OREANDA-NEWS. June 22, 2007. At a regular meeting, the Board of Directors of OJSC Territorial Generating Company No. 5 (TGC-5) appointed Eduard Smelov, IES-Holding Senior Vice-President for Strategy and Development, new General Director. Vladimir Lebedev, ex-General Director, was elected Chairman of the TGC-5 Board of Directors. 

When commenting on this decision at the press-conference devoted to the TGC-5 management reshuffle, Vladimir Kolushov, Executive Director of RAO UES of Russia Business Unit No. 1, spoke highly of the measures taken by the TGC-5 management such as conducting an additional share issue and developing the company's strategy and the investment programme. Vladimir Kolushov also noted that "personnel-related decisions that have been developed based on a well-balanced position of RAO UES and IES-Holding will enable to a full extent implement the TGC-5 strategy". Vladimir Levedev will represent the RAO UES position and focus on the reform objectives. IES-Holding, represented by Eduard Smelov, will concentrate on the operational activities to ensure, among other things, that the company is ready for the autumn-winter period.

When commenting on this decision Vladimir Lebedev pointed out, "IES-Holding took an active part in the development of the TGC-5 investment programme. Eduard Smelov has been closely cooperating with TGC-5 and has been working on the company's investment programme since IES-Holding became its shareholder". "Smelov's appointment is a logical decision on the part of IES-Holding as no one else knows TGC-5 and its activities better than Mr. Smelov", noted Vladimir Lebedev, the new Chairman of the Board of Directors. 

Eduard Smelov, in his turn, said, "Electing Vladimir Lebedev Chairman of the Board of Directors will provide a highly efficient management and will enable the powers to be delegated to the new general director step by step".

Speaking about the TGC-5 strategy until 2010 Eduard Smelov noted that "the strategy had been developed by the management team in cooperation with the company's shareholders, RAO UES and IES-Holding, and was approved at the end of the last year; at present, however, the strategy is being updated to be brought in line with the conditions brought about by the new model of the wholesale electrical power market".