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Unified Energy System

December 27, 2007

RAO UES approves consolidation of three pilot IDCs

Moscow, 27 December 2007. The shareholders of distribution grid companies (DCs) included in the configuration of OAO "Center and Privolzhye IDC", OAO "North-West IDC", and OAO "Siberia IDC" have voted for their companies' merger with the respective IDCs. The RAO UES Management Board, acting in the capacity of general shareholder meetings of the IDCs concerned, has approved the DCs' merger with and into them the IDCs.

Thus, the Management Board has taken the key resolutions needed to create three "pilot" IDCs. Shareholders of the DCs included in the configuration of OAO "Center IDC", OAO "South IDC", OAO "North Caucasus IDC", OAO "Volga IDC", and OAO "Urals IDC" are expected to consider their companies' reorganization at the EGM to be held in January 2008.

Under the Russian Government's Order of 19 December 2007, which provides for a new configuration of the interregional distribution companies (IDCs), the IDCs' number will increase from 4 to 11 (this number does not include OAO "Far Eastern Distribution Company"). The new IDCs will be created based on the principle of territorial adjacency and comparable amount of the DCs' assets comprising the IDCs.

Pursuant to this Order, a desirable model for the IDCs will be the creation of a single operating company through merger of the distribution companies (DCs) which are included in its configuration. The new IDC configuration will help create single operating companies which will have a greater appeal for investors and will be more reliable in terms of finance and technology.

After the DCs merge with OAO "Center and Privolzhye IDC", OAO "North-West IDC", and OAO "Siberia IDC", RAO "UES of Russia" will retain its controlling interest in the new companies.

It is planned that the DCs' merger with OAO "Center and Privolzhye IDC" will be completed by 1 March 2008, and with OAO "North-West IDC" and OAO "Siberia IDC" by 1 April 2008.

Shares of OAO "Center and Privolzhye IDC", OAO "North-West IDC", and OAO "Siberia IDC" are expected to start trading on the stock exchanges (RTS, MICEX) in April-May 2008, Q2 2008, and Q3 2008, respectively.


OAO "Center and Privolzhye IDC" was registered in Nizhny Novgorod on 28 June 2007. The IDC configuration includes OAO "Vladimirenergo", OAO "Ivenergo", OAO "Kalugaenergo", OAO "Kirovenergo", OAO "Marienergo", OAO "Nizhnovenergo", OAO "Ryazanenergo", OAO "Tulenergo", and OAO "Udmurtenergo". The overall length of the high-voltage transmission lines of OAO "Center and Privolzhye IDC" is 265,998 km. The installed transformer capacity of its substations of 35 kV and more is 27,450 MVA.

OAO "North-West IDC" was registered in December 2004. The IDC includes OAO "Arkhenergo", OAO "Vologdaenergo", OAO "Karelenergo", OAO "Kolenergo", OAO "Komienergo", OAO "Novgorodenergo", and OAO "Pskovenergo". The overall length of the high-voltage transmission lines of OAO "North-West IDC" is 169,860 km. The installed transformer capacity of its substations of 35 kV and more is 17,789.9 MVA.

OAO "Siberia IDC" was registered in Krasnoyarsk on 4 July 2005. The IDC includes OAO "Altayenergo", OAO "Buryatenergo", OAO "Krasnoyarskenergo", OAO "Kuzbassenergo - Regional Grid Company", OAO "Omskenergo", OAO "Tomsk Distribution Company", OAO "Tyvaenergo", OAO "Khakasenergo", and OAO "Chitaenergo". The overall length of the high-voltage transmission lines of OAO "Siberia IDC" is 267,880 km. The installed transformer capacity of its substations of 35 kV and more is 30,571 MVA.

The key parameters for the "pilot" IDCs—OAO "Center and Privolzhye IDC", OAO "North-West IDC", and OAO "Siberia IDC"—including the maximum amount of new shares to be issued by the companies and the DC share conversion ratios, were approved by the Board of Directors of RAO "UES of Russia" on 26 October 2007. The resolutions on the parameters for the remaining IDCs were approved by the Board of Directors on 30 November 2007.

 

 

 

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