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Unified Energy System

December 8, 2003

ZAO INTER RAO UES to run ZAO "Razdanskaya TPP"

Moscow, 8 December 2003. ZAO "INTER RAO UES", a subsidiary of RAO "UES of Russia", has received the powers of the executive body of ZAO "Razdanskaya TPP". The agreement has been signed by the Government of Armenia and ZAO "INTER RAO UES".

Under the agreement, ZAO "INTER RAO UES" is to acquire the powers of the plant's executive body to take decisions on all issues of running the power plant. The Republic of Armenia will remain a shareholder of the power plant. The transfer of powers is designed to ensure uninterrupted production and improve the plant's financial position.

Within the framework of settlement of Armenia's debt, the ownership of ZAO "Razdanskaya TPP" will be transferred to the Russian Federation in early 2004 pursuant to Russia-Armenia intergovernmental agreement and protocol.

Andrey Rappoport, Deputy Chairman of the Management Board of RAO "UES of Russia", who oversees the Holding's foreign economic activities, stated that despite the fact that the transfer of the plant ownership under the intergovernmental agreement has not been completed yet, the transfer of management functions to one of RAO UES subsidiaries will ensure stable operation of Razdanskaya TPP during the transition period, which is especially important in view of the start of the 2003/2004 winter peak load.

* ZAO "INTER RAO UES" is electricity export/import operator on the electricity markets of Russia and abroad. ZAO "INTER RAO UES" is a subsidiary of RAO "UES of Russia", which holds a 60% stake and FGUP "Russian state concern for generation of electric and thermal power at nuclear power plants" ("ROSENERGOATOM") (40% stake).
ZAO "Razdanskaya TPP" is Armenia's largest power plant. The installed capacity of the power plant is 1,110 MW.





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