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TGC-2

May 31, 2007

TGC-2 Board of Directors Meeting was held

On May 29th Public JSC "Territorial Generating Company #2" (TGC-2 ) Board of Directors held a Meeting in the form of a simultaneous attendance in Yaroslavl.

The JSC "Territorial Generating Company" Board approved the Business Development Strategy for a mid-term perspective, adopted the TGC-2 financial model for 2007-2015 as well as the financial resources balance for the 2007-2015 Investment Program, also it approved the Company"s financial and economic activities summary report for the 1st quarter of 2007.

The Investment Program presumes a capacity increase by 2011 up to 3308 MW and a significant fuel rate reduction, which will be achieved within the Development Strategy framework. This allows increasing the share of productive heat supply by 28 % and electricity by 85 %.

The TGC-2 key heat market priorities include significant increase of share in public heat supply systems and entering heat markets of other cities in the regions of the Company presence. The core objective of TGC-2 Development Strategy is cooperation with heat consumers, bypassing dealer-companies, establishing direct relations with Local housing maintenance offi-ces, Managing companies and Manufacturing facilities.

Company"s fuel balance is also a subject to radical change. So, in 2009 it is planned to sharply reduce fuel oil share, while the coal share by 2011 will have constituted approximately 50 %. Gas and coal parity will allow to eliminate risks associated with the growing prices of these fuel types.

JSC "TGC-2" Option program was also discussed at the Board meeting. The Board considered all key figures and assigned the Company managers to work out the details of the program for it to be discussed on the following Board meeting.

Company Profile
JSC "Territorial Generating Company # 2" (JSC "TGC-2") was established in February 2005. The Company"s Director General is Andrey Vagner. TGC-2comprises generating capacityof 6 regions - Arkhangelsk, Vologda, Kostroma, Novgorod, Tver and Yaroslavl.

Since July 1st 2006 "TGC-2" functions as a unified Company. TGC-2 operates 16 heat power stations, 8 boiler-houses, 4 enterprises of thermal networks. The aggregate electric capacity of "TGC-2" enterprises is 2 582,5 MW, the installed thermal capacity constitutes 12 471 Gcal/h.

 

 

 

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