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Unified Energy System

April 1, 2005

OAO "TGC-9" starts operations today

Moscow, 1 April 2005. Today, OAO "Territorial Generation Company No. 9" (OAO "TGC-9") started its operations as scheduled.

Thus, OAO "TGC-9" became the second Territorial Generation Company to have started operations. On 1 February 2005, production activities were launched at OAO "TGC-14".

By now, OAO "TGC-9" has completed all corporate procedures required to start operations. The Board of Directors of OAO "TGC-9", among other things, has approved the organization structure of the new company and appointed the key managerial personnel. The management of OAO "TGC-9" is working to shape the Company's governance system, including regulation of the principal business processes, drawing a plan of key performance indicators, and plan of the Company's organizational development.

OAO "TGC-9" took a lease of the generating assets of the Sverdlovsk and Perm energy systems, made all contractual arrangements needed for the launch of its operations, and transferred personnel from the generation divisions of OAO "Permenergo" and OAO "Sverdlovenergo". The Regional Energy Commissions of Perms and Sverdlovsk Regions have established electricity and heat tariffs for OAO "TGC-9".

OAO "TGC-9" was registered on 9 December 2004 in the city of Perm. As at the time of establishment, the charter capital of OAO "TGC-9" was RUB4.2 million and was divided into 1.4 billion ordinary shares. The share issue and share placement reports was registered by the FSFM of Russia on 17 March 2005.

The establishment of OAO "TGC-9", a wholly-owned subsidiary of RAO "UES of Russia", was approved by the Board of Directors of RAO "UES of Russia" at the meeting held 3 September 2004.

Pursuant to the resolution of OAO RAO "UES of Russia" On the Establishment of OAO "WGC-9", Valery Rodin (currently CEO of OAO "Sverdlovenergo") was appointed Director General of OAO "TGC-9". Mikhail Abyzov, member of the Management Board of RAO "UES of Russia" and Managing Director of Business Unit No. 1, was elected Chairman of the Board of Directors of OAO "TGC-9", and Mikhail Slobodin, Director General of ZAO "Complex Energy Systems", became Deputy Chairman of the Board of Directors.

At the first stage, OAO "TGC-9" is to be formed on the basis of the generating assets of OAO "Permenergo" (after the reorganization, the assets of OAO "Perm Generation Company") and OAO "Sverdlovenergo" (after the reorganization, the assets of OAO "Sverdlovsk Generation Company"). The Board of Directors of RAO "UES of Russia" approved on 3 September 2004 the lease of the generating assets of OAO "Permenergo" and OAO "Sverdlovenergo" to OAO "TGC-9".

At the final stage of the company's establishment, OAO "Sverdlovsk Generation Company" and OAO "Perm Generation Company" will merge with and into OAO "TGC-9", followed by the contribution of shares in OAO "Komigeneratsiya" (the generation company to be spun-off from OAO "Komienergo") as consideration for additional shares in OAO "TGC-9". This matter, as well as the issue of integration of the heat generating facilities of OAO "Komienergo" into OAO "TGC-9" is planned to be considered by the Board of Directors of RAO "UES of Russia" at its April meeting.

After the heat generating facilities of OAO "Komienergo" are leased to OAO "TGC-9", the installed capacity of the latter will reach 11,000 MW of electricity and 19,000 Gcal/h of heat.

In its first year of operation (1 April 2005 1 April 2006), OAO "TGC-9" expects to generate over $1.3 billion in sales.

 

 

 

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