OREANDA-NEWS. June 25, 2012. Annual General Meeting of OGK-1 approved the Annual Report of OGK-1 for fiscal year 2011 and Annual Accounting Statements of OGK-1 for fiscal year 2011, including Profit and Loss Statement.

Revenue of OGK-1 in 2011 was 68.71 billion RUB, an increase of 21.67 % compared to 2010. Revenue growth was driven by 5.05 % increase in electricity generation due to growing power consumption by industrial consumers in the regions where our generation assets are located. Another contributing factor was 12 % price growth in unregulated segment of the Wholesale Electricity Market.

Cost of goods sold for 2011 increased by 23.08 % to 62.55 billion RUB. Cost of electricity increased by 28 % primarily due to growing fuel prices (up 21.4 %) and cost of electricity purchased to deliver on bilateral agreements (up 38.5 %). Electric power costs increased by 8 %, and heat costs increased by 10.3 %.

Sales profit was 5.05 billion RUB for the reporting period, up 8.65 % compared to 2010.

OGK-1 reported net profit of 2,901,501 thousand RUB from financial and operational activities for 2011, up 5.24 % from 2010.

Annual General Meeting of OGK-1 resolved not to pay dividends for 2011. Shareholders are to allocate profits to investments (2,756,426 thousand RUB) and to reserve fund (145,075 thousand RUB).

Shareholders appointed Ernst & Young the auditor of the company for 2012, same as in 2011.

The Annual General Meeting elected the Board of Directors of OGK-1. 14 candidates were nominated for 11-member Board.

The new Board of OGK-1 was elected as follows:

№

Full Name

Job title and employer at the time of nomination

1.

KOVALCHUK
Boris Yurievich

Chief Executive, INTER RAO UES

2.

SHCHERBAKOV
Yury Alexandrovich  

Head of Treasury Department, INTER RAO UES

3.

PANKRATOVA
Olga Alexandrovna 

Head of Operational Performance Analysis Department, Operations Unit, INTER RAO UES

4.

EDAKOVA
Marina Viktorovna 

Manager of Operations Audit, Internal Control and Audit Department, OGK-3

5.

KONSTANTINOV
Mikhail Vladimirovich

Director of Corporate Governance, Corporate and Owner Relations Unit, INTER RAO UES

6.

OPALIN
Igor Igorevich

Deputy Head of Capital Construction and Engineering Center, INTER RAO UES

7.

BADENKOV
Anton Yurievich 

Advisor to Chief Executive of INTER RAO UES

8.

CHUCHAEVA
Svetlana Yurievna

Head of Corporate Relations Department, INTER RAO UES

9.

SOKOLOV
Leonid Dmitrievich

Deputy CTO and Director of Technology, INTER RAO —  Management of Electric Power Plants

10.

MIROSHNICHENKO
Evgeny Nikolaevich

Director of Strategic Development, Strategy and Investments Business Unit, INTER RAO UES

11.

MURGULETS
Valery Valerievich

Director of Investments, Finance and Accounting Center, INTER RAO UES

The Annual General Meeting also elected the following nominees to the Audit Committee of OGK-1:

№

Full Name

Job title and employer at the time of nomination

1.

RYZHKOVA
Elena Gennadievna

Director of Internal Audit, Internal Audit, Control and Risk Management Unit, INTER RAO UES

2.

IVANOVA
Elena Fedorovna

Director of Audit and Internal Controls, INTER RAO — Management of Electric Power Plants

3.

ANANYEVA
Natalya Alexandrovna

Head of International Asset Audit Directorate, Internal Audit, Control and Risk Management Unit, INTER RAO UES

4.

MANSUROVA
Sofia Sergeevna

Head of Engineering Asset Audit Directorate, Internal Audit, Control and Risk Management Unit, INTER RAO UES

5.

KULIKOV
Vasily Borisovich 

Head of Purchasing Audit Directorate, INTER RAO UES

Shareholders also approved a number of related-party transactions.