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Unified Energy System

November 16, 2006

RAO UES, Kuzbassenergo and SUEK have started preparation of public auctions on the sale of their shares in Yuzhno-Kuzbasskaya GRES and Zapadno-Sibirskaya TEZ

Moscow. 16 November 2006. RAO UES, OJSC "Kuzbassenergo" and OJSC "SUEK" in collaboration with their financial adviser Deutsche Bank AG London have started preparation of public auctions on the sale of their shares in OJSC "Yuzhno-Kuzbasskaya GRES" and OJSC "Zapadno-Sibirskaya TEZ".

Divestment of RAO UES (22.97% of share capital in each power plant) and of OJSC "Kuzbassenergo" (50% + 1 share of share capital in each power plant) stakes in the share capital of the above mentioned companies was approved by the Board of Directors of RAO UES on 23 December 2005. This resolution was made pursuant to the requirements of anti-monopoly authorities in order to avoid the risk of creating a monopolistic position of OJSC "TGK-12" (which is going to consolidate the generating assets of OJSC "Kuzbassenergo" and OJSC "Altayenergo") in the wholesale electricity market.

In accordance with the resolution of the Board of Directors of RAO UES, the shares of OJSC "Zapadno-Sibirskaya TEZ" and OJSC "Yuzhno-Kuzbasskaya GRES" will be offered for sale as a single lot each at two public auctions. Public auctions will be held by CJSC "United financial group" (Deutsche Bank Group in Russia). OJSC "Kuzbassenergo" shareholders who voted for or abstained during the vote on restructuring OJSC "Kuzbassenergo" will have an option to sell their shares of power plants together with RAO UES and OJSC "Kuzbassenergo".

In accordance with preliminary timeline, the public auctions will take place in March 2007. The precise timeline and specific terms of the auctions will be announced in due time and course in accordance with applicable law. The full information on the auctions shall also be disclosed on RAO UES and OJSC "Kuzbassenergo" official web-sites.


* Zapadno-Sibirskaya TEZ is a coal-fired power plant with 600 MW and 1 307.5 Gcal of installed capacity, Yuzhno-Kuzbasskaya GRES is a coal-fired power plant with 554 MW and 560 Gcal of installed capacity. The largest steel plants in the Kemerovo Region are located in the immediate vicinity of the power plants. Zapadno-Sibirskaya TEZ sells approximately 42% of its heat output directly to the West Siberian Steel Plant. Coal and metal mining companies situated in the proximity of Yuzhno-Kuzbasskaya GRES as well as South Kuzbass public utilities ensure constant load of the plant at the level of ~125 MW in summer and ~250 MW in winter.

 More details on the power plants the shares of which will be sold in the auctions are available here (www.rao-ees.ru/ru/purchas/zakupki/showad.cgi?ad=00000000376 ).

 

 

 

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