Prime-Tass English-language Business Newswire
April 23, 2004

Russia’s UES interested in Turkey’s power distribution assets

YEREVAN, April 23 (Prime-Tass) — Russia’s power grid monopoly UES
plans to participate in the announced privatization of Turkey’s power
distribution networks, Armenia’s Energy Minister Armen Movsisyan told
reporters Friday.

UES plans to start power exports from Armenia to Turkey, and
therefore plans to purchase distribution networks in Turkey, he said.

Meanwhile, Armenia’s International Power Corporation (IPC) plans to
suspend power exports to Georgia from May 1, because currently
Georgia has enough own power to meet domestic demand.

IPC is an Armenia-based subsidiary of power grid monopoly UES.

In December 2003, IPC obtained a 15-year license to export electric
power from Armenia to Georgia’s power distribution network Telasi,
controlled by UES.

In January-March, IPC exported 207.4 million kilowatt-hours (kWh) of
electric power to Georgia. End