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Reform

REFORM OF ELECTRIC POWER INDUSTRY

The process of transformation of electric power industry started in 2000 from the elaboration of reformation concept by RAO “UES of Russia”, JSC.

The RF Government regulation No.526 dated 11.07.2001 “On reformation of electric power of the Russian Federation” was the first normative act regulating the electric power transformation. The Federal Laws of the Russian Federation enacted in the 1st quarter of 2003 have determined the structure and principle of electric power functioning on the competitive market hereafter. Nowadays the effective normative basis includes more than forty documents on the issues of electric power reformation.

In accordance with The “5+5” Strategy Concept of RAO “UES of Russia”, JSC for 2005-2008 the main target of the industry reform is the enhancement of operating efficiency of electric power enterprises and creating of conditions for development of the industry on the basis of private investments.

The main targets and objectives of RAO “UES of Russia” restructuring are as follows:

  • ensuring of reliable and uninterrupted electricity and heat supply of consumers by the enterprises that are part of RAO “UES of Russia”, JSC during the whole period of transition;
  • increasing of the market value of a holding of RAO “UES of Russia” and companies that have been formed in the course of restructuring;
  • increasing of the efficiency and developing of core businesses of RAO “UES of Russia”;
  • observing of all rights and legal interests of the company’s shareholders (both RAO “UES of Russia and its subsidiaries and affiliates) including – minority shareholders;
  • enhancing of company transparence, improving of the corporate management system, transforming of the company into a business-oriented one;
  • singling out of efficient companies, attractive for investments, from RAO “UES of Russia” in the course of reformation;
  • ensuring of reformation of RAO “UES of Russia”, taking an active part in making suggestions for the RF Government in conformity with the RF legislation related to industry reformation to the intent that these activities comply with the requirements and goals that the government specifies and also guarantee the observance of rights and maximize the value for the shareholders of RAO “UES of Russia”.

To attain the goals which have been set the separation of naturally-monopolistic (electric power transmission, operational dispatching management) and potentially competitive (production and sale of electric power, repair and service) functions has been performed and the companies specializing in separate types of activities have been set up instead of previous vertically integrated companies which had executed all these functions.

Establishment of interregional distribution grid companies

Distribution grid companies have been established in accordance with the RF Government Decree No.526 dated 11.07.2001 “Main Directions of Power Industry Reformation” and the “basic” variant of JSC-energo reformation in the form of separation of new companies proceeding from the types of activity – production, transmission and electric power distribution – approved by Board of Directors of RAO “UES of Russia”, JSC with proportional distribution of shares of the companies to be established among the shareholders of reorganized JSC-energo.

In accordance with the Concept of Strategy of RAO “UES of Russia”, JSC for 2003-2008 distributive grid companies at the stage of interregional integration shall be merged in holding companies – interregional distributive grid companies (IDGC).

In April 2004 Board of Directors of RAO “UES of Russia”, JSC approved the following configuration of four IDGC:

IDGC-1 – part of IPS of Center and IPS of North Caucasus

IDGC-2 – part of IPS of Northwest

IDGC-3 – part of IPS of Ural and IPS of mid-Volga Region

IDGC-4 – part of IPS of Siberia

In October 2004 Board of Directors of RAO “UES of Russia”, JSC adopted the decision on establishment of IDGC as 100% affiliates of RAO “UES of Russia”, JSC at the first stage. At the second stage IDGC carried out additional issue of shares in return for which RAO “UES of Russia”, JSC contributes DGC shares possessed by it.

In August 2006 “Southern Grid Company”, JSC was established, 100% SAC of RAO “UES of Russia”, JSC – managing organization which aims at day-to-day management of grid and retail companies of the south of Russia during the transition period of reformation.

From January 1, 2007 “Far Eastern Distributive Grid Company” started its operating activity covering the following territory: the Amur Region, the Khabarovsk Territory, the Jewish Autonomous Region, the Primorsk Territory, the Southern region of the republic of Sakha (Yakutia).

The Russian Federation Government Decree No.77-p dated 26.01.2006 “On Introduction of Shares of Open Joint Stock Companies of Energy and Electrification in IDGC Authorized Capital” has determined the composition of joint stock companies the shares of which shall be introduced in the authorized capital of interregional distributive grid companies prior to 31.12.2007. Shares of regional JSC-energo possessed by RAO “UES of Russia”, JSC shall be introduced in IDGC authorized capital on condition that the share partnership of RAO “UES of Russia”, JSC in IDGC authorized capital is at the amount of no less than 50% + 1 voting share.

For the purpose of integrated management of the distributive grid complex and ensuring the reliability of its functioning at the stage of RAO “UES of Russia”, JSC reformation performed by Board of Directors of RAO “UES of Russia”, JSC, IDGC shares have been temporarily transferred in trust of “FGC of UES”, JSC.

On December 27 of 2006, the new structure of IDGC was approved at the meeting of Interdepartmental Commission on Power Industry Restructuring chaired by Minister of Industry and Energy of the RF Mr Khristenko V.

On April 27 of 2007, Board of Directors of JSC RAO “UES of Russia” approved the abovementioned IDGC structure, later, on October 26 of 2007, Board of Directors of RAO “UES of Russia” approved structure updating of some IDGCs, namely, JSC “IDGC of Siberia” and “IDGC of the Northern Caucasus”.

IDGC structure changes consisted in increasing the number of IDGC from 4 to 11 and founding operational companies on their basis with comparable average assets cost of 25-30 mlrd rubles: according to investment banks’ estimates, IDGCs of such cost meet investors’ expectations, especially, in view of perspective investment programmes of distributive grid companies. In the new structure of IDGC assets, average assets cost makes up around 30 mlrd rubles (with the exception of “IDGC of Moscow” and “IDGC of the Northern Caucasus”).

Particular attention during the establishment of IDGC was paid to the following regions: Moscow and Moscow region, Saint-Petersburg and Leningrad region, Tyumen region, North Caucasus.

The new configuration was approved by main minority shareholders of DGC.

New IDGC structure was supported by the key minority shareholders of the regional grid companies, and now the structure is as follows:

1.“IDGC of the Centre”, JSC including the following DGCs: JSC “Belgorodenergo”, JSC “Bryanskenergo”, JSC “Voronezhenergo”, JSC “Kostromaenergo”, JSC “Kurskenergo”, JSC “Lipetskenergo”, JSC “Orelenergo”, JSC “Tanbovenergo”, JSC “Smolenskenergo”, JSC “Tverenergo”, JSC “Yarenergo”;

2.“IDGC of the North-West”, JSC including the following DGCs: JSC “Arkhenergo”, JSC “Vologdaenergo”, JSC “Karelenergo”, JSC “Kolenergo”, JSC “Joint Stock Power Company “Komienergo”, JSC “Novgorodenergo”, JSC “Pskovenergo”;

3. “IDGC of the Centre and Privolzhye”, JSC including the following DGCs: JSC “Vladimirenergo”, JSC “Ivenergo”, JSC “Kalugaenergo”, JSC “Kirovenergo”, JSC “Marienergo”, JSC “Nizhnovenergo”, JSC “Ryazanenergo”, JSC “Tulenergo”, JSC “Udmurtenergo”;

4.“IDGC of Siberia”, JSC including the following DGCs: JSC “Altaienergo”, JSC “Buryatenergo”, JSC “Krasnoyarskenergo”, JSC “Kuzbassenergo – regional electric grid company”, JSC “Omskenergo”ОАО JSC “TDC” (Tomsk distributive COmpany), JSC “Tyvaenergo”, JSC “Khakasenergo”, JSC “Chitaenergo”;

5.“IDGC of the South”, JCS including the following DGCs: JSC “Astrakhanenergo”, JSC “Volgogradenergo”, JSC “Kubanenergo”, JSC “Rostovenergo”, JSC “Kalmenergo”;

6.“IDGC of the Northern Caucasus” including the following DGCs: JSC “Dagenergo”, JSC “Caucasian Power Managing Company”, JSC “Nurenergo”, JSC “Stavropolenergo”;

7.“IDGC of Volga”, JSC including the following DGCs: JSC “Mordovenergo”, JSC “Orenburgenergo”, JSC “Penzaenergo”, JSC “Volzhskaya DGC”, JSC “Chuvashenergo”;

8.“IDGC of Ural”, JSC including the following DGCs: JSC “Kurganenergo”, JSC “Permenergo”, JSC “Sverdlovenergo”, JSC “Chelyabenergo”; JSC “Tyumenenergo”;

9. “Lenenergo” JSC;

10.IDGC on the basis of distributive grid complex of Moscow and the Moscow area.

On June 28-29, 2007 of three new IDGC were registered:

“IDGC of Volga”, JSC

“IDGC of South”, JSC

“IDGC of Center and Volga Region”, JSC

The registered IDGCs are 100% affiliates of RAO “UES of Russia”, JSC with authorized capital of 10 million rubles each.

The following IDGCs have been renamed:

“IDGC of Center and Northern Caucasia”, JSC – into “IDGC of Center”, JSC

“IDGC of Ural and Volga”, JSC – into “IDGC of Ural”, JSC

“Southern Grid Company”, JSC – into “IDGC of Northern Caucasia”

In December, 2007 by the RF Government Ordinance No.1857-p dated 19.12.2007 the reorganization of JSC-energo (distributive grid companies) in the form of affiliation to corresponding 8 IDGC in a new configuration was approved and the plan of IDGC formation approved by the RF Government Ordinance No.77-p dated 26.01.2006 was cancelled.

In IV quarter of 2007 and in January 2008 Board of Directors of RAO “UES of Russia”, JSC and the extraordinary General meetings of 8 IDGC and 51 DGC adopted all necessary decisions on the issues of reorganization in the form of affiliation.

As of May 1, 2008 the formation of seven more IDGC was terminated. On March 31, 2008 IDGC of Center, IDGC of Siberia, IDGC of South and IDGC of Northern Caucasia achieved the status of unified operating companies, on April 1, 2008 consolidation of IDGC of Northwest and IDGC of Volga was completed and on April 30 – IDGC of Ural. DGC that are part of configuration of aforementioned IDGC were affiliated to them. Shares of affiliated companies shall be converted into the shares of interregional distributive grid companies that have been formed and their owners shall become the shareholders of unified operating companies of IDGC. It is planned to introduce the shares that have been formed by IDGC to RTS and MICEX in May-June of 2008.

On July 01, 2008 “IDGC Holding”, JSC was formed by means of reorganization in the form of separation from RAO “UES of Russia”, JSC on the basis of decision of the extraordinary General meeting of shareholders of RAO “UES of Russia”, JSC dated October 26, 2007.

The reason of JSC “IDGC Holding” establishment that is specified in the “5+5” Strategy Concept of RAO “UES of Russia”, JSC approved by Board of Directors of RAO “UES of Russia”, JSC on May 29, 2003, was the separation in the course of JSC RAO “UES of Russia” reorganization of the company which received the shares of all interregional distributive grid companies that had been possessed by RAO “UES of Russia”, JSC.

On July 1, 2008 the structural transformation of assets of energoholding was completed, separation of all companies of the industry target structure took place and the activity of RAO “UES of Russia”, JSC was terminated.

From this moment “Holding IDGC” JSC possesses the package of shares previously owned by RAO “UES of Russia”, JSC equaling 51.66%

Reform of “IDGC of the South” JSC

Events

June 2007

On June 28, 2007, Open Joint Stock Company "Interregional Distribution Grid Company of the South" was registered in the taxation body at the place of its location - Inspectorate of FTS of the Leninskiy district of Rostov-on-Don.

December 2007

The extraordinary General meeting of shareholders of “IDGC of the South”, JSC was held, the issue of reorganization in the form of consolidation of JSC “Astrakhanenergo”, JSC “Volgogradenergo”, JSC “Kubanenergo”, JSC “Rostovenergo”, JSC “Kalmenergo” with the Company was placed on the agenda.

The consolidation contract was signed between JSC “Astrakhanenergo”, JSC “Volgogradenergo”, JSC “Kubanenergo”, JSC “Rostovenergo”, JSC “Kalmenergo” and “IDGC of the South”, JSC.

January 2008

The Board of Directors Meeting of “IDGC of South”, JSC was held, having the issue of JSC “IDGC of the South” extending on the agenda.

The extraordinary General meetings of shareholders of JSC “Astrakhanenergo”, JSC “Volgogradenergo”, JSC “Kubanenergo”, JSC “Rostovenergo”, JSC “Kalmenergo” were held, at which the decisions about the reorganization of the aforementioned distributive grid companies in the form of consolidation with “IDGC of the South”, JSC were adopted.

March 2008

The reorganization of “IDGC of the South” was completed. Conversion of shares of “Rostovenergo” JSC, “Volgogradenergo” JSC, “Kalmenergo” JSC, “Astrakhanenergo” JSC into shares of “IDGC of the South” JSC in accordance with swap ratio

Swap ratio of DGC shares in “IDGC of the South shares

The Board of Directors of RAO “UES of Russia”, JSC has approved the additional emission of 80 789 200 000 units of ordinary registered shares of “IDGC of the South”, JSC as well as the ratios of conversion of DGC shares into additional ordinary shares of JSC “IDGC of the South” (Minutes No.266 dated 30.11.2007).

Later at the meeting the Management Board of RAO “UES of Russia”, JSC performing the function of the extraordinary general meeting of shareholders of “IDGC of the South”, JSC has adopted the decision about the increase of the authorized capital of “IDGC of the South”, JSC by means of placement of additional ordinary registered shares through conversion of affiliated companies` shares into them and the conversion ratios of shares have been approved:

The following shares shall be converted into one additional ordinary share of “IDGC of the South”, JSC:

  • 44037/129991 of the ordinary share of “Astrakhanenergo”, JSC at par value 2 (two) rub;
  • 44037/2808059 of the ordinary share of “Volgogradenergo”, JSC at par value 1 (one) rub;
  • 44037/2571621 of the preference share of “Volgogradenergo”, JSC at par value 1 (one) rub;
  • 44037/76504916 of the ordinary share of “Kubanenergo”, JSC at par value 100 (a hundred) rub;
  • 44037/228062 of the ordinary share of “Rostovenergo”, JSC at par value 1 (one) ruble;
  • 44037/208859 of the Type A preference share of “Rostovenergo”, JSC at par value 1 (one) rub;
  • 44037/1159650 of ordinary share of “Kalmenergo”, JSC at par value 4 (four) rub.

The appraisal of property that shall be accepted in payment of additional shares of “IDGC of the South”, JSC is determined in accordance with the Federal Law “On Joint Stock Companies” on the basis of appraisal of the market value of shares of the companies participating in reorganization which has been performed by the consortium of evaluating companies represented by “Ernst & Young – Cost Consulting”, LLC, “International evaluation centre”, CJSC “ENPI Consult”, CJSC.

The entry of the fact that the activities of JSC “Astrakhanenergo”, JSC “Volgogradenergo”, JSC “Rostovenergo”, JSC “Kalmenergo” had been terminated as a result of consolidation with “IDGC of the South”, JSC was made in the Unified State Register of Legal Entities.

The reorganization of “Kubanenergo”, JSC in the form of affiliation to “IDGC of the South”, JSC was suspended owing to the statement of claim that was brought on 06.03.2008 with regard to “Kubanenergo”, JSC by “Neft-Aktiv”, LLC - a shareholder of “Kubanenergo”, JSC, to hereof registrar – “CMD”, JSC, as well as to “IDGC of the South”, JSC.

June 2008

By a decision of the Arbitration Tribunal of Moscow dated 11.06.2008. confirmed by the court of appeal and court of cassation, the claims were discharged partially, notably: the decision of the extraordinary general meeting of shareholders of “Kubanenergo”, JSC dated January 18, 2008, the consolidation contract dated December 03, 2007 concerning the affiliation of “Kubanenergo”, JSC to “IDGC of the South”, JSC and the transfer act dated 03.12.2007 concerning the transfer of rights and obligations of “Kubanenergo”, JSC to “IDGC of the South”, JSC were nullified.

July 2008

As a result of completion of successive stage of power industry reforming from July 01, 2008 “IDGC Holding”, JSC holds the interest of shares of “IDGC of the South”, JSC at the amount of 51, 66% that had been owned by RAO “UES of Russia”, JSC.

14.09.2007 – 01.12.2010 (in accordance with terms of the contract on transfer of authorities of sole executive body of “Kubanenergo” JSC No, 407/30-1143 dated 14.09.2007) the Company fulfilled the functions of sole executive body of “Kubanenergo” JSC.

At present time the authorized area of “IDGC of the South” JSC are as follows: Astrakhan, Volgograd, Rostov regions and Republic of Kalmykia.

Legal base of the reform

Federal Laws

  • Federal Law No.35-ФЗ dated March 26 of 2003 "On Electric Power Industry" (as amended by Federal Laws No.122-ФЗ dated 22.08.2004, No.211-ФЗ dated 30.12.2004, No.232-ФЗ dated 18.12.2006, No.250-ФЗ dated 04.11.2007);
  • Federal Law No.36-ФЗ dated March 26 of 2003 "On Peculiarities of Functioning of Electric Power Industry in the Transition Period and on Introducing Changes to Some Normative Acts of the Russian Federation in View of Adoption of Federal Law “On Electric Power Industry" (as amended by Federal Laws No.122-ФЗ dated 22.08.2004, No.211-ФЗ dated 30.12.2004, No.232-ФЗ dated 18.12.2006, No.250-ФЗ dated 04.11.2007);
  • Civil Code of the RF No.14-ФЗ dated January 26 of 1996 (as amended by Federal Laws No.110-ФЗ dated 12.08.1996, No.133-ФЗ dated 24.10.1997, No.213-ФЗ dated 17.12.1999, No.152-ФЗ dated 26.11.2002, No.8-ФЗ dated 10.01.2003, No.15-ФЗ dated 10.01.2003, No.37-ФЗ dated 26.03.2003, No.138-ФЗ dated 11.11.2003, No.182-ФЗ dated 23.12.2003, No.189-ФЗ dated 29.12.2004, No.219-ФЗ dated 30.12.2004, No.22-ФЗ dated 21.03.2005, No.45-ФЗ dated 09.05.2005, No.89-ФЗ dated 18.07.2005, No.19-ФЗ dated 02.02.2006, No.276-ФЗ dated 30.12.2006, No.5-ФЗ dated 26.01.2007, No.53-ФЗ dated 20.04.2007, No.118-ФЗ dated 26.06.2007, No.218-ФЗ dated 24.07.2007, No.251-ФЗ dated 04.11.2007, with amendments by Federal Law No.15-ФЗ dated 26.01.1996, by Decree of the Constitutional Court of the Russian Federation No.21-П dated 23.12.1997, by Federal Law No.234-ФЗ dated 25.10.2007);
  • Federal Law No.28-ФЗ dated April 03, 1996 "On Energy Saving" (as amended by Federal Laws No.42-ФЗ dated 05.04.2003, No.232-ФЗ dated 18.12.2006);
  • Federal Law No.47-ФЗ dated August 17, 1995 "On Natural Monopolies" (as amended by Federal Laws No.126-ФЗ dated 08.08.2001, No.196-ФЗ dated 30.12.2001, No.16-ФЗ dated 10.01.2003, No.39-ФЗ dated 26.03.2003, No.58-ФЗ dated 29.06.2004, dated 31.12.2005 No.199-ФЗ (as amended on 29.12.2006), No.62-ФЗ dated 04.05.2006, No.258-ФЗ dated 29.12.2006, No.230-ФЗ dated18.10.2007, No.261-ФЗ dated 08.11.2007);
  • Federal Law No.41-ФЗ dated April 14, 1995 "On State Regulation of Power and Heat Tariffs in the Russian Federation” (as amended by Federal Laws No.33-ФЗ dated 11.02.1999, No.6-ФЗ dated 10.01.2003, No.38-ФЗ dated 26.03.2003, No.125-ФЗ dated 07.07.2003, No.122-ФЗ dated 22.08.2004, No.211-ФЗ dated 30.12.2004, No.147-ФЗ dated 02.12.2005, dated 26.12.2005 No.184-ФЗ, No.199-ФЗ dated 31.12.2005, No.250-ФЗ dated 04.11.2007).

Decrees of Government of the RF

  • Decree of Government of the RF No.81 dated February 16, 2005 " On Identification of Sources to Reimburse Expenses Arising from Support and Execution of Activities by Operating Organizations in the Field of Nuclear Power Use”;
  • Decree of Government of the RF No.861 dated January 27, 2004 "On Approval of Rules for Non-Discriminatory Access to Eclectic Power Transmission Services and for Provision of These Services, Rules for Non-Discriminatory Access to Operation Dispatch Control Services, Rules for Non-Discriminatory Access to Services of Sales System Administrator of the Wholesale Market and for Provision of These Services, and Rules for Technological Connection of Corporate Entities' and Individuals' Power Receiving Devices (Electric Power Installations) to Power Grids";
  • Decree of Government of the RF No.854 dated January 27, 2004 “On Approval of Dispatching Rules in Electric Power Industry”;
  • Decree of Government of the RF No.136 dated March 04, 2004 "On Approval of Standard Provision for Executive Body of the Russian Federation Constituents Functioning in the Field of State Regulation of Tariffs ";
  • Decree of Government of the RF No.123 dated March 04, 2004 (as amended by decree of Government of the RF No.49 dated 01.02.2005) " On Approval of Rules for Revocation of both Tariff Regulation Decisions Made by Executive Authorities of the Russian Federation Constituents and Decisions Made By Institutions of Local Governing in pursuance of their Powers with regard to State Regulation of Tariffs for Thermal Power ";
  • Decree of Government of the RF No.109 dated February 26, 2004 (as amended by Decree of Government of the RF No.893 dated 31.12.2004) "On Pricing for Electricity and Heat in the Russian Federation";
  • Decree of Government of the RF No.24 dated January 21, 2004 (as amended by Decree of Government of the RF No.49 dated 01.02.2005) " "On Approval of Standards for the Information Disclosure by Participants of Wholesale and Retail Power Markets";
  • Decree of Government of the RF No.19 dated January 19, 2004 "On Adoption of Rules for the Approval of Investment Programs of Natural Monopoly Entities of Electric Power Industry";
  • Decree of Government of the RF No.792 dated December 30, 2003 "On the List of Services on Ensuring Operation and Development of the Unified Energy System of Russia";
  • Decree of Government of the RF No.674 dated November 05, 2004 "On Consideration Procedure for Disagreements Arising between Executive Power Bodies of the Subjects of the Russian Federation in the Field of State Regulation of Tariffs, Organizations Carrying out Regulated Types of Activities, and Consumers";
  • Decree of Government of the RF No.648 dated October 28, 2003 (as amended by Decree of Government of the RF No.530 dated 07.10.2004) "On Assignment of Electric Grid Facilities to the Unified National (All-Russian) Power Grid and on Maintaining the Register of Electric Grid Facilities of the Unified National Power Grid";
  • Decree of Government of the RF No.643 dated October 24, 2003 (as amended by Decree of Government of the RF No. 49 dated 01.02.2005 №, No.81 dated 16.02.2005, No.219 dated 15.04.2005) "On the Rules of the Transition Wholesale Power (Capacity) Market";
  • Decree of Government of the RF No.638 dated October 20, 2003 "On Accounting System to be Presented to the Federal Body of Executive Power Regulating Natural Monopolies";
  • Decree of Government of the RF No.516 dated August 22, 2003 "On Threshold Levels of Tariffs for Electric and Thermal Power";
  • Decree of Government of the RF No.881 dated December 21, 2001 "On Criteria of Adhering Main Electric Power Lines and Grid Companies to the Unified National (Russian) Electric Power Grid”;
  • Decree of Government of the RF No.526 dated July 11, 2001 (as amended by Decree of Government of the RF No.49 dated 01.02.2005) "On Restructuring of Electric Power Industry of the Russian Federation";
  • Decree of Government of the RF No.1444 dated December 07, 1998 (as amended by Decree of Government of the RF No. 418 dated 30.05.2000) "On Foundations of Pricing of Electric Power Consumed by Population";
  • Decree of Government of the RF No.1231 dated September 26, 1997 (as amended by Decree of Government of the RF No.226 dated 02.04.2002) "On Stage-by-Stage Termination of Cross-Subsidization in Electric Power Industry and Bringing Level of Power Tariffs for Population to its Actual Production, Transmission and Distribution Cost Level".

Executive Orders of Government of the RF

  • Executive Order of Government of the RF No.865 dated June 27, 2003 (as amended by Executive Orders of Government of the RF No. 1526-р dated 21.10.2003, No. 1739-р dated 28.11.2003, No. 189-р dated 10.02.2004, No. 268-р dated 25.02.2004, No.966-р dated 17.07.2004, No.417-р dated 15.04.2005)(Plan of Events on Restructuring of Power Industry for 2005-2006);
  • Executive Order of Government of the RF No. 1939-р dated December 29, 2003 (On Establishment of Seven Interregional Trunk Grid Companies);
  • Executive Order of Government of the RF No.1754-р dated December 01, 2003 (On Approval of Programme for Changing State Regulated Prices (Tariffs) in Electric Power Industry);
  • Executive Order of Government of the RF No.1254-р dated December 01, 2003 (as amended by Executive Order of Government of the RF No. 1367-р dated 25.10.2004) (On Establishment of Generation Companies of the Wholesale Power Market);
  • Executive Order of Government of the RF No.77-р dated 26.01.2006 “On Contributing Shares of Open Joint Stock Power and Electrification Companies to the Authorized Capitals of IDGCs”.

Orders of Federal Tariffs Service (FTS) and Decrees of Federal Energy Commission (FEC)

  • Order of FTS of the RF No. 43-э/2 dated August 24, 2004 (On Approval of Instructional Guidelines for Calculation of Tariffs for Services Provided to Ensure Functioning of the Trading System of the Wholesale Power (Capacity) Market);
  • Order of FTS of the RF No. 44-э/3 dated August 24, 2004 (On Approval of Instructional Guidelines for Calculation of Cost of Deviations of Real-Time Quantities of Electric Power Produced (Consumed) by Market Participants from the Volumes Preplanned in Hourly Production (Consumption) Schedule);
  • Order of FTS of the RF No. 20-э/2 dated August 06, 2004 (On Approval of Instructional Guidelines for Calculation of Regulated Tariffs and Prices for Electric (Thermal) Power in the Retail (Consumer) Market");
  • Decree of FEC of the RF No. 66-э/1 dated August 25, 2003(as amended by Decree of FEC of the RF No.78-э/6 dated 25.09.2003, No. 81-э/17 dated 01.10.2003, No.83-э/5 dated 08.10.2003, No. 95-э/7 dated 19.11.2003; Orders of FTS of the RF No.97-э/8 dated 28.09.2004, No.132-э/6 dated 19.10.2004) (On Threshold Levels of Tariffs for Electric and Thermal Power for 2004).

Documents of “IDGC of the South” JSC

Find the approved documents here.

Swap ratio of DGC shares in “IDGC of the South shares

The Board of Directors of RAO “UES of Russia”, JSC has approved the additional emission of 80 789 200 000 units of ordinary registered shares of “IDGC of the South”, JSC as well as the ratios of conversion of DGC shares into additional ordinary shares of JSC “IDGC of the South” (Minutes No.266 dated 30.11.2007).

Later at the meeting the Management Board of RAO “UES of Russia”, JSC performing the function of the extraordinary general meeting of shareholders of “IDGC of the South”, JSC has adopted the decision about the increase of the authorized capital of “IDGC of the South”, JSC by means of placement of additional ordinary registered shares through conversion of affiliated companies` shares into them and the conversion ratios of shares have been approved:

The following shares shall be converted into one additional ordinary share of “IDGC of the South”, JSC:

  • 44037/129991 of the ordinary share of “Astrakhanenergo”, JSC at par value 2 (two) rub;
  • 44037/2808059 of the ordinary share of “Volgogradenergo”, JSC at par value 1 (one) rub;
  • 44037/2571621 of the preference share of “Volgogradenergo”, JSC at par value 1 (one) rub;
  • 44037/76504916 of the ordinary share of “Kubanenergo”, JSC at par value 100 (a hundred) rub;
  • 44037/228062 of the ordinary share of “Rostovenergo”, JSC at par value 1 (one) ruble;
  • 44037/208859 of the Type A preference share of “Rostovenergo”, JSC at par value 1 (one) rub;
  • 44037/1159650 of ordinary share of “Kalmenergo”, JSC at par value 4 (four) rub.

The appraisal of property that shall be accepted in payment of additional shares of “IDGC of the South”, JSC is determined in accordance with the Federal Law “On Joint Stock Companies” on the basis of appraisal of the market value of shares of the companies participating in reorganization which has been performed by the consortium of evaluating companies represented by “Ernst & Young – Cost Consulting”, LLC, “International evaluation centre”, CJSC “ENPI Consult”, CJSC.

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