of WGC-1, TGC-4, TGC-11, and TGC-14, by the amount needed to for the repurchase by these companies of their Treasury shares. The share repurchase by the WGCs and TGCs will not be significant and have little influence on the quantity of the share offerings. The quantity of "government stake" shares in these WGCs and TGCs to be sold to investors will be reduced.

In order to implement the above transaction, the Board of Directors approved the sale by RAO "UES of Russia" of the "government stake" shares in WGC-1, TGC-4, TGC-11, and TGC-14, which will result in the reduction of the RAO UES interest in these companies.

For TGC-4, the Board of Directors approved the possible alternative way of repurchasing TGC-4 shares. In this case, shares in TGC-4 will be purchased by the company's wholly-owned subsidiary, OAO "Novomoskovskaya TPP" which will merge with and into TGC-4 simultaneously with the merger of OAO "TGC-4 Holding". Shares in TGC-4 will be purchased from shareholders at their market price; RAO "UES of Russia" will sell its shares in TGC-4 in accordance with the uniform policy adopted for setting the share purchase price.

The TGC-4 shares purchased by OAO "Novomoskovskaya TPP" will not be cancelled, and it will be possible to covert shares in the minority HoldCo into shares of OAO "Novomoskovskaya TPP". This transaction will speed up the necessary corporate procedures and provide TGC-4 with the necessary quantity of treasury shares for its reorganization.

Also, for some companies, e.g. OAO "Mosenergo", which holds sufficient number of treasury shares, the Board of Directors decided against carrying out a technical issue of additional shares for the merger of the relevant minority HoldCo.

The Board of Directors instructed representatives of RAO "UES of Russia" on the management bodies of the WGCs and TGCs to vote for the approval of the resolutions needed to the share repurchase.

The Board of Directors also commissioned the Management Board to prepare their proposals on the disposal of WGC/TGC shares that will be transferred to OAO "UES FGC" and OAO "HydroWGC" after the reorganization of RAO "UES of Russia" is completed.

*        *          *

The Board of Directors approved the text of the statement on the convening of the annual meeting of shareholders of RAO "UES of Russia" as well as the list of information to be provided by shareholders for its preparation.

*        *          *

The RAO "UES of Russia" Board of Directors approved the Program of First Priority Measures for the Construction and Reconstruction of the Tyva Republic Energy System* before 2012 in order to exclude the possibility of a capacity deficit and increase the reliability of energy supply of consumers of the region.

According to forecasts of socio-economic development, by 2015 electric power consumption in the region shall increase by 1.36-2.2 times from 682 mln kWh in 2007 up to 924 mln kWh upon the minimum scenario and up to 1.5 bln kWh upon the maximum scenario of Tyva Republic development.

It is planned to implement a number of large-scale investment projects within the Republic of Tyva before 2015. These include – development of the Kaa-Khemsky coal strip mine, development of the Elegestinsky coalfield, the Ak-Sugskiy copper molybdenum ore field and the Kyzyl-Tashtyg complex ore field, as well as the development of the Tardanskiy gold ore field, construction of the Kuragino-Kyzyl railroad section and access route to the Elegestinsky coalfield. These energy-intensive technologies shall require the commissioning of new generation and grid capacities.

In order to cover the growth in energy consumption and ensure the reliability of consumer power supple the Program provides for the modernization of the Kyzyl CHPP by increasing its capacity by 12 mW in electricity and by 104 Gcal per hour in heat.

Within the trunk grid system FGC UES plans to commission a 220 kV transmission line "Shushensk Master Substation–Turan-Kyzyl" stretching 305 km, increase the installed capacity of transformers and compensating devices of substations with an upper voltage of 220 kV by 296 mVA and 450 mVAr. At the same time an alternative option is to construct a 220 kV transmission line "Kuragino-t. – Turan - Kyzyl" spanning 460 km. It shall also require the reinforcement of the existing transfer through the 220 kV transmission line "Minusinskaya-t. - Kuragino-t. – Krupskaya-t." by means of a second transmission line 80 km long. This option is more expensive cost-wise, however it accounts for the possibility of transferring the Kuragino-Kyzyl railroad section being constructed from diesel traction to electric.

Within the distribution grid system it is planned to substantially increase the transmission capacity of the network by means of additionally constructing the "Chadan - Kyzyl" section of the 220 kV HVL while transferring the existing 110 kV HVL "Gorodskaya - Chadan" to a rated voltage of 220kV. The program also foresees the introduction of a 204 km TL with a voltage of 110kV and 12 km TL with a voltage of 10 kV and the increase of the installed capacity of transformers and compensating devices of substations by 164 mVA and 100 mVAr.

The total volume of investments needed to fund the Program is estimated to be 17.4 bln rubles (or 19.4 bln rubles for the implementation of the alternative option of TL construction). Of these funds, 1.1 bln rubles need to be used for the modernization of Kyzyl CHPP, 9.7 bln rubles (11.7 bln rubles for the implementation of the alternative option of TL construction) - for Unified National Power Grid facilities and 6.6 bln rubles for the distribution network. The deficit of necessary investment funds has been estimated at a minimum of 12.5 bln rubles.

Taking into account the existing deficit of investment resources, as well as the critical financial status of Tyvaenergo, a high level of nonpayments and financial losses the Board of Directors commissioned the RAO "UES of Russia" Management Board to work on potential sources of funding the Program.


* At the moment power supply of consumers of the Republic of Tyva is being carried out by the Sayano-Shushensk HEPP through two TL with a voltage of 220 kV. The sole source of generation within the energy system is the Kyzyl CHPP with an installed capacity of 17 mW and heat capacity of around 300 Gcal per hour.

The maximum load in 2007 amounted to 141 mW. At the same time the load is backed by own generation sources only to 8 mW. The balancing deficit of the energy system in 2007 totaled 150 mW including the technological reserve and was backed by 220 kV TL flows. Herewith emergency shut-off of one of the TLs leads to a contstraint of consumers by 30-50 mW.

*        *          *

The Board of Directors approved the sale of 48.99 % of shares in Energotekhcomplekt* owned by RAO "UES of Russia".

This decision was made as part of the strategy to cease participation of RAO "UES of Russia" in assets and subsidiaries that are not part of the sector’s target structure.

The said shareholding consisting of 101 270 common shares par value 1 ruble shall be sold through open auction with a starting price no lower that the market value determined on the basis of the report of an independent appraiser. The appraising company estimated its value at 14.6 mln rubles.

As Energotekhcomplekt shares were transferred to the authorized capital of RAO "UES of Russia" upon the company’s formation their disposal shall only be possible after the corresponding resolution is adopted by the RF Government. Thus the auction shall be held after the adoption of the corresponding legislative document.


* OAO "Energotekhcomplekt" was established in 1992 on the basis of a specialized state assembling association Energotekhcomplekt of the Ministry for Fuel and Energy of Russia. .

The main asset and source of income of the company is the lease of storage spaces with an area of 0.26 ha located in the East Administrative Region of Moscow.

*        *          *

The Board of Directors approved the sale of 49 % of shares in Peredvizhnaya Energetika* owned by RAO "UES of Russia".

This decision was made as part of the strategy to cease participation of RAO "UES of Russia" in assets and subsidiaries that are not part of the sector’s target structure.

A shareholding of 4 991 700 common shares in Peredvizhnaya Energetika shall be sold through open auction with a starting price no lower that the market value determined by an independent appraiser and approved by the Board of Directors Appraisal Committee.

The auction is planned to be held in the second quarter of 2008.

The decision on the sale of shares in Peredvizhnaya Energetika shall enter into force after the approval of a decree on the disposal of the said asset by the RF Government, as these shares were transferred to the authorized capital of RAO "UES of Russia" upon the company’s formation.


* OAO "Peredvizhnaya Energetika" is one of the first portable power companies in Russia which was established in 1994 by means of privatization on the basis of the state entity " Peredvizhnaya Energetika". The company provides power supply to distant regions of the Far North – the cities of Noviy Urengoi, Beloyarskiy etc.

*        *          *

The RAO "UES of Russia" Board of Directors approved the scheme for the restructuring of GVC Energetiki (IT Energy)*.

At the moment the company’s activities within information technologies are centered around ITEnergy Service, which is a subsidiary of GVC Energetiki. According to the approved scheme the parent company shall engage in the implementation of the project for the construction of a new administrative and production building for the IT centre in Moscow.**

In order to ensure reliable and regular IT-support for energy companies after the reorganization of RAO "UES of Russia" a specialized IT company shall be formed on the basis of ITEnergy Service with main infrastructural companies of the sector obtaining interest in its’ capital. To do so, during the first stage RAO "UES of Russia" shall acquire ITEnergy Service after its’ authorized capital is increased by means of a handover of assets currently appertaining to the balances of GVC Energetiki and RAO "UES of Russia" and intended for providing information technology services. The market value of the company shall amount to 495.9 mln rubles as determined by an independent appraiser. Payment for the acquired company shall be made in property and other assets at the market value determined by an independent appraiser.

During the second stage the target structure of ITEnergy Service capital shall be formed. As a result stakes of 19.99% shall become property of FGC UES, HydroWGC, IDGC Holding Company, RAO Energy Systems of the Far East and NP ATS. FGC UES, IDGC Holding Company and RAO Energy Systems of the Far East shall receive their shareholdings after the reorganization of RAO "UES of Russia" pursuant to the separation balance sheet. The HydroWGC stake shall be sold at market value to Irganaisk HEPP, which shall subsequently merge into the said generation company. Also RAO "UES of Russia" shall hand over a stake in ITEnergy Service to the Non-profit Partnership "Administrator of the Trading System" as a voluntary material contribution.

The Board of Directors commissioned RAO "UES of Russia" representatives to management bodies of GVC Energetiki, NP ATS and Irganaisk HEPP to approve all necessary corporate decisions on this issue.


* GVC Energetiki is a wholly-owned subsidiary of RAO "UES of Russia" and provides information technology services to RAO "UES of Russia" and large energy companies. The companies main forms of activities are information and analytical services, installation and maintenance of business applications, supporting servers and telecommunications equipment as well as the supply of computer equipment and software.

** Pursuant to the Agreement on the Cooperation oа the Moscow Government and RAO "UES of Russia" during the implementation of the program for comprehensive development of the "Golden Island" recreational and business zone, the main administrative and production building of GVC Energetiki is subject to impoundment in exchange for a land plot in the Vorontsovo industrial zone №35, where a new building for the centre shall be constructed. Functions of owner and developer shall be exercised by GVC Energetiki.

*        *          *

The Board of Directors made the decision to hand over a building located at Moscow, ul Krasnokazarmennaya, 13, building "P" as a member’s contribution to the Non-profit Partnership "Corporate Education Centre UES" (NP "CEC UES").

The said educational and laboratory building was built as part of the collaboration between RAO "UES of Russia" and the Moscow Energy Institute. Its transfer to NP "CEC UES" shall ensure reliable functioning of the Partnership as well as the development of its potential, in which all of the sector’s companies are interested if taking into account the need for such services at the moment.


* The main form of activities of NP "CEC UES" is providing services in the field of professional training and development of workers of electric power industry entities and energy companies.

NP "CEC UES" is a corporate member of the Institute of Professional Bookkeepers and Auditors of Russia, thus allowing to conduct bookkeeper training programs within the Partnership and issue standard certificates.

As part of the cooperation between RAO "UES of Russia" and the international association of energy companies e8, NP "CEC UES" is carrying out an exchange of interns between foreign energy companies and RAO "UES of Russia" businesses.

*        *          *

Information in this section of the press-release is not intended for publication or distribution in the territory of Australia, Canada, Japan or the United States of America.

The Board of Directors approved the method of sale of shares in Yeniseyskaya TGC (TGC-13)* owned by RAO "UES of Russia" and appertaining to the government stake.

For the first time a government stake in a generation company shall be sold to an unrestricted circle of financial investors simultaneously to the placement of additional shares.

The issue of the sale of the government stake in Yeniseyskaya TGC (TGC-13) was addressed by the RAO "UES of Russia" Board of Directors on August 31, 2007 at the same time as reviewing the program for the placement of additional shares in the company. It was then decided to use the dual-track technology (involves simultaneous preparation for both public placement of shares and their sale to a strategic investor with the subsequent implementation of one of the said options) during the placement of additional shares. If the choice of placement in favor of an unrestricted circle of financial investors is made, then the RAO "UES of Russia" Board of Directors is to approve the method of selling the government stake.

Yeniseyskaya TGC is placing up to 30 204 428 000 additional shares par value 0.01 ruble (up to 18.95% of the authorized capital after placement) in Russia and outside the USA**. The indicative price range of the placement is 0.19 to 0.23 rubles per share. RAO "UES of Russia" shall put 22 718 462 034 (up to 14.25% % of the authorized capital after placement) existing Yeniseyskaya TGC shares up for sale.

The bid book for the combined sale of Yeniseyskaya TGC shares shall be closed and the placing price of primary and secondary shares determined on April 7, 2008.

Yeniseyskaya TGC shall use the proceeds from the placement of additional shares both to construct new generation capacities and modernize and replace existing capacities, the proceeds from the sale of the government stake shall be used to fund the deficit of the HydroWGC investment program.

The interest of RAO "UES of Russia" in the shareholder capital of Yeniseyskaya TGC after the placement and sale of shares shall decrease from 56.47% to no less than 31.51%. During the final reorganization of RAO "UES of Russia" this interest shall be distributed between its’ minority shareholders.


* OAO "Yeniseyskaya TGC (TGC-13)" was established in 2006 as a result of the consolidation of the main generation assets of the Krasnoyarsk Territory and the Republic of Khakassia. The total installed electric capacity of the company amounts to 2548 mW, the total installed heat capacity – to 7117 Gcal per hour. The company is one of the largest producers of heat and electricity in the region. Shares in Yeniseyskaya TGC are traded on the RTS and MICEX stock exchanges.

** Pursuant to Provision S of the American Securities Act of 1933.

*        *          *

The Board of Directors of RAO "UES of Russia" approved the new edition of annexes to the WGC-3 Agreement on Supplying Capacity to the Wholesale Market. the documents clarify the minimum capacity and specific location of power units being erected.

Pursuant to the agreement by December 31, 2011 WGC-3 shall commission a power unit with a minimum capacity of 213.75 mW on the Kharanorskaya SDPP. Power units on the Cherepetskaya SDPP with a minimum capacity of 213.75 mW each shall be commissioned by December 31, 2011 and December 31, 2012 respectively. By December 31, 2011 it is also planned to construct a power unit with a minimum capacity of 199.5 mW on the Gusinoozerskaya SDPP. Two power units on the Yuzhno-Uralskaya SDPP with a minimum capacity of 213.75 mW each must be constructed by December 31, 2011 and December 31, 2012 respectively.

The Board of Directors resolved that Capacity Agreements for these facilities between WGC-3, NP ATS and ZAO CFS must be concluded before April 10, 2008.

By April 15, 2008 based on proposals of WGC-3 management agreed upon with SO UES, the Management Board of RAO "UES of Russia" must address the issue of the time frame of the construction of a power unit with a capacity of 800 mW on the Kostroma SDPP or the characteristics of an alternative unit (including its capacity, location and commissioning time frame). The Capacity Agreement for this unit must be concluded before April 30, 2008.

*        *          *

The RAO "UES of Russia" Board of Directors determined the attitude of the company’s representatives on the issues of agendas of general meetings of shareholders and meetings of subsidiaries’ boards of directors.

*        *          *

The Board of Directors commissioned RAO "UES of Russia" representatives to management bodies of Volga TGC to approve the acquisition of 100% shares in OAO "TEVIS" by the company.

The main form of activities of OAO "TEVIS"О is the supply of consumers of the Avtozavodskiy Area of Tolyatti of the Samara Region with heat, hot and cold water, as well as operation and repair of engineering networks.

The purchase of OAO "TEVIS" shall be conducted as part of the implementation of the strategy of Volga TGC to retain and expand its position on the market of heat energy sales. The value of the 100% shareholding in the company shall be determined by an independent appraiser.

*        *          *

The Board of Directors commissioned RAO "UES of Russia" representatives to management bodies of ZAO "INTER RAO UES" to approve the cessation of the companies’ participation in North-West CHPP.

At the same time ZAO "INTER RAO UES" shall sell a shareholding of 25%+1 share in North-West CHPP to its’ subsidiary ZAO "INTER RAO UES Baltia".

This scheme of share disposal shall allow to avoid the redemption of a treasury stock shareholding, which originates from the merger of ZAO "INTER RAO UES" and North-West CHPP into OAO "INTER RAO UES"*. As a result the subsidiary of OAO "INTER RAO UES" shall become holder of a minority stake in the Company. Subsequently this stake may be sold and the proceeds from this sale used to fund the investment program of the INTER RAO UES Group.

The Board of Directors also gave out an order to submit for review of the Appraisal Committee the report of an independent appraiser on the market value of the 25%+1 share stake in North-West CHPP, as well as the strategy of INTER RAO UES development - at one of the next meetings of the Committee of Strategy and Development of the RAO "UES of Russia" Board of Directors.

Apart from that, the Management Board of RAO "UES of Russia" must also address the issue on the expediency and technology of alienation of ZAO "INTER RAO UES Baltia"-owned shares in North-West CHPP (after the completion of the merger – shares in OAO "INTER RAO UES") at a Board meeting by July 1.


* During the final stage of the reorganization of RAO "UES of Russia" Sochinskaya CHPP shall be renamed into OAO "INTER RAO UES". Then ZAO "INTER RAO UES", North-West CHPP, Kaliningrad CHPP_2, Sochinskaya CHPP, Ivanovskie CCGTs, Sangtudinskaya HEPP-1 shall be merged into it together with other assets pursuant to the separation balance sheet.

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