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Unified Energy System

May 17, 2004

RAO "UES of Russia" allocates RUB80m for construction of Boguchanskaya HPP

Moscow, 17 May 2004. RAO "UES of Russia" has allocated RUB 80 million in funds for the construction of Boguchanskaya HPP. RUB26 million of the amount will be used for payment of wages to builders for the past two months. Similar amounts will be used to pay taxes to the budgets of all levels. As a result, OAO "Boguchanskaya HPP" will be able to settle its liabilities as at 30 April 2004.

The delay in payment of wages to the builders was caused by the efforts of some minority shareholders of OAO "Boguchanskaya HPP" to prevent further funding by RAO "UES of Russia" of the plant's construction. However, RAO "UES of Russia" was able to obtain the funds needed to continue the construction.

This summer, RAO "UES of Russia" plans to call an Extraordinary General Meeting of shareholders of OAO "Boguchanskaya HPP" in order to take a decision that would provide a legal ground for RAO UES continuing the financing of the construction of the power plant.

 

 

 

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