Moscow, 23 March 2005. Today, an extended meeting of the Management Board of OAO "Federal Hydrogeneration Company" (OAO "HydroWGC")* was held in Kranoyarsk. The meeting was attended by the Directors General of the subsidiary hydropower plants, officials representing the federal authorities and the Krasnoyarsk Kray Administration.

The meeting discussed the first results of the Company's operations, its plans for 2005, and the draft Development Strategy of OAO "HydroWGC".

Speaking about the results of the Meeting, Vyacheslav Sinyugin, member of the RAO UES Management Board and Chairman of the HydroWGC Management Board, said that he considered it very important to hold such joint meetings in the regions, as the Company's activities and development strategy, which is now being shaped, are to meet not only the global, national goals set forth in the Energy Strategy of the Russian Federation, but also the interests of the regions in which hydropower plays a vital role.

After the meeting of the Management Board, Vyacheslav Sinyugin met with the Krasnoyarsk Kray Governor Alexander Khloponin to discuss the prospects for the activities of OAO "HydroWGC" in the territory of Krasnoyarsk Kray. As a result of the meeting, the parties signed a Cooperation Agreement between the Krasnoyarsk Kray Administration and OAO "HydroWGC".

In his comment on the content of the Agreement, Sinyugin stated that the Company's management seeks to utilize, as much as possible, the huge hydro potential of the Krasnoyarsk Kray to meet its electricity demand expected after the Krasnoyarsk Kray is consolidated with the Autonomous Okrugs (districts).

Governor Khloponin said that the regional authorities appreciate the fact that the Federal Hydrogeneration Company makes it a priority to ensure reliable power for customers which will develop their production facilities in the consolidated territory.

 * OAO "Hydro-WGC" is being established pursuant to Order of the Russian Government No. 1254-? dated 01 September 2003 (as amended on 25 October 2004). Installed capacity of the power plants of OAO "Hydro-WGC" is 22,650 MW.