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Press-release

All-Russia Meeting of General Directors of RAO UES Companies Is Held In Moscow

Moscow, 18 April 2008. The last All-Russia Meeting of General Directors of RAO UES Energy Companies opened in Moscow. The event is presided by Chairman of the Management Board of RAO "UES of Russia" Anatoly Chubais.

Besides Heads of the companies established in the course of the energy sector reform, among its participants are Heads of key energy-related Ministries and agencies the Federal Tariff Service, the Federal Antimonopoly Service, and the Federal Energy Agency.

The key issue to be discussed at the Meeting is interaction between the government authorities regulating the sector and energy companies after completion of the RAO UES reorganization on 1 July 2008.

After RAO "UES of Russia" ceases its operations, most of the regulatory functions in the sector will be transferred to the Ministry of Industry and Energy, Rosenergo, Federal Tariff Service, and Federal Antimonopoly Service. These authorities will be responsible for forecasting and development of long-term development plans, control of implementation of the investment programmes by industry entities, development and approval of tariff regulation policies, and antimonopoly controls.

The regional authorities will be engaged in control of the implementation of investment programmes by electricity industry entities in the regions. The regional authorities will also have broader powers regarding tariff regulation and emergency measures. The regional authorities will also control the financial position of guaranteeing suppliers that supply electricity to the retail end users.

Some part of the regulatory functions will be performed by infrastructure companies to be controlled by the state, namely, System Operator and Federal Grid Company. System Operator will play a key role in ensuring reliable operation of the Unified Energy System and controlling the implementation of energy companies' investment programmes. FGC will be responsible for supporting intersystem links and interaction with foreign power grids.

Non-profit Partnership "Market Council" will become one of the principal organizations responsible for controlling the electricity industry after the reorganization of RAO "UES of Russia". It will include representatives of both the state and new industry players, electricity and capacity sellers and buyers, and providers of commercial and technological infrastructure for the wholesale electricity market.

The Market Council will be responsible for organization of regulation of the wholesale (capacity) market, control over observance of the wholesale market regulations, resolution of disputes among market participants, competition control, and control of implementation of investment programmes.

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Contact Information:

Stas Degtyarev
Press Office Expert
+7 (495) 710-6239

Shareholder Relations
+7 (495) 620-1609


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