Moscow, 22 September 2004. A regular meeting of the Interdepartmental Working Group* for the completion of the construction of the Boguchanskaya HPP was held yesterday, 21 September. The meeting was attended by representatives of OAO RAO "UES of Russia".

As part of the process to consider the possible ways of completing the construction of the hydroelectric power plant, RAO "UES of Russia" is carrying out an integrated analysis of the potential demand for electricity in the area where the HPP is located and the possibilities for attracting investments in the project.

The independent adviser, which has been selected by the Working Group of the Ministry of Economic Development and Trade of the Russian Federation and the Ministry of Industry and Energy of the Russian Federation for the purpose of development and choosing a strategy for actions in respect of Boguchanskaya HPP, is expected to submit its proposals in Q4 this year.

At the Working Group meeting, the representatives of RAO "UES of Russia" have confirmed that the Company intends to negotiate the matter with all parties interested in the completion of the construction of Boguchanskaya HPP. The Company management is prepared to discuss the most optimum ways of attracting investments, organizing the construction and management of the HPP, and making long-term electricity supply contracts.

RAO "UES of Russia" views it as a priority to ensure faster development of the Siberian territories, which depends on the sufficient supply of electricity to new production facilities in the areas. Today, one of the most important projects in that respect is Boguchanskaya HPP, which is located in Krasnoyarsk Kray. That the reason why the management of RAO "UES of Russia" is making every effort to find the most effective mechanism to complete the construction of the power plant.

* The Interdepartmental Working Group comprises representatives of the Ministry of Economic Development and Trade of the Russian Federation, Ministry of Industry and Energy of the Russian Federation, Krasnoyarsk Kray Administration, and OAO RAO "UES of Russia".