print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line

Get updates

Home  Issuers' Corner  Press Releases REGISTER LOG IN

Press Releases

company search
all press releases
all Unified Energy System press releases

Unified Energy System

September 1, 2004

Year ago RAO "UES of Russia" acquired energy facilities in Georgia

Moscow, 1 September 2004. A year ago, on 1 September 2003, RAO "UES of Russia" became the owner of energy facilities in the Republic of Georgia acquired from the US company AES. As a result of the deal, RAO "UES of Russia" acquired the energy distribution company AES Telasi, which owns the low- and medium-voltage networks in the Georgian capital Tbilisi and the surrounding area; AES Mtkvari, which owns generation unit No. 9 of the Tbilisi TPP; and AO Khramesi, the hydroelectric facility consisting of two power plants, Khramesi-1 and Khramesi-2.

Over the past year, RAO "UES of Russia" has done a great deal of work to increase the reliability of operation of these energy facilities. In particular, repairs have been carried out at Unit 9 of the Tbilisi TPP, which has made it possible to increase the operating load of the power plant to 250-260 MW from 200 MW. Telasi has upgraded its twelve HV substations and ninety-six transformer substations. This has helped reduce the breakdown rate in the low- and medium-voltage networks in Tbilisi by 60% compared to the 2002/2003 autumn-winter period and ensure reliable electricity supply to consumers in the Georgian capital. In 2004, RAO "UES of Russia" has invested USD5 million in funds in Unit 9 of the Tbilisi TPP in 2004 totalled and over USD6 million in Telasi's distribution grid.

Over the year to date, Telasi has succeeded in improving the payment discipline of Tbilisi's power consumers and increase the payment collection rate from 40% in the summer of 2003 to 80% of the actual cost of electricity supplied this year. However, the problem of the USD30m debt owed by Georgia's wholesale electricity market participants to Mtkvari still remains unresolved, which makes it difficult for the Tbilisi TPP and Telasi Co. to carry out the 2004/2005 winter preparations.

According to a survey of Tbilisi residents, 87% people living Georgia's capital believe that the power supply quality has significantly improved in 2004 compared to the previous years. The stable operation of the Georgian energy facilities run by RAO "UES of Russia" has been highly appreciated by the Republic's authorities. At the meeting of the Chairman of the Management Board of RAO "UES of Russia" Anatoly Chubais with Georgia's Prime Minister Zurab Zhvania on 25 May 2004, the head of the Republic's Government stated that efficient work of the facilities in question made it possible to ensure reliable and uninterrupted supply of energy to households of Georgia's capital during the 2003/2004 heating season.




Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index


Site Map
Privacy Statement | Disclaimer