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Unified Energy System

December 17, 2004

State registration of OAO "Center and North Caucasus IDC" completed

Moscow, 17 December 2004. Today, Interregional Inspectorate No. 1 of the Russian Ministry of Taxes and Levies for Tver Region completed the registration of OAO "Center and North Caucasus Interregional Distribution Company" (OAO "Center and North Caucasus IDC")*, one of the four interregional distribution companies to be established in the course of the sector reform.

Pursuant to the resolution of RAO "UES of Russia" on the establishment of OAO "Center and North Caucasus IDC", Evgeny Makarov (currently, CEO of OAO "Belgorodenergo") has been appointed Director General of OAO "Center and North Caucasus IDC".

The following persons have been elected to the Board of Directors of OAO "Center and North Caucasus IDC": Andrey Rappoport, member of the Management Board of RAO "UES of Russia", Chairman of the Management Board, OAO "UES FGC"; Alexander Chistyakov, First Deputy Chairman of the Management Board, OAO "UES FGC"; Mikhail Tuzov, Deputy Chairman of the Management Board, OAO "UES FGC"; Alexander Chikunov, member of the Management Board, Chief of the Center for Implementation of Regional Energos Restructuring Projects of the Reform Management Center of OAO RAO "UES of Russia"; Dmitry Burnashev, Chief of the Business Planning Department of the Corporate Center, RAO "UES of Russia"; Andrey Dyomin, Chief of the Department for Management of Regional Grid Facilities, OAO "UES FGC"; Evgeny Makarov, Director General, OAO "Center and North Caucasus IDC"; Alexander Branis, Director, Prosperity Capital Management Ltd; Alexander Nikulov, Director, ZAO "Promregionholding".

The resolution to establish OAO "Center and North Caucasus IDC" as a wholly-owned subsidiary of RAO "UES of Russia" was approved by the Board of Directors of OAO RAO "UES of Russia" at the meeting held on 1 October 2004.

The charter capital of OAO "Center and North Caucasus IDC" at the time of establishment will be RUB10 million and will be divided into 100 million ordinary shares.

The Board of Directors approved the acquisition by OAO RAO "UES of Russia" of additional shares in OAO "Center and North Caucasus IDC" in exchange for the shares in distribution companies (DCs) received by OAO RAO "UES of Russia".

___________________________________________________________________________

Information note: As previously reported, at the meeting held 23 April 2004 the Board of Directors of RAO "UES of Russia" approved the configuration of the Interregional Distribution Companies (IDCs).

The approved IDC configuration is based on the principle of maximum consolidation of companies to ensure sufficient assets and high liquidity of IDC shares on the stock market. The maximum consolidation of the IDCs will result in an additional growth in their market capitalization.

The principles of the IDC configuration proposed by the Board of Directors are as follows:

  • territorial adjacency of the Distribution Companies (DCs) that are to be united within the IDC (creation of companies in a single territory will help minimize the operational staff and increase management efficiency);
  • comparable aggregate book value of the IDCs (satisfaction of this criterion will ensure, whenever possible, comparable value of the future companies);
  • comparable total length of the distribution lines owned by DCs that are to be transferred to the respective IDCs (satisfaction of this criterion will ensure, wherever possible, comparable conditions for each IDC).

On that basis, the following configuration was approved for the Interregional Distribution Companies (IDCs):

  • Center and North West IDC within the IES of Center and the IES of North Caucasus;
  • North-West IDC within the IES of North West;
  • Urals and Middle Volga IDC within the IES of Urals and the IES of Middle Volga area;
  • Siberia IDC within the IES of Siberia.

Decision on the establishment of IDC-5 in the Far East of Russia will be taken in the future taking into account the decisions on the regional energos' restructuring.

The establishment of such number of companies will help create a competitive environment for the IDCs' managerial teams and make it possible to compare their performance.

At its meeting held 1 October 2004, the Board of Directors of RAO "UES of Russia" approved the participation of OAO RAO "UES of Russia" in the Interregional Distribution Companies: Center and North Caucasus IDC, North West IDC, Urals and Middle Volga IDC, and Siberia IDC.

 

 

 

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