Unified Energy System  

Unified Energy System of Russia (UES) was incorporated in 1992 and is Russia’s largest energy holding. The company is responsible for operating and developing the national power industry. The company directly owns the country-wide electricity grid, composed of high-voltage power lines (220kV and higher), as well as eight power generating plants, five of which are leased to regional power generating companies. However, the large majority of UES’s property comes from its stakes in about 70 regional power companies, which are responsible for generating and distributing heat and electricity in their local areas. Structurally, UES is comprised of the Parent Company, the Holding Company, and the Group. The Parent Company includes its branches and representative offices. The Holding Company includes the Parent Company, its subsidiaries, and dependent companies, such as power and electrification JSCs, power plants energy management companies, power plants under construction, and special companies created in the network of UES. The Group consists of the Holding Company and all other subsidiaries and dependent companies, including those involved in design, research and development, construction, and ancillary services, as well as organizations engaged in non-core activities. In 2003, the Holding Company accounted for 72.4% of the installed capacity of Russia's power plants. The Holding Company’s enterprises generate about 69.4% of the total electricity produced in Russia and 32.4% of the total heat produced in Russia. In 2003, 46 turbine generating units, with an aggregate capacity of 2087.9MW, were put into operation. Also, the first and second hydro generating units, with a total capacity of 370MW, were commissioned at Bureyskaya HPP during the year. In 2004, 42 generating units, with a total generating capacity of 1,258.3MW, are planned to be put into operation. The company’s top priority energy project for 2004 is the construction of Sochinskaya Thermal Power Station with a capacity of 79MW. The power station will deliver power to consumers in the Sochi Area. Sochinskaya Thermal Power Station uses the most modern gas turbines to ensure compliance with regulatory environmental requirements. In 2004, construction will continue at Bureyskaya HPP, which is scheduled to open in 2005. The Russian government is currently fulfilling its plans to split up UES and other Russian power companies to make the electricity market more competitive and to attract the billions of dollars needed to upgrade aging power stations and grids. On May 29, 2003, the Board of Directors of UES approved the “5+5” strategy, which was the base of company’s reform for 1998 to 2003. After that, the process of reforming the Holding Company is expected to take 3 years and the base subjects of the electricity industry will be formed in 2006. Each regional energy company will be divided into generation, distribution, and supply companies, as well as a regional dispatch center. The generation and distribution companies will be developed on market conditions, while others will be organized as monopolies with effective state regulation. The UES holding’s investment program for 2006 through 2010, as approved by the Board of Directors, is for RUR3099 billion. In 2006 the company invested RUR180 billion; in 2007 investments amounted to RUR520 billion. The UES holding plans to invest RUR754 billion in 2008, RUR820 billion in 2009 and RUR826 billion in 2010.

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