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Gold/Mining/Energy : Mosenergo ADR
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To: Copperfield who started this subject11/26/2003 12:15:16 PM
From: Copperfield   of 241
 
AO MOSENERGO to become a participant in the free-trade sector at FOREM

21.11.2003

AO MOSENERGO plans to enter the free market at FOREM. Currently, the Company is undergoing procedures in order to receive access to this market.

The trial electricity market (5-15) at FOREM was launched on November 1, 2003. This trial market is only in the making. In the first ten days, market turnover exceeded 100 mn rubles or 158 mn kWt-h, which is around 1% of the total consumption in the European part of Russia. The introduction of market mechanisms led to lower wholesale prices. As a result, the price differential between the regulated and free segments is around 1.5 kopecks/kWt-h. RAO UES experts expect prices to decrease even further after the main bulk of sellers and buyers access 5-15 market.

AO MOSENERGO buys a great deal of electricity at FOREM. Hence, trades in 5-15 market will help the Company save considerable amounts of money. In addition, delivery time in free trading has been reduced to 1 hour compared to 1 month at FOREM. In these conditions AO MOSENERGO has the opportunity to purchase electricity almost immediately.

At present, AO MOSENERGO specialists draft agreements with potential partners at 5-15 market. They also check the technical preparations of the Company for electricity trading.
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