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Unified Energy System

May 27, 2005

FSFM of Russia registers share issues of OAO "TGC-2" and OAO "TGC-5"

Moscow, 27 May 2005. The Regional Division of the Federal Service for Financial Markets (FSFM) of Russia for the Central Federal Okrug resolved, at its meetings held 14 and 16 May 2005, to register the issues of ordinary shares and share placement reports of OAO "Territorial Generation Company No. 2" (OAO "TGC-2") and OAO "Territorial Generation Company No. 5" (OAO "TGC-5").

According to the resolutions on share issues of OAO "TGC-2" and OAO "TGC-5", each company issued 1 billion ordinary shares of RUB0.01 par value. Accordingly, at the time of establishment, the authorized capital of each company was RUB10 million.

OAO "TGC-2" was registered with the Inspectorate of the Federal Tax Service of Russia for Leninsky District, city of Yaroslavl, on 19 April 2005. OAO "TGC-5" was registered with the Inspectorate of the Federal Tax Service of Russia for Leninsky District, city of Cheboksary, on 22 March 2005. The Director General of OAO "TGC-2" is Vasily Nesvetaylov, and the Director General of OAO "TGC-5" is Vladimir Lebedev.

The establishment by RAO "UES of Russia" of OAO "TGC-2" and OAO "TGC-5" as wholly-owned subsidiaries using lease arrangements, which is to be followed by merger of the regional generation companies spun off from regional energos with and into the TGCs, was approved by the Board of Directors of RAO "UES of Russia" at the Board meetings held 25 February 2005 and 24 December 2004, respectively.

The Board of Directors of RAO "UES of Russia" approved the lease by OAO "TGC-2" of assets from OAO "Arkhangelsk Generation Company", OAO "Kostroma Generation Company", OAO "Novgorod Generation Company", OAO "Tver Generation Company", OAO "Yaroslavl Energy Company", and the Vologodskaya CHPP of OAO "Vologdaenergo" (or assets of OAO "Vologodskaya CHPP" after the reorganization of OAO "Vologdaenergo"). OAO "TGC-5" will lease assets from OAO "Vyatskaya Electricity and Heat Company", OAO "Udmurt Territorial Generation Company", OAO "Chuvash Generation Company", and OAO "Mari Regional Generation Company".

According to the schedule for the establishment of Territorial Generation Companies, OAO "TGC-2" is to start its operations in the third quarter of 2005, with the establishment of the Company to be completed in the second quarter of 2006. OAO "TGC-5", the Company is to start its operations in the third quarter of 2005, and the establishment of the Company will be completed in the second quarter of 2006.

OAO "TGC-2" and OAO "TGC-5" are under the charge of Business Unit No. 1 of RAO "UES of Russia" headed by Mikhail Abyzov, member of the Management Board and Managing Director of RAO "UES of Russia".

 

 

 

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