RAO UES insists on guarantees for private investments in energy sector

RAO UES top managers will by all means insist on guarantees for private investments in the Russian energy sector, RAO UES CEO Anatoly Chubais announced speaking at the annual shareholders' meeting today. Chubais believes low tariffs on energy resources debar private investments. He added that RAO UES managers had proposed to set up an investment guarantee fund, although some small shareholders had disapproved of this initiative.

The company's average annual generating capacities increased by 1,100 mW over the past 5 years. Meanwhile, RAO UES plans to add another 2,150 mW of generating capacities in 2003. The total of capital investments spent by RAO UES in 2002 jumped by 34 percent to RUR60.4bn (about $1.97bn).

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