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Unified Energy System

March 29, 2007

RAO UES holds auction to sell a 93.35% stake in OAO "Yuzhno-Kuzbasskaya TPP"

Moscow, 29 March 2007. Today, RAO "UES of Russia" held a public auction to sell 93.35% shares of OAO "Yuzhno-Kuzbasskaya TPP"* held by RAO "UES of Russia", OAO "Kuzbassenergo", and OAO "SIBENCO" (SUEK).

The public auction was arranged by the Accredited Agent, ZAO "United Financial Group", in accordance with the applicable Russian laws and the resolution of RAO UES Board of 23 December 2005.** Bids were accepted from 1 March through 23 March 2007.

The reserve price was equal to the fair market value of RUB4 billion determined by an independent appraiser.

The shares were sold to the highest bidder, OOO "MECHEL-ENERGO", which offered RUB6.9 billion. The auction price of USD513 per kW of installed capacity was 1.7 times higher than the reserve price.

After the auction, a share purchase agreement was signed with the auction winner, OOO "MECHEL-ENERGO". Under the auction terms, the winner will become the owner of the shares if the deal is cleared by Russia's Federal Antimonopoly Service, and after it makes an offer to purchase shares from the plant's minority shareholders *** and pays the transaction amount in full. Such payment must be made no later than 14 calendar days of the execution date.

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 * The installed capacity of the coal fired Yuzhno-Kuzbasskaya TPP is 544 MW of electricity and 560 Gcal/h of heat. The plant are located in the immediate neighbourhood of the largest iron and steel mills in the Kemerovo Region. The Yuzhno-Kuzbasskaya TPP generates 125 MW of electricity in summer and 250 MW in winter to supply power to coal and ore mines, and the utilities sector in the Southern Kuzbass.

** On 23 December 2005, the Board of Directors of RAO "UES of Russia" approved the sale of the 22.97 percent stakes held by RAO UES and the controlling stake (50 percent plus one share) held by OAO "Kuzbassenergo" in OAO "Zapadno-Sibirskaya CHPP" and OAO "Yuzhno-Kuzbasskaya TPP", respectively. Such resolution was taken to comply with the requirement of the antimonopoly regulator and avoid the risk of OAO "TGC-12", which will comprise the generation assets of OAO "Kuzbassenergo" and OAO "Altayenergo", holding a monopoly position in the regional wholesale electricity market.

*** The shareholders in OAO "Yuzhno-Kuzbasskaya TPP" who previously owned shares in OAO "Kuzbassenergo" before its reorganization, as at the date of the EGM of OAO "Kuzbassenergo" held on 30 December 2005, and who voted "FOR" on the resolution to reorganize Kuzbassenergo at the meeting, and the shareholders in OAO "Yuzhno-Kuzbasskaya TPP" who acquired shares in OAO "Kuzbassenergo" between 30 December 2005 and 1 July 2006 are guaranteed the right to sell their shares in OAO "Yuzhno-Kuzbasskaya TPP" to the winner of the public auction at a price per share determined in such auction.

 

 

 

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