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Unified Energy System

October 18, 2005

State registration of OAO "North-Ossetian Hydrogeneration Company" completed

Moscow, 18 October 2005. Today, OAO "North-Ossetian Hydrogeneration Company" was registered with Interdistrict Inspectorate No. 2 of the Federal Tax Service for the city of Vladikavkaz, Republic of North Ossetia-Alania.

OAO "North-Ossetian Hydrogeneration Company" was created as a wholly-owned subsidiary of OAO "Sevkavkazenergo"* under the Turnaround and Restructuring Project of OAO "Ingushenergo", OAO "Kabbalkenergo", OAO "Karachaevo-Cherkesskenergo", OAO "Sevkavkazenergo", managed by OAO "Caucasian Energy Management Company".** The decision to establish the company was taken by the Board of Directors of RAO "UES of Russia" at its meeting held 25 March 2005.

OAO "North-Ossetian Hydrogeneration Company" comprises the Ezminskaya HPP, Gizeldonskaya HPP, Dzaudzhikauskaya HPP, Bekanskaya HPP, and Kora-Ursdon HPP with the total installed capacity of 77.8 MW.

Elected to the Board of Directors of the company were: Svetlana Zholnerchik, Head of Information and Communications Directorate of the Reform Management Center of RAO "UES of Russia"; Oleg Dunin, Head of Department for Ensuring Project Implementation of Business Unit No. 2 of RAO "UES of Russia"; Boris Albegov, Deputy Director General of OAO "Caucasian Energy Management Company"; Evgeny Dikov, Head of Reform Directorate of OAO "VoGEK Management Company"; and Vladislav Yaroshevich, Advisor of the Institute of Professional Directors Foundation. Vitaly Totrov was appointed Director General of OAO "North-Ossetian Hydrogeneration Company".

The authorized capital of OAO "North-Ossetian Hydrogeneration Company" is RUB181.96 million and is divided into ordinary shares of RUB1 par value.


* RAO "UES of Russia" holds a 49% stake in OAO "Sevkavkazenergo".

** OAO "Caucasian Energy Management Company" (OAO "KEUK") is a wholly-owned subsidiary of RAO "UES of Russia". The Company is performing the functions of the One-man Executive Body (CEO) of OAO "Sevkavkazenergo", OAO "Kabbalkenergo", OAO "Ingushenergo", OAO "Karachaevo-Cherkesskenergo". OAO "KEUK" is carrying out measures to streamline management, increase the financial stability, investment attractiveness, and to restructure all the four companies it manages.




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