RUSSIA ELECTRICITY GIANT TO INVEST $20 MLN IN ARMENIA POWER GRID

RIA Novosti, Russia
September 26, 2006

YEREVAN, September 26 (RIA Novosti) – A subsidiary of Unified Energy
System [RTS: EESR] said Tuesday it would invest $20 million in
Armenia’s electric power grid by the end of the year.

On Tuesday Inter RAO UES officially took possession of 100% shares in
Armenian Electric Power Networks JSC servicing about 913,000 consumers
in the South Caucasus republic.

Yevgeny Tod, director general of Inter RAO UES, said the investment
would focus on projects designed to cut electric power losses, improve
energy supplies and upgrade power units of the Armenian power grid.

RAO UES owns 60% of stock in Inter RAO UES and the Federal Agency for
Nuclear Power holds 40%. The company, which has an authorized capital
of 160 billion rubles ($6 billion), handles imports and exports of
electric power, and runs energy assets in and outside Russia.