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Unified Energy System

December 29, 2004

State registration of OAO "Hydro-WGC" completed

Moscow, 29 December 2004. OAO "Federal Hydrogeneration Company" ("OAO "Hydro-WGC") has been registered with the Inspectorate of the Ministry of Taxes and Levies of Russia for Zheleznodorozhny District of the city of Krasnoyarsk, Krasnoyarsk Kray.

Vyacheslav Sinyugin, member of the Management Board and Managing Director of the "Hydrogeneration" Business Unit of RAO "UES of Russia" has been elected Chairman of the Management Board of OAO "Hydro-WGC".

The following persons have been elected to the Board of Directors of OAO "Hydro-WGC": Victor Khristenko, Minister of Industry and Energy of the Russian Federation; Anatoly Chubais, Chairman of the Management Board of RAO "UES of Russia"; Yakov Urinson, member of the Management Board, Deputy Chairman of the Management Board, Head of Corporate Center of RAO "UES of Russia" ; Vyacheslav Sinyugin, member of the Management Board, Managing Director of "Hydrogeneration" Business Unit of RAO "UES of Russia"; Andrey Rappoport, member of the Management Board of RAO "UES of Russia", Chairman of the Management Board of OAO "UES FGC"; Boris Ayuev, member of the Management Board of RAO "UES of Russia", Chairman of the Management Board of OAO "UES SO-CDA"; Vasily Zubakin, member of the Management Board, Chief of the Reform Management Department of RAO "UES of Russia" ; Dmitry Ponomarev, Chairman of the Management Board of NP "ATS", Chairman of the Management Board of NP "ATS"; David Herne, Managing Director of Halcyon Advisors; Aivaras Abromavicius, Partner, Fund Manager of East Capital Asset Management Fund; and Per-Christian Endsjo, ex-President of Hydro Energy.

The authorized share capital of OAO "Hydro-WGC" is RUB103,951,322,702 and is divided into shares of par value RUB1 each.

A decision to establish OAO "Hydro-WGC" as a wholly owned subsidiary of OAO RAO "UES of Russia" was taken by the Board of Directors of RAO "UES of Russia" on 24 December 2004.

OAO "Hydro-WGC" will be established in two stages. At the first stage, RAO "UES of Russia" will contribute to the Company's authorized capital the shareholdings in 15 AO-power plants and OAO "Volga Hydroenergy Cascade Management Company" (OAO "UK VoGEK"), and RUB101,794,999 in cash required to establish the Company and start its operations. At the second stage, it is planned to contribute to the authorized capital of OAO "Hydro-WGC" the property of Novosibirskaya HPP, shares of AO-power plants to be spun off in the reorganization of some regional energos, additional shares of OAO "Bureyskaya HPP", OAO "Sulakenergo", OAO "Zaramagskie HPPs", and other property to be included in OAO "Hydro-WGC" pursuant to Order of the Russian Government No. 1254-r dated 01 September 2003 (as amended 25 October 2004).

_____________________________________________________________________________

OAO "Hydro-WGC" has been established pursuant to Order of the Russian Government No. 1254-r dated 01 September 2003 (as amended on 25 October 2004). Installed capacity of the power plants of OAO "Hydro-WGC" is 22,650 MW.

 

 

 

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