Industry News

RAO UES of Russia (RTS: EESR) will not be liquidated upon the reorganization and will retain control over not unbundled assets, Deputy Head for Power Sector Management, Control and Supervision at Federal Antimonopoly Service of the Russian Federation Alexander Pirozhenko believes. “RAO UES will exist after 2007 in some form to manage preserved assets”, - he told journalists on Thursday.

The share of the free sector on the Russian power market may increase up to 30% by the year 2007, according to what head of the Department for Market Development of RAO UES of Russia, Larisa Shiryayeva said at the Opportunities of Independent Power Projects in Russia workshop.

The security service of CJSC Status (register holder of RAO UES of Russia) and officers of the Economic Crime Control Department of the Central Administrative District of Moscow have prevented an attempt to write off the energy holding company’s shares worth RUR 5.9 bln using falsified documents. As was reported by Status on its web site, the investigation department of the Internal Department of the Central Administrative District of Moscow has brought an action for an attempted extra large fraud. Investigation is under way.

The Board of Directors of OJSC Federal Grid Company of the Unified Energy System (FGC UES), a subsidiary of RAO UES of Russia, has decided to include the issue of increasing the authorised capital by floating additional shares in the agenda of the general meeting of shareholders, according to a FGC press release.

The Board of Directors of OJSC Konakovskaya GRES (Konakovo SDPP) has decided to convene an extraordinary general shareholders’ meeting by request of OJSC WGC-5, one of the company’s shareholders, to be held by absent voting with the deadline for receipt of completed ballots fixed at 22 November, 2005. As reported by OJSC Konakovskaya GRES, the date for drawing up the list of persons entitled to participate in the extraordinary general shareholders’ meeting has been set for 6 October, 2005.

UES RAO of Russia estimates the volume of investments needed for power industry functioning to be at the level of $65 bln up to the year 2015, according to a press-release of the power holding company.

RAO UES Board of Directors will, at its session on 28 October, consider the issues of a mechanism for distributing the proceeds of the disposal of RAO's assets and option of cancellation of the moratorium on their sale, according to the agenda of the session.

RAO UES of Russia Strategy and Reform Committee will review issues on formation of Second Territorial Generating Company (OJSC TGC-2), as the committee communication informed to RIA News on Monday.

The Russian Power Sector requires $4,5 billion to achieve an international technical level, deputy chairman of RAO UES of Russia Yakov Urinson said to journalists on Monday.

Boris Vainzikher, Member of the Management Board of RAO UES of Russia, has been elected Chairman of the Board of Directors of OJSC Sixth Wholesale Generating Company (OJSC WGC-6). This decision has been taken today by the company’s Board of Directors.