Industry News

At a meeting on 24 November, 2005, the Management Board of the Federal Tariff Service (FTS) will consider approval of the license fee for services of RAO UES of Russia for organisation of the functioning and development of the Unified Energy System of Russia in 2006, according to FTS...

RAO UES of Russia (EESR) intends to transfer its functions to other structures, gradually, Vasiliy Zubakin, a member of the holding company's Management Board, said at a press conference earlier today, according to ITAR-TASS.

The power industry reform has been half-completed, said the RAO UES Management Board member Vasiliy Zubakin at the 5th International Conference Russia's Power Industry: Legal Regulation of the Reform and Business.

Liberalisation of the wholesale power market may be implemented in late 2008 or early 2009. This opinion was expressed by Vasiliy Zubakin, a member of the RAO UES of Russia Management Board, at a workshop on legal regulation in the power industry earlier today. According to him, the terms of liberalisation of the wholesale market depend on the termination of regulated bilateral contracts (RBCs) concluded by suppliers and buyers of power. In Mr Zubakin's view, transition to selling 50% of power at liberated prices is possible in the market in 2008-09, which will mean its liberalisation.

With effect from today, the share issues of the following companies established in the course of regional energos' restructuring were included in the List of securities admitted to trading but not included in the Quotation Lists of OJSC RTS Stock Exchange: OJSC Nizhny Novgorod Retail Company, OJSC Nizhny Novgorod Generation Company, OJSC Tomsk Energy Retail Company, OJSC Rostov Generation Company, OJSC Oryol Generation Company. As RAO UES of Russia informs.

RAO Unified Energy System of Russia (UES) and the Italian energy company Enel have signed an agreement on cooperation in the realization of projects abroad, a source close to UES told Interfax.

The Board of Directors of JSC Territory Generation Company # 1 (TGC-1) elected Unified Financial Group (UFG) to evaluate market prices of OJSC St. Petersburg Generation Company, OJSC Kolsk Generation Company, OJSC Karelenergogeneration shares in order to determine the ratio of their conversion into TGC-1 shares, TGC-1 press-service told Interfax.

TGC-9 will stop to lease Reftinskaya GRES and Sredneuralskaya GRES (State District Power Plant) from 1 January, 2006 instead of previously planned 1st July. Management of both companies agreed on this issue, as WGC-5 press-service reports.

14 November 2005: Fitch Ratings has today assigned OJSC Rosneft (“Rosneft”), Russia’s second largest integrated oil company, Senior Unsecured Local Currency and Foreign Currency ratings of ‘BB+’. The Outlook for the ratings is Stable.

President of the Republic of Sakha Vyacheslav Shtirov and Chairman of the Management Board of RAO UES of Russia Anatoliy Chubais discuss a possibility of the creation of Uzhno-Yakutskiy Hydro Power Complex, as the department of Mass-Media Communication of RAO UES informs.