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Unified Energy System

January 10, 2008

HydroWGC completes the first stage of its consolidation

Moscow. 10 January 2008. 20 subsidiaries and dependent companies of OAO "HydroWGC"* have merged with their parent company, thus completing the first phase of the HydroWGC consolidation process.

Yesterday, on 9 January 2008, entries were made on the Unified State Register of Legal Entities regarding the termination of activities of OAO "Volzhskaya HPP", OAO "Zhigulevskaya HPP", OAO "Votkinskaya HPP", OAO "Sayano-Shushenskaya HPP named after P.S. Neporozhny", OAO "Zeyskaya HPP", OAO "Sulakenergo", OAO "Zelenchukskie HPPs", OAO "KabbalkGES", OAO "Dagestan Regional Generation Company", OAO "Stavropol Electricity Generation Company", OAO "Zagorskaya PSPP", OAO "Bureyskaya HPP", OAO "Severo-Osetinskaya HGC", OAO "Cheboksarskaya HPP", OAO "Nizhegorodskaya HPP", OAO "Saratovskaya HPP", OAO "Kamskaya HPP", OAO "Cascade of Verkhne-Volzhsky HPPs", OAO "Kabardino-Balkarskaya Hydrogeneration Company", and ZAO "EOZ". On 26 December 2007, MICEX Stock Exchange and OAO "RTS" discontinued trading in shares of the merging companies.

The state registration of the reports on the results of the additional share issues of OAO "HydroWGC" to be exchanged for shares in the merging companies is expected in January or February 2008.

On 27 December 2007, Russia's securities regulator, the Federal Service for Financial Markets (FSFM), registered the additional share issues of HydroWGC for the purpose of the merger of its subsidiaries and dependent companies with HydroWGC. The company issued a total of 39,193,726,707 shares, par value RUB1 each. The ratios for exchanging the merging companies' shares for ordinary shares in HydroWGC's were set based on the appraisal of the market value of said shares as of 1 April 2007. The shareholders of OAO "HydroWGC" approved the increase of the company's authorized capital for the merger at the EGM held 12 October 2007.

The Company expects to complete the listing process on the MICEX Stock Exchange and RTS Stock Exchange in February 2008.

The intended structure of HydroWGC is planned to be formed by July 2008. By that time, OAO "Cascade of Nizhne-Chereksky HPPs", OAO "Irganayskaya HPP" and the companies to be created during the final phase of RAO UES reorganization, OAO "HydroWGC State HoldCo" and OAO "HydroWGC Minority HoldCo".

The unified company will ensure a higher efficiency of its assets and cash flow management, consolidate the investment resources needed to further develop Russia's hydropower potential and advance new renewable energy sources.

* OAO "HydroWGC" is a subsidiary of RAO "UES of Russia" established in the course of the energy sector reform. It is Russia's largest power generation company in terms of installed capacity. HydroWGC comprises 49 hydropower plants with the total installed capacity of 23.3 GW.




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