Enel OGK-5 shareholders vote against dividends
MOSCOW. June 15 (Interfax) - Shareholders in the Enel OGK-5 generating company voted at their AGM to waive dividends for 2010, an Interfax correspondent reports from the meeting.
The company will use 3.8 billion rubles of last year's 5.8 billion rubles net profit to cover losses for past years, put 291.3 million rubles into its reserve fund and retain 1.855 billion rubles.
The losses in question relate to 2006, when OGK-5 took on the Konakovskaya and Nevinnomysskaya state district power plants and their own losses.
Enel OGK-5 last paid dividends for 2006, at 0.634689 kopecks a share. Management said last year that it would be prepared to pay dividends once investment projects are completed in full. The company is currently rounding off the construction of two turbines, one at the Nevinnomysskaya and the other at the Sredneuralskaya state district power plants, slated for commissioning at the end of May and in July, respectively. This will mark the end of the company's compulsory investment program in accordance with capacity contracts.
Enel's CFO Luigi Ferraris; director of business development Francesca Gostinelli; and Dmitry Akhanov, a former Rosenergo chief and top manager at RAO UES of Russia, were not elected to the genco's new board of directors. New members included Giulio Carone, who is on the boards of several Enel group members; and Renato Mastropianni, analyst at McKinsey&Co Italia. The board has 11 directors.
Enel OGK-5 brings together the Konakovskaya GRES, Nevinnomysskaya GRES, Sredneuralskaya GRES and Reftinskaya GRES state district power plants with installed capacity of 8,772 MW for electric power, and 2,412 GCal/h for heat.
Italy's Enel owns 56% of the shares.
