OREANDA-NEWS. On 9 September 2009 was announced, that the meeting of the Board of Directors of JSC Irkutskenergo took place in Moscow. The meeting studied the Company’s activity and made the following decisions:

·        To take into consideration the report of General Director and the Management Board of JSC Irkutskenergo on execution of the business plan of the Company for the first half-year of 2009. According to the presented documents, in the first half-year of 2009 the volume of production of electric energy was 27,889m kW*h, thermal energy – 13,702k Gcal. Proceeds from sale of the main products within the half-year was RUR 18,293m.

·        To take into consideration information about preparation and passing by JSC Irkutskenergo of the heating season in the autumn and winter of 2009-2010. The schedule of work of the committees for execution of preparation of the branches for work in the autumn and winter is being developped and coordinated with Rostekhnadzor, EMERCOM and Irkutsk Regional Dispatch Administration, a branch of JSC “System Operator of the Unite Energy System”. It is planned to end the checks of preparation of the branches for loadings in the autumn and winter of 2009-2010 by 16 October, 2009. The repair of energy equipment of JSC “Irkutskenergo” will take place under approved annual plans. There have been no schedule breakdowns.

·        To take into consideration information about inclusion of the bonds of JSC Irkutskenergo in the Lombard list of the Bank of Russia from 15 June, 2009, in particular: JSC Irkutskenergo is included in the list of system-forming organisations approved by the Governmental Committee for Improvement of Reliability of Development of Russian Economy; bonds of JSC Irkutskenergo were included in the quotation list A of the second level at JSC MICEX Stock Exchange. At the present moment JSC Irkutskenergo is negotiating with credit organisations, including JSC GLOBAXBANK and Sberbank of Russia for help in inclusion of the bonds of JSC Irkutskenergo in the Lombard list; work with rating agencies on definition of the credit rating of JSC Irkutskenergo has started.

·        To take into consideration information about spending of the remaining net income of JSC Irkutskenergo. According to the report for the first half-year of 2009, actual use of income was RUR 2,802,416k. At the present moment the company continues execution of its investment projects: replaces runners at Bratskaya hydro power station, Malyi Yug hydro power station, etc. Also, within the Agreement on social and economic cooperation signed between the administration of the Irkutsk Region and JSC Irkutskenergo, in 2009 JSC Irkutskenergo financed regional social events. Thus, in the first half of 2009 the net income was, according to the decision of the General Meeting of Shareholders, used for the following goals: for investment activities – RUR 345,320k (including for production goals – RUR 341,081k. non-production goals – RUR 4,239k), regional social activities – RUR 68,126k, supplementation of circulating assets – RUR 2,388,970k.

·        To take into consideration information about events necessary for provision of a constant work of the thermal heat power station of JSC Baikal Pulp and Paper Plant in the future autumn and winter. For passing of the autumn and winter of 2009-2010 the company reached an agreement with the Government of the Irkutsk Region and JSC Irkutskenergo about lease of a site of thermal networks of “Baikal Pulp and Paper Plant – City” by the energy company for compensation of costs of the combiner for work of the thermal heat power station. The company plans to purchase thermal energy of Baikal Pulp and Paper Plant by the tariff 879RUR/Gcal (the tariff approved by the Regional Tariff Service for Baikal Pulp and Paper Plant at a non-working combine) with the following execution by the municipal unitary enterprise of Baikalsk under the tariff approved by the Regional Tariff Service for JSC Irkutskenergo – 421 RUR/Gcal. The outstanding income of JSC Irkutskenergo will be included in the tariff for thermal energy in 2010. The participants of the Board of Directors note that the Company executes all obligations taken by it for preparation of the city of Baikalsk to timely start of the heating season.