United Energy Group plc
United Energy Group plc: Republic of Srpska Government Decrees Energy Strategy through 2030 – Tender for Selection of Strategic Partners this August
United Energy Group Plc. / Miscellaneous 02.08.2010 12:16 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Republic of Srpska Government Decrees Energy Strategy through 2030 - Tender for Selection of Strategic Partners this August Haslemere, United Kingdom - August 2, 2010 - In its 183rd session, the Government of the Republic of Srpska ratified the energy strategy it had presented in late May of this year. The strategy paper lays the ground for the expansion of the domestic energy market during the next 20 years, placing particular emphasis on the resource of hydroelectric power. To this end, three river systems, among them upper and middle Drina, are to be redeveloped. 'For the selection of the strategic partners who will support the Republic of Srpska in her expansive development of hydroelectric power on the upper Drina, a broad-based tender will get under way this August. This will bring a lengthy process that plays a vital role for our Southeast Europe strategy to a speedy conclusion,' said Dr. Rolf Haferkamp, CEO of United Energy Group. The Republic of Srpska places high requirements on its potential strategic partners. For one thing, interested companies must document an annual turnover of 5 billion Euros, an equity base of 3 billion Euros, and consolidated profits of 400 million Euros over the past 3 years. In addition, bidders must have a demonstrable installed capacity of more than 2,000 MW in their existing power generation portfolio, half of which must be generated through hydroelectric projects. 'Few international players are able to meet these criteria,' said Haferkamp who welcomes the tender as legal foundation for the privatisation efforts undertaken by the Republic of Srpska and as a necessary means to comply with the EU transparency rules. On the whole, the idea is to realise, together with the strategic partner, four hydroelectric projects on the Upper Drina with a total investment volume of approximately 450 million Euros. The projects would install a total output of up to 250 MW, able to generate around 800 GWh of electricity per year. 'This equals about 15% of the total generated volume of the state-owned ERS, and illustrates the enormous significance of the hydroelectric project Upper Drina,' stressed Haferkamp. 'It is a clear confirmation of the Southeast European strategy we initiated in 2009. Because the government decree ensures that water power will be a safe investment at least for the next 20 years.' United Energy Group plc United Energy Group plc is an independent listed energy company. Formed in 2006, the company focused initially on the area of energy production. During the past two years, UEG underwent substantial redevelopment, and operates now in the business areas of Energy Consulting, Energy Trading, and Energy Investments. The company has thereby responded to global market trends as it seeks to make a significant contribution to the energy supply sector, and to help meet the growing energy needs worldwide. Forward-Looking Statements This communication may contain certain forward-looking statements that include declarations of intent, strategies and opinions relating to the future and to the expectations of United Energy Group and its subsidiaries. Any statement contained herein is based on information available on the respective day to the management of UEG; and actual events, may vary depending on the occurrence of future events that may or may not be subject to the management's control, including risks and uncertainty factors that may cause the actual outcome to deviate considerably. Such risks and factors include, without being limited to, ramifications that acquisitions may have for the company and its capital structure, exploratory findings, market conditions, the stability of mineral oil and natural gas prices, the uncertainty factors inherent in the operative business of mineral oil and natural gas production, unexpected future investment requirements, competition, statutory provisions, and other factors. Business Network Marketing- und Verlagsgesellschaft mbH Corinna Kaspar Fasanenstr. 47, D-10719 Berlin Tel. +49 (0) 30 / 81 46 46 00 Fax +49 (0) 30 / 81 46 46 046 E-mail: ir@unitedenergy.com 02.08.2010 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de ---------------------------------------------------------------------------
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