Inter RAO UES will open a mission in the Republic of Cuba

Inter RAO UES will open a mission in the Republic of Cuba
09.03.2010, 23.53

MOSCOW, March 9 (Itar-Tass) -- Russia's electricity export-import
operator Inter RAO UES will open a mission in the Republic of Cuba, an
official at the Russian company told Itar-Tass, summing up results of
Tuesday's meeting of the Inter RAO UES Board of Directors.

"The mission will be set up to support the company's activities and
efficient development of Inter RAO UES business presence in Cuba and in
Latin American countries, as well as to take part in the creation of a
joint venture," the official said.

"The joint venture will be set up by Inter RAO UES and Cuba's
state-owned business company Union Electrica on the parity basis," the
official added.

In his words, the joint venture's pilot project will focus on the
upgrading and extending of the existing facilities of the Maximo Gomes
Thermal Power Plant (capacity 600 megawatts) in the town of Mariel.

The main tasks of the joint venture embraces the power plant's
management, upgrading of existing and construction of new
electricity-generating units, as well as supply of equipment and
required materials, the official said.

The Maximo Gomes TPP project is of strategic priority for the Cuban economy.

"It will be implemented in the format of the interstate agreements on
the enhancement of Russian-Cuban energy cooperation," the Inter RAO UES
official said.

"That is the long-term and infrastructure project, which envisages
upgrading of four existing 100-megawatt power units and construction of
two 100-megawatt power units," the official said.

Inter RAO UES is a Russian trans-national energy company, which controls
several generation, distribution and trading assets in Russia and abroad.

The aggregate capacity of the power plants controlled by the company is
about 18,000 megawatts. Inter RAO UES is a Russian electricity trading
and holding company.

The present-day company, incorporated in 2008 as an open type
corporation, is a successor to the eponymous company, which was
established by RAO UES in May 1997 with the purpose to consolidate
energy generation and sales on foreign markets.

As of July 2008, Inter RAO UES is owned by the state-run Russian Atomic
Energy Agency (60 percent) and Russian Nuclear Energy Producer
Energoatom (40 percent), but the company statute allows divestment of
non-controlling shares to private investors.

The mission of Inter RAO UES is to organize cross-border deliveries of
electricity, provide it to consumers in this country and abroad, make
effective investments, and expand the range of services provided. The
company consistently implements Russia's energy strategy as regards the
Russian power industry reform by improving the performance of its
trading operations and expanding its target markets and the scope of its
activities.

Inter RAO UES is a fast growing transnational company. Currently, Inter
RAO UES heads a group of more than 20 companies based in fourteen
countries. By acquiring foreign assets, the company significantly
consolidates its position in commercially attractive electricity markets
in Europe, the South Caucasus, the Far East and Central Asia, fuelling
the growth of the Russian economy.

ITAR-TASS (10 March 2010)
http://itar-tass.com/eng/level2.html?NewsID=14899738&PageNum=0