RUSSIAN UES BOARD OF DIRECTORS APPROVES ESTABLISHMENT OF PILOT WGC NUMBER 5

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MOSCOW, September 3 (RIA Novosti) - The Russian UES Joint-Stock Company's board of directors unanimously approved establishment of pilot wholesale generating company (WGC) number 5, RIA Novosti was told in the energy holding.

The capital stock of WGC-5 will amount to 29.4 billion rubles. The pilot wholesale generating company will incorporate assets of the Nevinnomyssk, Reftinsk, Middle Urals and Konakovo power plants.

It is assumed that the pilot wholesale generating companies will be established as 100% affiliates of the Russian UES with minimal capital stock.

The Russian UES press-release received by RIA Novosti says that the energy holding's board of directors specified that WGC-5 capital stock would be reimbursed within the framework of the approved level of subscription fee of the JSC Russian UES.

The press-release also states that cash value of the property contributed by the Russian UES to WGC-5 capital stock is set at 25,178,206,280.

"The Russian UES board of directors also took the decision that boards of directors of the newly established WGC should include representatives of minor shareholders, as was proposed by the Strategies and Reforms Committee", notes the statement

Besides, the Russian UES board unanimously approved the reforms projects of four energy joint-stock companies: JSC Samaraenergo, JSC Saratovenergo, JSC Ulyanovskenergo and JSC Orenburgenergo.

According to the Russian UES press service, the proposed reforms project at minimal risks provides for separating monopolistic and competitive lines of business, establishing large interregional energy companies, enhancing economic efficiency of production and investments attraction potential.

According to the press-release, the reforms project consists in developing the Samaraenergo, Saratovenergo and Ulyanovskenergo into interregional production companies according to the lines of business: JSC Volga Interregional Generating Company, JSC Volga Interregional Distribution Company, JSC Volga Interregional Energy Sales Company.

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