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Unified Energy System

July 27, 2005

6 companies organized on the basis of Kamchatskenergo branches complete registration with authorities

Moscow, 27 July 2005. The 6 new companies organized on the basis of branches of OAO "Kamchatskenergo" have completed their registration with the authorities.

  • OAO "Kamchatskie CHPPs" based on the generating facilities of the Company's branches, "CHPP-1" and "CHPP-2";
  • OAO "Central Electricity Grids" based on the Company's branch, "Central Electricity Grids";
  • OAO "Southern Electricity Grids of Kamchatka" based on the Company's branch, "Southern Electricity Grids";
  • OAO "Pauzhetskaya GeoPP" based on the Company's branch, "Geothermal Energy";
  • OAO "Auto Transport Enterprise"based on the Company's branch, "Kamchatskenergospetsremont";
  • OAO "Kamchatskaya Heat Transmission Company"based on the heating networks of the Company's branch, "CHPP-2".

OAO "Kamchatskenergo" was the only founder of the above companies.

The restructuring plan of OAO "Kamchatskenergo" was adopted by the Board of Directors of RAO "UES of Russia" on 25 March 2005. The Company will be reorganized in accordance with an individual restructuring plan, different from the basic one. The peculiarities of the restructuring plan of OAO "Kamchatskenergo" are due to the fact that its energy system is isolated.

In addition to the establishment of the above companies, the plan provides for reorganization of OAO "Southern Electricity Grids" (wholly-owned subsidiary of OAO "Kamchatskenergo") through its merger with and into OAO "Southern Electricity Grids of Kamchatka".

The Board of Directors resolved to transfer the shareholdings in the above companies and shares of OAO "Southern Electricity Grids" into trust management of OAO "Far Eastern Energy Management Company"*, which will also be authorized to act as the CEO of these companies, except for OAO "Auto Transport Enterprise".

The Board of Directors of RAO "UES of Russia" also approved the lease of the property of OAO "Central Electricity Grids", at the first phase of the restructuring, to OAO "Kamchatskenergo" and preservation of the Regional Dispatch Authority as part of the regional energo due to the isolated character of the region's energy system.

__________________________________________

* OAO "Far Eastern Energy Management Company" (OAO "DVUEK") performs the functions of the CEOs at OAO "Dalenergo", ZAO "LuTEK", OAO "Sakhalinenergo", OAO "Kamchatskenergo", and OAO "Geotherm". OAO "DVUEK" is carrying out a set of measures designed to increase the investment attractiveness of all the five companies under management, and is making preparations for restructuring of the energy sector in the Far East of Russia as a whole.

 

 

 

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