History
January of 2002
Under reforming in the electric power industry Board of Directors in JSC RAO “UES of Russia” arrived at decision on incorporation of JSC “Federal Grid Company of Unified Energy System” as an organization for the Unified national (All-Russia) electric grid (UNEG) management with a view to provide its maintenance and enhancement, as well as national policy in the electric power industry.
June 25, 2002
State registration of JSC FGC UES was performed. The sole promoter in FGC was RAO “UES of Russia”. Under incorporation RAO UES transferred the backbone electric grid complex relating to UNEG to the company authorized capital.
July of 2002
Regulation of the Russian Federation Government No. 526 “On reforming in the power industry of the Russian Federation”, where the Unified energy system of Russia under JSC FGC UES control was declared to be “the nationwide endowment and energy preparedness guarantee” of the state, was published.
June of 2003
Federal Grid Company obtained a financial autonomy: decree of the Federal Energy Commission of the Russian Federation included JSC FGC UES in the Register of subjects in natural monopolies in the fuel and energy complex, to which governmental regulation and supervision were applied, as well as in the register of commercial organizations – participants in the wholesale generating capacity market. FGC service fee for electric energy transmission was approved by the same Decree.
December of 2003
Formation of the company structure was completed. At the same time Board of Directors in FGC approved “The principal provisions for UNEG development strategy for the decennial period”. Objectives and guidelines for development in the grid infrastructure were determined in that document with regard to UNEG contribution to unity of the electric energy space in Russia.
June of 2004
The Standart and Poor’s agency was the first to confer ratings to JSC FGC UES: B/positive according to the international scale and ruA+ according to the national scale. Subsequently, S&P confirmed and reconsidered its ratings pertaining to FGC to improve – from B to BB+.
December of 2004
JSC FGC UES successfully performed issue of the first bonded loan to the amount of 5 bln rubles with a circulation period of 3 years. Company put five series of bonds with a volume of 30 bln rubles into circulation in all. As of today bonds from series 02, 03, 04 and 05 to the amount of 7 bln, 7 bln, 6 bln and 5 bln rubles with the relevant circulation periods – five, three, five and three years are circulated.
February of 2006
Moody’s agency conferred ratings (P)Baa2 according to the international scale and Aaa.ru on the national scale to Federal Grid Company. Year later Moody’s agency revised ratings accordingly to Baa2, stable forecast and Aaa.ru.
December of 2006
Consolidation of UNEG facilities within framework of Federal Grid Company was at closing stage: 55 from 56 Backbone grid companies (BGC) were created, all BGC facilities (facilities 220 kV) were placed under FGC operational service. Hence, in one year the total length of transmission lines serviced by JSC FGC UES increased in 2.6 times – up to over 120 thous km, number of substations increased in 6 times and comprised more than 800 facilities.
March of 2007
FGC UES completed placement of additional shares issue. The result was that share of JSC RAO “UES of Russia” in the company authorized capital decreased up to 87.56%, government take represented by the Federal Property Management Agency comprised 12.44%. Board of Directors in RAO “UES of Russia” arrived at decision on takeover of the Backbone grid companies and Interregional grid companies to FGC UES in the course of RAO restructuring. The selected simultaneous consolidation path would enable to unite all UNEG grids in RAO “UES of Russia” Holding company under FGC UES faster, as well as would open the door for FGC investments in development of the regional backbone grids 220 kV.
April of 2007
Moody’s Investors Service confirmed the rating Ваа2 for JSC FGC UES, at the same time cancelled its intermediate status (previous rating (Р)Ваа2).
August of 2007
The Federal Financial Markets Service of Russian Federation registered additional issue of registered ordinary uncertificated shares in JSC FGC UES which were placed as private offering. Number of securities in the additional issue - 120 bln shares, par value of each security in additional issue – 50 copecks. Overall volume of the additional issue – 60 bln rubles.
November of 2007
Board of Directors in JSC FGC UES arrived at decision on 100-percent subsidiaries on basis of the company affiliates: JSC “Elektrosetservice UNEG”, JSC “Glavsetservice UNEG” and JSC “Centre for engineering and construction management UES”. The transformation of affiliates into market companies enabled to form a competitive environment around FGC as for technical maintenance and repair services, raise the core business effectiveness through the increased effective application of funds for repair work and technical maintenance, engineering and construction, as well as through reduction in production operation costs.
March of 2008
Federal Grid Company completed placement of the second additional shares issue, which was registered on August 23, 2007. Actually 114 965 254 235 shares with a par value 50 copecks either 95.8% of total securities subject to floatation were placed. Offering price comprised 59 copecks. The shares were placed on private offering to the advantage of RAO “UES of Russia” and the Russian Federation. Authorized capital in JSC FGC UES was increased from 180 691 103 960 rubles up to 238 173 731 077.5 rubles following the additional issue results. JSC FGC UES would channel funds raised from floatation for the investment program.
May of 2008
Board of Directors in JSC FGC UES approved the Five-year investment program for 2008-2012. In the course of program company plans to set in operation over 60 new substations and reconstruct 89 operating substations, construct more than 22 thous km of new transmission lines, introduce more than 77 thous MVA of transformer capacity and over 15.5 thous Mvar of reactor power. As a consequence the length of transmission lines in Unified national electric grid will be increased by 25%, and the installed UNEG transformer capacity will grow by 20%. Volume of investments will exceed 1 trillion rubles in five years.
June of 2008
Ordinary registered shares of JSC FGC UES were listed at Russian stock exchange markets RTS and MICEX. Listing of shares was performed in accordance with the program for entering of securities to the stock market and upsurge in their liquidity. On June 30, 2008 an annual General meeting of shareholders of JSC FGC UES took place where the key issues regarding company’s activities were considered and the new Board of Directors was elected.
July of 2008
On July, 1 due to completion of reformation of JSC RAO “UES of Russia”, a reorganization of JSC FGC UES was performed through consolidation to the company of JSC RAO “UES of Russia”, JSC “State Holding”, JSC “Minoritary Holding FGC UES” as well as 54 backbone grid companies (MSKs) and 7 inter-regional backbone grid companies (MMSKs). Shares of all consolidated companies were converted to ordinary shares of JSC FGC UES. All shares of JSC “State Holding” (ordinary and preference) were converted to additional ordinary shares of JSC FGC UES.
On July 16 auctions of ordinary registered uncertified shares of JSC FGC UES were started at RTS and MICEX. Shares of Federal Grid Company were included into quotation list “B”, they received trading code FEES.
During the final stage of reorganization of JSC RAO “UES of Russia” a program of global depository receipts of JSC FGC UES was launched.
Circulation of GDR is performed at a over-the-counter market outside Russian Federation. According to a decision of the Federal service for finance markets the number of shares of JSC FGC UES, circulated outside the Russian Federation, shouldn’t exceed 283.3 bln shares, i.e. approximately not more than 20% of a registered capital of JSC FGC UES according to reorganization results.
August of 2008
Russian stock exchange markets RTS and MICEX introduced JSC FGC UES shares to the list for calculation of indices. RTS included ordinary shares of Federal Grid Company into the new version of RTS Index and Industrial RTS Index – Electric Power Industry. MICEX decided to include ordinary shares of JSC FGC UES into the database for calculation of electric power industry index MICEX PWR, in this case the calculated weight of JSC FGC UES in the index comprises about 12%.
October of 2008
Standard & Poor's confirmed long-term credit ratings of the Federal Grid Company for liabilities in foreign and national currency at the BBB level, by national scale – at the level ruAAA. The forecast is stable.
The Board of Directors of JSC FGC UES made a decision to increase the registered capital of JSC FGC UES by means of allocation additional ordinary registered shares in the amount 146,500,000,000 shares for the total amount 73,250,000,000 rubles. Allocation of shares from the additional issuance is planned for January 2009.
December of 2008
On December 23 JSC FGC UES paid the seventh coupon yield for bond certificated of series 02 in the amount of 287,980,000 rubles. The total amount paid by the Federal Grid Company to holders of bond certificates in 2008 comprised over 8.88 bln rubles. At the end of the year the company implemented its liabilities regarding bond loans in full amount.
On December 25 the Federal Service for Financial Markets of the Russian Federation registered a decision on additional issue and a prospect of securities – ordinary registered uncertified shares of JSC FGC UES, allocated by means of public offering in the amount 146.500.000.000 shares. The issue has state registration number 1-01-65018-D-101D.