28 Dec 2011 07:00
Board of Directors Approves Management Board Changes
Moscow, 28 December 2011 - Federal Grid Company of Unified Energy System ("Federal Grid Company" or the "Company") (MICEX-RTS, LSE: FEES), the operator and manager of Russia's unified electricity transmission grid system, announces that on 26 December 2011 the Company's Board of Directors passed the following resolutions:
1. To dismiss First Deputy Chairman of the Management Board Alexander Vitalievich Bobrov from his position, effective immediately;
2. To dismiss Deputy Chairman of the Management Board Dmitry Borisovich Gvozdev from his position, effective immediately.
Both Mr. Bobrov and Mr. Gvozdev no longer hold any positions at the Federal Grid Company.
The resolutions were approved by absentee vote.
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About Federal Grid Company
Federal Grid Company is the operator and manager of Russia's unified electricity transmission grid system. With over 121,000 km of transmission lines and over 311 thousand MVA of installed transformer capacity, it is the largest publicly traded electricity transmission company in the world. The Company's business is to provide transmission and connection services to the Russian wholesale electricity market. It maintains and develops the electrical grid system and supervises grid facilities and infrastructure in the 73 regions of Russia where it operates. Federal Grid Company's customers are regional distribution companies, retail electricity suppliers and large industrial enterprises. The Company operates in an exclusive, competition free environment, and is regulated by the Government of the Russian Federation. The Company's revenue is mainly driven by the transmission tariff set by the Regulator, the Federal Tariff Service. From 1 January 2010 a new RAB (Regulatory Asset Base) tariff framework, designed to stimulate investment and operating efficiency, was introduced. The Company was incorporated in 2002 as part of the reorganization of Russia's electrical power industry. The Russian Government is the largest shareholder with a 79.48% stake.
Federal Grid's common shares are included on the MICEX-RTS stock exchange under the ticker FEES. The Company's GDRs are listed on the London Stock Exchange and traded under the symbol FEES.
Further information can be found at www.federal-grid.com
FEES.L (FEES)