Innovation Fund of Electrical Power Industry may be Founded in 2002

The Board of Directors of RAO UES of Russia will discuss the question of founding a non-commercial partnership called The Innovation Fund of the Electrical Power Industry at its next meeting. A RAO UES spokesman told RBC that the committee on reforms of the RAO UES Board of Directors had recommended that RAO UES should agree to participate in the Innovation Fund by means of making a financial contribution of RUR500,000 ($15,750) to the partnership. It is also planned to contribute intellectual property and research results to the partnership.

The Federal Grid Company and the System Operator will also contribute RUR500,000 ($15,750) each to the authorized capital of the new organization. Additionally, the managing companies, the wholesale generating companies, power utilities and power plants will also be allowed to make their contributions.

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