OREANDA-NEWS. April 4, 2008. The chairman of the Board of Directors of RAO UES Russia Alexander Voloshin, the president  of the Development Bank Vladimir Dmitriyev, the director general of Rosatom State Nuclear Energy Corporation Sergey Kiriyenko, the deputy minister of economic development and trade of Russia Andrey Klepach and the industry and energy minister of Russia Viktor Khristenko have been elected into the new Board of Directors of Sochi TPP OJSC.

Presently, RAO UES is creating a new company on the basis of Sochi TPP. That company will consolidate the assets of INTER RAO UES and a number of power plants and will be renamed into Inter RAO OJSC.

The new Board was elected during a special meeting of the Board of Directors of RAO UES (Sochi TPP is 100% subsidiary of the holding).

The board consists of 11 people, among them, the head of Rosenergo Dmitry Akhanov, the deputy minister of industry and energy Andrey Demetyev, the director general of INTER RAO Yevgeny Dod (he was elected the chairman of the board), the head of the Federal Network Company and the acting chairman of the Board of Directors of INTER RAO Andrey Rappoport, the director general of Romenergoprom Vladimir Travin and the managing director of Troika Dialogue Andrey Sharonov.

A reliable source has told Interfax that in the future the Board will be chaired by the industry and energy minister of Russia V.Khristenko while Rappoport will focus on the management of FNC.

INTER RAO CJSC specializes in export and import of electricity, owns energy assets abroad, first of all, in the CIS, and manages a number of power plants in Russia. 60% of its shares belong to RAO UES Russia, 40% to Rosenergoatom Concern.

As a result of the reforms in the energy sector, INTER RAO UES will be reorganized into Inter RAO OJSC and will consolidate Sochi TPP, North-Western TPP, Kalinin NPP-2 and Ivanovo Combined Cycle Plant on the basis of Sochi TPP OJSC, which will be later renamed into Inter RAO OJSC.

After consolidation, over 52% of Inter RAO will be given to the state (represented by Rosatom State Nuclear Energy Corporation) with the rest to minority shareholders.

Meanwhile, before consolidation, INTER RAO is planning to issue additional shares and to give it to Development Bank (Vnesheconombank, VEB). If this happens the situation will change: VEB will gain blocking shareholding, Rosatom will have 48%, with the rest to be left in the hands of minority shareholders.