OREANDA-NEWS. August 20, 2007. FTS Inter-District Inspection № 46 of the City of Moscow registered the Bylaws of Joint Stock Company Interregional Distribution Grid Company of Center (new edition).

JSC IDGC of Center bore the name of JSC IDGC of Center and North Caucasus till August 6, 2007.
JSC IDGC of Center is a 100% affiliate of OAO RAO UES of Russia with a 10 million ruble authorized capital.

The JSC IDGC of Center configuration was approved by Resolution №250 of the Board of Directors of OAO RAO UES of Russia dated April 27, 2007. According to this resolution the following DGCs were included in the Company: JSC Belgorodenergo, JSC Bryanskenergo, JSC Voronezhenergo, JSC Kurskenergo, JSC Kostromaenergo, JSC Lipetskenergo, JSC Tverenergo, JSC Smolenskenergo, JSC Orelenergo, JSC Tambovenergo, JSC Yarenergo.

The basis of the new configuration is the principle of territorial conjugacy and comparable cost of assets of the distribution grid companies included into the IDGC. It keeps the existing technological connections between thew DGCs within the IDGC. The present configuration was also supported by main minority DGC shareholders.

As a result of reorganization, JSC IDGC of Center will be established as a single operational (production) company with a comparable market value of assets of approximately 30 billion rubles. It is planned to finish the target structure of JSC IDGC of Center by connecting the above mentioned DGCs and proceed to a single share. The share of OAO RAO UES of Russia in the authorized capital shall be no less than 50% + 1 share.

“At the moment within the framework of the reorganization, measures on share estimation of dependent regional grid companies have been already taken, and an inventory is being carried out in the IDGC and DGCs, which should be finished by August 31, 2007”, said Konstantin Kotikov, Deputy General Director on Corporate Management of JSC IDGC of Center. “The Boards of Directors elected an appraiser of share value. The evaluation should be done by October of the current year. Thereafter, the swap ratio of DGC shares into JSC IDGC of Center shares will be determined. Presently, measures are being carried out according to the schedule approved by the Board of Directors of the Company. It is planned to finish IDGC reorganization by joining the 11 above mentioned DGCs no later than the third quarter of 2008”.