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Formation of 10 Interregional Distribution Companies Completed

Moscow, 7 May 2008. OAO "Permenergo", OAO "Sverdlovenergo", and OAO "Chelyabenergo" merged with Urals Interregional Distribution Company ("Urals IDC"), which brought the process of Urals IDC's consolidation to completion. Previously, in March 2008, the shares in OAO "Kurganenergo" held by RAO "UES of Russia" were contributed to the capital of OAO "Urals IDC" in exchange for the IDC's additional shares, with Kurganenergo merging into Urals IDC. As a result, to date, ten IDCs have been established out of the eleven to be created. The formation of the Moscow City and Moscow Region IDC is expected to be completed in June 2008 through merger of OAO "Moscow City Distribution Company" (MGeSK) with and into OAO "Moscow United Distribution Company" (MOESK).

In the course of establishment of 8 IDCs, the shares in the merging companies were converted into additional ordinary shares in the respective IDC. As a result, all shareholders in the regional distribution companies became shareholders in the respective unified operating company, IDC. RAO "UES of Russia" will maintain its controlling interest in the IDCs.

The "pilot" flaotation was launched by Center and Privolzhye IDC on 7 April 2008. Shares in the other 7 IDCs are expected to float on MICEX and RTS in May and 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)*, as well as 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 on 19 December 2007 approved the new configuration for the IDCs and the new model for the creation of operational companies in the distribution segment.

The intended model for the operation of 8 IDCs is a unified operating company created through merger of the distribution companies which make up its configuration, except for regional 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 in the new configuration. The unified operational companies will have a greater investment attractiveness, financial and technological reliability.

  • OAO "North West IDC": OAO "Arkhenergo", OAO "Vologdaenergo", OAO "Karelenergo", OAO "Kolenergo", OAO "Komienergo", OAO "Novgorodenergo", and OAO "Pskovenergo";
  • OAO "Center and Privolzhye IDC": OAO "Vladimirenergo", OAO "Ivenergo", OAO "Kalugaenergo", OAO "Kirovenergo", OAO "Marienergo", OAO "Nizhnovenergo", OAO "Ryazanenergo", OAO "Tulenergo", and 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", and 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", and OAO "Chitaenergo";
  • OAO "South IDC": OAO "Astrakhanenergo", OAO "Volgogradenergo", OAO "Kubanenergo", OAO "Rostovenergo", and OAO "Kalmenergo";
  • OAO "North Caucasus IDC": OAO "Dagenergo", OAO "Caucasus Energy Management Company", OAO "Nurenergo", and OAO "Stavropolenergo";
  • OAO "Volga IDC": OAO "Mordovenergo", OAO "Orenburgenergo", OAO "Penzaenergo", OAO "Volzhskaya IDC", and OAO "Chuvashenergo";
  • OAO "Urals IDC": OAO "Kurganenergo", OAO "Permenergo", OAO "Sverdlovenergo", and OAO "Chelyabenergo";
  • OAO "Tyumenenergo";
  • OAO "Lenenergo";
  • OAO "Moscow United Electricity Grid Company" (MOESK).

This announcement was published as notice of a material fact in the Interfax newswire at 16:30 Moscow time on 4 May 2008 in compliance with the requirements Federal Service for Financial Markets of Russia.


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Stas Degtyarev
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