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Unified Energy System

November 18, 2004

Russian Government approves RAO UES Investment Programme 2005

Moscow. 18 November 2004. The Government of the Russian Federation has approved the Investment Programme of OAO RAO "UES of Russia" for the year 2005. The Programme is part of the Investment Programme 2004-2006 of the Holding Company of RAO "UES of Russia".

In 2005, OAO RAO "UES of Russia" will allocate RUB25.9 billion in funds to finance the high priority power generation projects. This figure includes RUB17.4 billion in funds earmarked for investment and RUB8.5 billion in borrowings. An amount of RUB1.5 billion has been earmarked in the federal budget for the development of the inundation areas of the Irganayskaya HPP and Bureyskaya HPP. Thus, the amount of funds allocated to finance the top priority electricity projects of the Parent Company of RAO "UES of Russia" in 2005 will total RUB27.4 billion.

The investment funds will be used in 2005 to complete and put into commercial operation the first generation unit at Kaliningradskaya CHPP-2 with the installed capacity of 450 MW and the fourth generation unit at Bureyskaya HPP (333 MW). In 2005, OAO RAO "UES of Russia" will provide RUB6.6 billion and RUB8.5 billion respectively to finance these projects.

RUB3.8 billion in earmarked funds will be allocated by OAO RAO "UES of Russia" to finance the modernization and expansion project at Ivanovskaya TPP (designed capacity 701.7 MW) based on combined cycle generation technology. The Company's allocations in the amount of RUB2.6 billion will be used to pay the principal and interest on the loan raised in 2004 to finance the construction of Sochinskaya TPP.

Further, it is planned to provide RUB800 million to finance the construction and installation works at Boguchanskaya HPP. To complete the construction of the water intake facilities at Zelenchukskaya HPP in 2005, the Company will allocate RUB500 million in target investment funds. Under the draft Investment Programme 2005 of the Company, RUB1.025 billion in funds will be provided for the construction of Irganayskaya HPP.

One of the factors critical to the timely completion of the construction and commissioning of the energy facilities at the large hydropower projects in progress, such as Bureyskaya HPP and Irganayskaya HPP, is timely preparations in the inundation areas for reservoir impoundment to the target level. For these purposes, the draft Investment Programme 2005 of OAO RAO "UES of Russia" provides funds for the development of the inundation area of Irganayskaya HPP and Bureyskaya HPP in the amount of RUB450 for each of the power plants.

Pursuant to the resolutions of the President and Government of the Russian Federation, executive management of RAO "UES of Russia", some changes have been made to the Company's investment allocations. Specifically, the Company's Investment Programme now provides for the funding of Sangtudinskaya HPP in the amount of RUB400. RUB100 million in earmarked funds will be allocated to complete the construction of Kambaratinskie HPPs. The Investment Programme also provides for allocation of RUB50 million in funds for the construction of Ingushskaya gas turbine power plant (GTPP).

Further, the Government of the Russian Federation has approved the Investment Programme of OAO "UES FGC"* for the year 2005. The Programme has been drafted taking into account the Principal Parameters of the Investment Programme 2005-2006 of OAO "UES FGC" approved by the FGC Board of Directors on 24 February 2004.

The amount of investment allocations of OAO "UES FGC" for 2005 totals RUB27.7 billion. The priority areas of the Programme are construction of transmission lines and substations (RUB17 billion), reequipment and modernization of power grids (RUB5.4 billion), creation of a common telecommunications network for the energy industry (RUB1.2 billion), and funding of Sangtudinskaya HPP (RUB1 billion).

RUB1.3 billion in funds will be allocated for the reconstruction of energy facilities in the Republic of Chechnya. This figure includes RUB150 million transferred from the Investment Programme of OAO RAO "UES of Russia" to the FGC Investment Programme in order to concentrate the resources needed for the reconstruction of the Republic's electricity sector and tighten control over the spending of these funds.

Also, the Russian Government has approved the Investment Programme 2005 of OAO "UES SO-CDA"**. The Programme seeks to create a unified hierarchical system of dispatching (7 IDAs and 62 RDAs) and ensure that the system is fully operational. In this connection, the investment resources of OAO "UES SO-CDA" will be used to equip the RDAs (branches of the System Operator). The overall amount of investment funds envisaged by the Programme of OAO "UES SO-CDA" is RUB1.7 billion without a VAT refund.

______________________

* OAO "Federal Grid Company of UES of Russia" (FGC) is a wholly-owned subsidiary of RAO "UES of Russia".

** OAO "UES System Operator-Central Dispatch Administration" is a wholly owned subsidiary of RAO "UES of Russia".

 

 

 

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