OREANDA-NEWS. On October 18, 2007 RAO "UES of Russia" held an Investment Session to assess the progress made in implementing the WGCs' and TGCs' investment programmes. The Session was chaired by RAO UES CEO Anatoly Chubais, reported the press-centre of RAO "UES of Russia".

Progress reports on the implementation of the companies' investment programmes were presented by the General Directors of WGC-1, WGC-3, WGC-4, WGC-5, TGC-5, TGC-6, TGC-9, TGC-10, Mosenergo, Southern TGC-8, and Volzhskaya TGC.

The companies' progress was assessed using following criteria: the status of feasibility studies; the status of the companies' business plans; conclusion of contracts to supply equipment, fuel and capacity; status of EPC and EPCM contractor selection; and readiness of the land plots. One more assessment criterion was adherence of construction and installation to the approved schedules.

As a result of the review, nearly all generation received positive assessment of the work done.

The only exception was OAO "WGC-3". Anatoly Chubais said that such poor performance of WGC-3 in implementing its investment programme was due the fact that the company's new owner was unwilling to abide by its obligations related to investment projects contained in the Memorandum of Understanding signed by RAO "UES of Russia" as a Seller and the company of RAO Norilsk Nickel which purchased the WGC-3 shares.

According to Mr. Chubais, RAO UES will take all necessary measures to cause the new owners of WGC-3 to perform their investment obligations.