OREANDA-NEWS. December 20, 2007. The Board of Directors has approved the execution of the contract on provision of power to the wholesale market between JSC OGK-5, ZAO Centre of Financial Settlements and NP Administrator of Trading System of Wholesale Power Market of Unified Energy System, the press service of OGK-5 announced.

The contract envisages provision of power to the wholesale market within the framework of the implementation of the investment projects for construction of new CCGT units at Sredneuralskaya and Nevinnomysskaya GRES with the total capacity of more than 800MW.

The contract takes into account the notes of the parties voiced during active discussion, and will be executed at mutually profitable conditions.

Moreover, the Board of Directors considered a number of internal issues of the company, in particular, the issue about the increase of OGK-5's five-year investment programme for 2007-2012.

The Board approved the investment ideas for the construction of a CCGT unit at Sredneuralskaya GRES (Unit 13) with estimated commissioning in 2012, construction of a 500-600MW pulverized coal unit (Unit 11) at Reftinskaya GRES with estimated commissioning in 2012, and the project for the reconstruction of Units 7-10 at Reftinskaya GRES with estimated commissioning in 2013-2016. The Board ordered the management of OGK-5 to develop business plans for the said projects, as well as proposals for possible financing sources. As of today, the project for the construction of two 400-MW CCGT units at Konakovskaya GRES (Units 9 and 10) was excluded from the list of investment ideas.