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Unified Energy System

October 3, 2005

OAO "Moscow Management Energy Grid Company" completes state registration

Moscow. 3 October 2005. Today, OAO "Moscow Management Energy Grid Company" (OAO "MUEK") completed its state registration with Interdistrict Inspectorate No. 46 of the Federal Tax Service of Russia for the city of Moscow.

OAO "MUEK" was established by RAO "UES of Russia" and the Moscow City Government on a parity basis in order to improve the reliability and efficiency of electricity and heating facilities in Moscow in the course of the sector reform.

Alexander Kazakov, Chairman of the Committee for Federation Affairs and Regional Policy of the Federation Council, was appointed Director General of the Management Company.

The resolution to take part in the establishment of OAO "MUEK" was approved by the Board of Directors of RAO "UES of Russia" at its meeting on 29 July 2005. The authorized capital of the Management Company is RUB150,000 and is divided into ordinary shares of RUB1 par value.

It is planned that the functions of the one-man executive body (CEO) of OAO "Moscow United Energy Company" (wholly owned by the municipal authorities), OAO "Moscow City Electricity Distribution Company", and OAO "Moscow Heat Distribution Company" (the stake held by RAO "UES of Russia" in both companies is 50.86%) will be transferred to OAO "MUEK".

Today, shareholders of OAO "Moscow City Electricity Distribution Company", OAO "Moscow Heat Distribution Company" held EGMs to approve the transfer of functions of the companies' one-man executive body (CEO) to OAO "MUEK". The voting results of these shareholder meetings will be released in a few days. RAO "UES of Russia" voted for the transfer of the CEO functions of OAO "Moscow City Electricity Distribution Company" and OAO "Moscow Heat Distribution Company" to the Management Company.

___________________________________________

* OAO "Moscow Management Electricity Grid Company" was established pursuant to the Memorandum on implementation of the goals and objectives of the Agreement "On interaction among RAO "UES of Russia", OAO "Mosenergo", the Moscow City Government and the Regional Energy Commission of Moscow in the course of reform of Moscow City electricity system" approved by the Board of Directors of RAO "UES of Russia" on 31 October 2003.

The Memorandum was signed on 1 July 2005 by Anatoly Chubais, Chairman of the Management Board of RAO "UES of Russia", and Yury Luzhkov, Moscow City Mayor.

At the meeting of the Board of Directors of RAO "UES of Russia" held 2 September 2005, the Board approved a Supplementary Agreement to the Agreement ""On interaction in the course of reform of Moscow City electricity system", which provides for the establishment of OAO "MUEK" by RAO "UES of Russia" and the Moscow City Government on a parity basis.

 

 

 

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