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Unified Energy System

March 25, 2003

RAO UES, E.ON Energie to continue cooperation in the Russian power sector

Munich, 25 March. On 24 March 2003, Anatoly Chubais, CEO of RAO "UES of Russia", had an intensive discussion with the Executive Board of E.ON Energie, on closer cooperation between E.ON Energie and Russian electricity industry. In addition to this meeting Anatoly Chubais, Hans Dieter Harig (Chairman of the Executive Board of E.ON Energie) and Johannes Teyssen (designated Chairman of the Executive Board of E.ON Energie) signed a Memorandum of Cooperation in this part.

In view of the importance and strategic value of the bilateral relations between E.ON Energie and RAO "UES of Russia", the parties agreed to continue their joint efforts in several key areas, in particular the parties are thinking about the installation of 2 combined-cycle gas turbines (CCGTs) at Schekinskaya CPP.

The parties stated that the implementation of the "Schekino CCGT" Project is to become the basis for further joint projects involving investments in the Russian energy sector, and a model for interaction with other foreign investors. The Russian and German companies have also agreed to hold discussions to develop a mechanism for providing assurance to investors during the transition to a competitive electricity market.

The intention of the companies is to continue their cooperation in other important areas:

  • development of proposals aimed at furthering the business relationships between E.ON Energie and RAO "UES of Russia", including technological aspects of interconnection between Russia's UES and TESIS;
  • joint development of long-term projects involving the use of gas and electricity in Russia and third countries, in the context of the forthcoming liberalization of energy markets;
  • bilateral cooperation with the Baltic states.

Besides, the companies will further look into the possibility of E.ON Energie participating in the management of one or several Wholesale Generating Companies (WGC) to be established in the Russian electricity restructuring process, in order to promote the use of international experience in the management of power companies.

For further work on these projects, the parties agreed to set up a Task Force led by the Boards of both companies. This Task Force is to prepare a full-scale Agreement on strategic cooperation in the above areas. The Agreement may be signed as early as the third quarter of 2003.

The Russian energy utility and E.ON Energie have maintained close relationships for over ten years. These relationships are based on the Memorandum of Cooperation signed back in 1992 between the Russian Ministry of Fuel and Energy and PreussenElektra (predecessor of E.ON Energie), and the Memorandum on Development of Cooperation in the Energy Industry signed by RAO "UES of Russia" and E.ON Energie in 1998, and the Memorandum of Intentions signed on 2 July 2002 in Kiel, Germany.



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