-5 -5 -521 2005.

-5 - -5 -5

(1965-1969) 2400 (1936-1972) 1182 (1970-1980) 3800 (1960-2000) 1290 _____________________________________________-5 - -5 8672 /Key

- 88,7%100%- - - - - - - - I. II. III. 01.11.04 - 01.02.05 01.02.05 - 09.09.05 09.09.05 - 28.02.06 - .- - - - - - - - -

1

0.125

0.875

; 12,5%

; 87,5%

Assets

IC, MWOutput 2004Load 2004

MWths MWh%

Reftinskaya GRES380016313.249

Sredne-Uralskaya GRES11505450.854

Nevinomisskaya GRES1340527845

Konakovskaya GRES2400608029

OGK-5

2005200620072008200920102011201220132014201520162017201820192020

CapacityMW8690869086908690869086908690869086908690869086908690869086908690

Saleths MWh34385356393689438148394024065741911431664442045675456754567545675456754567545675

Load%45474850525355575860606060606060

Revenues$mn672751837924101611591286153517241934199420582125219722562318

COGS$mn55363773684894110421111118412571333138314351489154616051666

Fuel$mn41648556966774883889595510191087112911731220126813181371

Non-fuel *$mn137153167180193204216229238247254262270278286295

Depreciation$mn3222222111111000

EBITDA$mn1191141017776117175352467600611622636651651652

margin,%%181512871014232731313030302928

Net income$mn888575575688132266354455463473483494495496

Estimated free CF$mn918777595890134268355456464473483495495496

* including maintenance capex

WACC%16

DCF$mn91755838324355951081201059281726253

Terminal value (Gordon)$mn334

NPV$mn1514

12.5%87.5%

OGK-5

0

0

Nevinomisskaya GRES

Fully regulated

200320042005 F200620072008200920102011201220132014201520162017201820192020

Load%4547485051535456575960606060606060

CapacityMW13401340134013401340134013401340134013401340134013401340134013401340

Outputths MWh5458563458115987616363396515669168677043704370437043704370437043

Fuel efficiencygce/kWh352350349347346344342341339338336336336336336336336

REGULATED REVENUE$ mn18712413710611512477830

TariffRR/MWh631

Tariff$/MWh22.724.426.027.428.830.231.733.3

y-to-y growth%07.56.55.55555

Revenue$ mn187124137151164177192207223

FREE REVENUE$ mn000404549109120221243268288309332357367378

1. Aton approach$ mn134148164181200221243268288309332357367378

2. Nera approach$ mn

El revenues$ mn

Capacity revenues$ mn

Other revenue (heat, etc)$ mn0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

TOTAL REVENUE$ mn187124137146159173185203221243268288309332357367378

COGS$ mn0.0101117136157175194208222237252264276289302316331

Fixed costs$/kW13.415171819202122242425262627282930

Fixed costs$ mn20222426272930323233343637383940

Fuel costs$ mn7386102120135152163175188202212222234245257270

Water costs$/kW1.31.51.61.71.92.02.12.22.32.42.42.52.62.62.72.82.9

Water costs$ mn0891011121314151617181819192020

Other costs (heat, etc)$ mn00000000000000000

Depreciation$ mn21.91.81.61.51.41.31.11.00.90.80.60.50.40.30.10

EBITDA$ mn2320103-1-8-5-1716243344555147

margin%191572-1-5-2-13681113151412

Interests expense$ mn?

Non-operational results$ mn0000000000000000

Pre-tax income$ mn-2211891-3-10-6-2615243343555147

Income tax$ mn75420-1-2-1-1146810131211

Net income$ mn-9161461-2-7-5-2412182533423936

Estimated CF$ mn-7181682-1-6-3-1512192633423936

Capex in maintenance$ mn0000000000000000

Free CF$ mn-7181682-1-6-3-1512192633423936

Discounted Free CF$ mn181362-0-3-1-023455643

Terminal value$ mn21

Free market share%00003030306060100100100100100100100100100

NPV$ mn87

NPV/Capacity$/kW65

Energy prices by NERA$/MWh00000000000000

0.013.415.317.520.021.924.025.126.227.428.630.131.633.234.836.638.4

Table for report

20042005F2006F2007F2008F2009F2010F2011F2012F2013F2014F2015F2016F2017F2018F2019F2020F

Effective electricity price$/MWh0.022.724.425.126.628.129.331.133.035.538.140.943.947.250.752.153.6

growth y-to-y%0836646677777733

Salesths MWh05458563458115987616363396515669168677043704370437043704370437043

growth y-to-y%0333333333000000

Revenues$ mn187124137146159173185203221243268288309332357367378

Sale of electricity$ mn187124137146159173185203221243268288309332357367378

Other revenues$ mn160000000000000000

y-to-y growth%-34116997991010777733

COGS$ mn0101117136157175194208222237252264276289302316331

Fuel$ mn07386102120135152163175188202212222234245257270

Non-fuel$ mn28313437394244474951525455575960

y-to-y growth%016161511117777555555

Depreciation$ mn22222111111110000

EBITDA$ mn1872320103-1-8-5-1716243344555147

y-to-y growth%-88-12-50-74-142653-43-71-57014152383026-7-8

margin%100191572-1-5-2-13681113151412

Interests and other results$ mn00000000000000000

Pre-tax profit$ mn-2211891-3-10-6-2615243343555147

Income tax$ mn75420-1-2-1-1146810131211

Net income$ mn-9161461-2-7-5-2412182533423936

y-to-y growth%-272-13-54-86-313289-39-60-33916455393126-7-8

margin%-5131041-1-4-2-124681012119

Operating CF$ mn-7181682-1-6-3-1512192633423936

y-to-y growth%-345-12-49-70-1221069-44-76-72913451373026-7-8

margin%-4141161-0-3-2-025681012119

Investing CF$ mn00000000000000000

Capex$ mn11*0000000000000000

Other$ mn00000000000000000

Free CF$ mn-8181682-1-6-3-1512192633423936

y-to-y growth%-335-12-49-70-1221069-44-76-72913451373026-7-8

margin%141161-0-3-2-025681012119

Discounted Free CF$ mn181362-0-3-1-023455643

Terminal value$ mn21

NPV$ mn87

NPV$/kW65

20042005 F2006 F2007 F2008 F2009 F2010 F2011 F2012 F2013 F2014 F2015 F2016 F2017 F2018 F2019 F2020 F

Skryabin:As it is in 2004 and down to 0 in 2020

Skryabin:As in 2004

Skryabin:2004 actual

Skryabin:2004 actual

Nevinomisskaya GRES

161.102245882120.49824691540.603998967

189.9099372017146.056946588943.8529906128

209.8198848543175.699557612734.1203272417

241.9024937856210.143102813231.7593909724

276.473101982242.246507769734.2265942122

311.041079742277.955614681833.0854650602

357.3674873309307.065318941850.3021683892

417.8238619692338.306704832179.5171571371

485.449226966370.2745093425115.1747176235

562.3457043494404.4710933006157.8746110488

576.4785715234423.0287284018153.4498431216

591.3180820561442.4642676712148.8538143849

606.8995681155462.8201069895144.079461126

623.2601284778484.1407170518139.119411426

640.4387168583506.4727457586133.9659710997

658.4762346578529.8651256864128.6111089714

Revenues

COGS

EBITDA

Reftinskaya GRES

30.296164214931.0367892149

32.802922865733.4941728657

25.443623703726.0854987037

23.68683713924.279337139

25.599436601326.1425616013

24.769703445825.2634534458

37.891922975838.3362979758

60.132839424260.5278394242

87.270110393987.6157353939

119.7595543971120.0558043971

116.4342557724116.6811307724

112.9787989326113.1762989326

109.3878154558109.5359404558

105.6557026838105.7544526838

101.7766130358101.8259880358

97.744442818397.7444428183

Net income

Free CF

Sredne-Urals GRES

Fully regulated

200320042005 F200620072008200920102011201220132014201520162017201820192020

Load%4950515253555657585960606060606060

CapacityMW38003800380038003800380038003800380038003800380038003800380038003800

Outputths MWh1631316677170431741017776181421850818874192401960719973199731997319973199731997319973

Fuel efficiencygce/kWh341341340340339339338338337337336336336336336336336

REGULATED REVENUE$ mn02502893172422602791711830

TariffRR/MWh

Tariff$/MWh13.615.317.318.619.820.922.023.124.225.4

growth%13137.56.55.55555

Revenue$ mn0250289317345372398427457489

FREE REVENUE$ mn0000121134149333370686762847867888910934958984

1. Aton approach$ mn402448498554617686762847867888910934958984

2. Nera approach$ mn435504545592630667700733762791844877913949

El revenues$ mn299349389434470510546578608637673706743783

Capacity revenues$ mn136154156158160157154156154154171170169166

Other revenue (heat, etc)$ mn0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

TOTAL REVENUE$ mn0250289317362395428503553686762847867888910934958984

COGS$ mn214.1249278315355385417434451468484495506517528540552

Fixed costs$/kW12.114151617181920212223232425252627

Fixed costs$ mn46515762667073778183868891949699102

Fuel costs$ mn167196220252288314342355369383397405413421430438447

Water costs$/kW0.050.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.1

Water costs$ mn11111112222222222

Other costs (heat, etc)$ mn00000000000000000

Depreciation$ mn00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00

EBITDA$ mn36403948404487119235295362372382394406419433

margin%1414121310101722343943434343434444

Interests expense$ mn?0

Non-operational results$ mn00000000000000000

Pre-tax income$ mn36403948404487119235295362372382394406419433

Income tax$ mn9109111010212956718789929497100104

Net income$ mn2730303630336691178224275283291299308318329

Estimated CF$ mn2730303630336691178224275283291299308318329

Capex in maintenance$ mn

Free CF$ mn2730303630336691178224275283291299308318329

Discounted Free CF$ mn30252719183036606568605346413632

Terminal value$ mn191

Free market share%00003030306060100100100100100100100100100

NPV$ mn836

NPV/Capacity$/kW220

Energy prices by NERA$/MWh2528303233353637384042444648

10.311.812.914.516.217.318.518.819.219.519.920.320.721.121.521.922.4

Table for report

20042005F2006F2007F2008F2009F2010F2011F2012F2013F2014F2015F2016F2017F2018F2019F2020F

Effective electricity price$/MWh15.317.318.620.822.223.627.229.335.638.942.443.444.545.646.848.049.3

growth y-to-y%13812761582299223333

Salesths MWh1631316677170431741017776181421850818874192401960719973199731997319973199731997319973

growth y-to-y%2222222222000000

Revenues$ mn250289317362395428503553686762847867888910934958984

Sale of electricity$ mn250289317362395428503553686762847867888910934958984

Other revenues$ mn160000000000000000

y-to-y growth%161014991810241111223333

COGS$ mn214249278315355385417434451468484495506517528540552

Fuel$ mn167196220252288314342355369383397405413421430438447

Non-fuel$ mn5258636771757982858890939699101105

y-to-y growth%16121313884444222222

Depreciation$ mn00000000000000000

EBITDA$ mn36403948404487119235295362372382394406419433

y-to-y growth%11-222-1699937972623333333

margin%1414121310101722343943434343434444

Interests and other results$ mn00000000000000000

Pre-tax profit$ mn36403948404487119235295362372382394406419433

Income tax$ mn9109111010212956718789929497100104

Net income$ mn2730303630336691178224275283291299308318329

y-to-y growth%11-222-1699937972623333333

margin%1111910881316262933333333333333

Operating CF$ mn2730303630336691178224275283291299308318329

y-to-y growth%11-222-1699937972623333333

margin%1111910881316262933333333333333

Investing CF$ mn00000000000000000

Capex$ mn11*0000000000000000

Other$ mn00000000000000000

Free CF$ mn2730303630336691178224275283291299308318329

y-to-y growth%13-222-1699937972623333333

margin%11910881316262933333333333333

Discounted Free CF$ mn30252719183036606568605346413632

Terminal value$ mn191

NPV$ mn836

NPV$/kW220

20042005 F2006 F2007 F2008 F2009 F2010 F2011 F2012 F2013 F2014 F2015 F2016 F2017 F2018 F2019 F2020 F

Skryabin:As it is in 2004 and down to 0 in 2020

Skryabin:As in 2004

Skryabin:2004 actual

Skryabin:2004 actual

Sredne-Urals GRES

249.9552670742210.035102110339.9201649639

288.7533318422252.350343062136.4029887801

317.2252172574292.414942642824.8102746146

362.1600607708337.940371009324.2196897615

394.5098639692389.82466802544.6851959438

428.3458460474432.9293408307-4.5834947833

503.3642127417480.12631349423.2378992476

552.7949662572511.942411458240.852554799

685.6855982563545.7136426551139.9719556011

762.1068104887579.9047626744182.2020478143

846.749905177616.1535285597230.5963766174

866.9454052004645.210133629221.7352715714

888.150680225675.6670368111212.4836434139

910.4162190009707.5926770473202.8235419535

933.7950347155741.0588679472192.7361667683

958.3427912158776.1409651035182.2018261123

984.1179355412812.9180417304171.1998938108

Revenues

COGS

EBITDA

Konakovo GRES

30.321237437430.3450373521

27.649314033727.6716264537

18.839981763818.8608066892

18.392267771418.4116052021

3.54718296593.5650329019

-3.4958914907-3.4795290494

17.649498468717.6643734154

31.037767183731.0511546357

106.3696422893106.3815422466

138.4656428672138.4760553299

175.2464632535175.2553882215

168.5131539145168.5205913879

161.4830470108161.4889969895

154.1425003968154.1469628808

146.477225752146.4802007413

138.4722573494138.4737448441

130.1119192962130.1119192962

Net income

Free CF

Fully regulated

200320042005 F200620072008200920102011201220132014201520162017201820192020

Load%5455555656575858595960606060606060

CapacityMW11501150115011501150115011501150115011501150115011501150115011501150

Outputths MWh54405500556156215682574258035863592459846044604460446044604460446044

Fuel efficiencygce/kWh320320320320320320320320320320320320320320320320320

REGULATED REVENUE$ mn0869810780869155580

TariffRR/MWh

Tariff$/MWh1415.817.819.220.421.522.623.724.926.2

growth%13137.56.55.55555

Revenue$ mn08698107115122130138146155

FREE REVENUE$ mn0000394347104115211233256262269276283290298

1. Aton approach$ mn130143158174192211233256262269276283290298

2. Nera approach$ mn138158170184195204213222231239255265276287

El revenues$ mn97112123136146157167175184193204214225237

Capacity revenues$ mn4147474848474747464752525150

Other revenue (heat, etc)$ mn0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

TOTAL REVENUE$ mn08698107119129138159173211233256262269276283290298

COGS$ mn69.58396110126139153163172182192201211221231242254

Fixed costs$/kW1112141516171818192021212222232424

Fixed costs$ mn1314161718192021222324242526272728

Fuel costs$ mn56687992107119132140148157167175184193203213224

Water costs$/kW0.170.20.20.20.20.30.30.30.30.30.30.30.30.30.40.40.4

Water costs$ mn11111122222222222

Other costs (heat, etc)$ mn00000000000000000

Depreciation$ mn00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00

EBITDA$ mn16151192-1611395164615855514844

margin%19151082-146182225232220181615

Interests expense$ mn?0

Non-operational results$ mn00000000000000000

Pre-tax income$ mn16151192-1611395164615855514844

Income tax$ mn44321-01391215151413121111

Net income$ mn1211872-148303849464441393633

Estimated CF$ mn1211872-148303849464441393633

Capex in maintenance$ mn

Free CF$ mn1211872-148303849464441393633

Discounted Free CF$ mn11751-0231011121086543

Terminal value$ mn19

Free market share%00003030306060100100100100100100100100100

NPV$ mn119

NPV/Capacity$/kW103

Energy prices by NERA$/MWh2428303233353637384042444648

10.312.314.216.318.820.622.723.825.026.327.629.030.431.933.535.237.0

Table for report

20042005F2006F2007F2008F2009F2010F2011F2012F2013F2014F2015F2016F2017F2018F2019F2020F

Effective electricity price$/MWh15.817.819.221.222.624.127.529.635.638.942.443.444.545.646.848.049.3

growth y-to-y%13811761482199223333

Salesths MWh54405500556156215682574258035863592459846044604460446044604460446044

growth y-to-y%1111111111000000

Revenues$ mn8698107119129138159173211233256262269276283290298

Sale of electricity$ mn8698107119129138159173211233256262269276283290298

Other revenues$ mn160000000000000000

y-to-y growth%1491287159221010223333

COGS$ mn708396110126139153163172182192201211221231242254

Fuel$ mn56687992107119132140148157167175184193203213224

Non-fuel$ mn15171819212223242525262728293030

y-to-y growth%2015151510106666555555

Depreciation$ mn00000000000000000

EBITDA$ mn16151192-1611395164615855514844

y-to-y growth%-8-27-14-74-142-679822603026-5-5-6-6-7-8

margin%19151082-146182225232220181615

Interests and other results$ mn00000000000000000

Pre-tax profit$ mn16151192-1611395164615855514844

Income tax$ mn44321-01391215151413121111

Net income$ mn1211872-148303849464441393633

y-to-y growth%-8-27-14-74-142-674822603026-5-5-6-6-7-8

margin%1412861-135141719181615141211

Operating CF$ mn1211872-148303849464441393633

y-to-y growth%-8-27-14-74-142-680822603026-5-5-6-6-7-8

margin%1412861-135141719181615141211

Investing CF$ mn00000000000000000

Capex$ mn11*0000000000000000

Other$ mn00000000000000000

Free CF$ mn1211872-148303849464441393633

y-to-y growth%-6-27-14-74-142-680822603026-5-5-6-6-7-8

margin%12861-135141719181615141211

Discounted Free CF$ mn11751-0231011121086543

Terminal value$ mn19

NPV$ mn119

NPV$/kW103

20042005 F2006 F2007 F2008 F2009 F2010 F2011 F2012 F2013 F2014 F2015 F2016 F2017 F2018 F2019 F2020 F

Skryabin:As it is in 2004 and down to 0 in 2020

Skryabin:As in 2004

Skryabin:2004 actual

Skryabin:2004 actual

249.9552670742210.035102110339.9201649639

288.7533318422252.350343062136.4029887801

317.2252172574292.414942642824.8102746146

362.1600607708337.940371009324.2196897615

394.5098639692389.82466802544.6851959438

428.3458460474432.9293408307-4.5834947833

503.3642127417480.12631349423.2378992476

552.7949662572511.942411458240.852554799

685.6855982563545.7136426551139.9719556011

762.1068104887579.9047626744182.2020478143

846.749905177616.1535285597230.5963766174

866.9454052004645.210133629221.7352715714

888.150680225675.6670368111212.4836434139

910.4162190009707.5926770473202.8235419535

933.7950347155741.0588679472192.7361667683

958.3427912158776.1409651035182.2018261123

984.1179355412812.9180417304171.1998938108

Revenues

COGS

EBITDA

30.321237437430.3450373521

27.649314033727.6716264537

18.839981763818.8608066892

18.392267771418.4116052021

3.54718296593.5650329019

-3.4958914907-3.4795290494

17.649498468717.6643734154

31.037767183731.0511546357

106.3696422893106.3815422466

138.4656428672138.4760553299

175.2464632535175.2553882215

168.5131539145168.5205913879

161.4830470108161.4889969895

154.1425003968154.1469628808

146.477225752146.4802007413

138.4722573494138.4737448441

130.1119192962130.1119192962

Net income

Free CF

Fully regulated

200320042005 F200620072008200920102011201220132014201520162017201820192020

Load%2932353841454851545760606060606060

CapacityMW24002400240024002400240024002400240024002400240024002400240024002400

Outputths MWh674974008052870493561000710659113111196312614126141261412614126141261412614

Fuel efficiencygce/kWh330329328327326326325324323322321321321321321321321

REGULATED REVENUE$ mn1871611901541761981271420

TariffRR/MWh663.63

Tariff$/MWh23.925.727.328.830.331.833.435.0

growth%07.56.55.55555

Revenue$ mn187161190220251283318356396

FREE REVENUE$ mn000566678184215418485562576591607623640658

1. Aton approach$ mn186221261306358418485562576591607623640658

2. Nera approach$ mn224268299335367399430463481500533554576599

El revenues$ mn138171200235266300333365384402425446469495

Capacity revenues$ mn8697981001019997989797108108107105

Other revenue (heat, etc)$ mn0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

TOTAL REVENUE$ mn187161190210242276311357418485562576591607623640658

COGS$ mn0.0120146176210242278307338370404423442463484506530

Fixed costs$/kW1213151617181920212222232424252627

Fixed costs$ mn32363941444648515254555759606264

Fuel costs$ mn7999124153181212236263291321337354372390410430

Water costs$/kW1.261.41.61.71.81.92.02.12.22.32.32.42.52.62.62.72.8

Water costs$ mn010111416182022252730313132333435

Other costs (heat, etc)$ mn00000000000000000

Depreciation$ mn10.70.70.60.60.50.50.40.40.30.30.20.20.10.10.00

EBITDA$ mn4144343234335080115158153149144139134129

margin%25231613121114192428272524222120

Interests expense$ mn?

Non-operational results$ mn0000000000000000

Pre-tax income$ mn-14043333134335079115158153149144139134129

Income tax$ mn71010878812192838373635333231

Net income$ mn-830332524262538608712011611310910610298

Estimated CF$ mn-731332624262538618812011711311010610298

Capex in maintenance$ mn0000000000000000

Free CF$ mn-731332624262538618812011711311010610298

Discounted Free CF$ mn31291915141215202530252117141210

Terminal value$ mn57

Free market share%00003030306060100100100100100100100100100

NPV$ mn364

NPV/Capacity$/kW152

Energy prices by NERA$/MWh2831323334353637384042444648

0.011.713.415.317.619.321.222.223.224.325.526.728.129.530.932.534.1

Table for report

20042005F2006F2007F2008F2009F2010F2011F2012F2013F2014F2015F2016F2017F2018F2019F2020F

Effective electricity price$/MWh0.023.925.726.127.829.631.133.536.940.644.645.746.948.149.450.852.2

growth y-to-y%0827658101010333333

Salesths MWh0674974008052870493561000710659113111196312614126141261412614126141261412614

growth y-to-y%01098777665000000

Revenues$ mn187161190210242276311357418485562576591607623640658

Sale of electricity$ mn187161190210242276311357418485562576591607623640658

Other revenues$ mn160000000000000000

y-to-y growth%-14181015141315171616333333

COGS$ mn0120146176210242278307338370404423442463484506530

Fuel$ mn07999124153181212236263291321337354372390410430

Non-fuel$ mn42475257626671767983868891949799

y-to-y growth%02120201515101099555555

Depreciation$ mn11111100000000000

EBITDA$ mn1874144343234335080115158153149144139134129

y-to-y growth%-788-22-78-352584537-3-3-3-3-4-4

margin%10025231613121114192428272524222120

Interests and other results$ mn00000000000000000

Pre-tax profit$ mn-14043333134335079115158153149144139134129

Income tax$ mn71010878812192838373635333231

Net income$ mn-830332524262538608712011611310910610298

y-to-y growth%-4748-22-78-353594537-3-3-3-3-4-4

margin%-4191712109811141821201918171615

Operating CF$ mn-731332624262538618812011711311010610298

y-to-y growth%-5258-22-78-352584537-3-3-3-3-4-4

margin%-4191812109811141821201918171615

Investing CF$ mn00000000000000000

Capex$ mn11*0000000000000000

Other$ mn00000000000000000

Free CF$ mn-831332624262538618812011711311010610298

y-to-y growth%-5078-22-78-352584537-3-3-3-3-4-4

margin%191812109811141821201918171615

Discounted Free CF$ mn31291915141215202530252117141210

Terminal value$ mn57

NPV$ mn364

NPV$/kW152

20042005 F2006 F2007 F2008 F2009 F2010 F2011 F2012 F2013 F2014 F2015 F2016 F2017 F2018 F2019 F2020 F

Skryabin:As it is in 2004 and down to 0 in 2020

Skryabin:As in 2004

Skryabin:2004 actual

Skryabin:2004 actual

161.102245882120.49824691540.603998967

189.9099372017146.056946588943.8529906128

209.8198848543175.699557612734.1203272417

241.9024937856210.143102813231.7593909724

276.473101982242.246507769734.2265942122

311.041079742277.955614681833.0854650602

357.3674873309307.065318941850.3021683892

417.8238619692338.306704832179.5171571371

485.449226966370.2745093425115.1747176235

562.3457043494404.4710933006157.8746110488

576.4785715234423.0287284018153.4498431216

591.3180820561442.4642676712148.8538143849

606.8995681155462.8201069895144.079461126

623.2601284778484.1407170518139.119411426

640.4387168583506.4727457586133.9659710997

658.4762346578529.8651256864128.6111089714

Revenues

COGS

EBITDA

30.296164214931.0367892149

32.802922865733.4941728657

25.443623703726.0854987037

23.68683713924.279337139

25.599436601326.1425616013

24.769703445825.2634534458

37.891922975838.3362979758

60.132839424260.5278394242

87.270110393987.6157353939

119.7595543971120.0558043971

116.4342557724116.6811307724

112.9787989326113.1762989326

109.3878154558109.5359404558

105.6557026838105.7544526838

101.7766130358101.8259880358

97.744442818397.7444428183

Net income

Free CF

-5 - -5 -5

-5________________________________________________________ -5 1 2 3

14 2005 16 2005 16 2005

19 2005Deutsche Bank :The London Stock Exchange ()Deutsche Boerse ()

2008

-5 - -5 -5

, , .

, , .

, , . -5_____________________________________________________

-5 - !

- !

- ! _____________________________________________________

-5 / 8 2005 3566 . ., : 2830 . ., - 736 . . 3953 . ., : 2662 . ., - 1291 . . / 8 2005 .

5

36.761.740793878569.8292220114

736 ..

1291 ..

/ ( )

%

36,7

61,7

69,8

2

. -

2002 2003 2004 2005 11.07.2005

.875109.5900054.7914787.1491244.1

/ 696728.8710507.7729297.9392328.9

- 533452.5553735.7552666.5297337.4

437400.9450673.8451639.2246280.5

96051.6103061.8101027.251056.9

- 163276.3156772176631.594991.4

103804.193202.4109597.659095.6

59472.263569.767033.935895.8

38620.340928.84252922502.6

139760.4148618.2142960.176412.7

:

1988.83844.64366.72016

-4501.4-5119.6-1738.8-2461.9

-1527.7-1866.1-1933.9-796.9

452.33049.14792.4701.2

-666.4-1113.4-704.12498.2

-7424.2-10908.8-10812.9-5439.7

863430.9887776.8908696.1487775.9

- 527400.7521238.4520006.7307489.4

..

155523.8166631.5168061.186952.7

.. 96051.6103061.8101027.251056.9

59472.263569.767033.935895.8

. 10501.612438.911955.55837.4

. 8004.66657.36564.83083.88

. 8013.36415.86317.63038.120024147

6409.94321.62662

5.9219961291

. 2692.82527.12363.312832003

042.78039.72004

. 3187.33117.63267.81692.22005 (8 )

. 21791460.41527.6789.1

.. 2376.73282.13429.3940.6

. 03907.45445.52568.1

. 11191.713632129676322.7

.5483.45721.15873.92025

..7034.87361.57300.34025.5

.411.4415.1328.5162.6

. 60375880.55627.83129.73789

5878.44896.82830

2.08731736

. 95228454.78815.54384.7

-.4006.52944.63039.91838.8

. 6035.27555.46197.33716.9

. 2293.43929.93066.11934.3

. 1550.11764.71703.61002

.5530.85516.751563041.4

12540.31250013016.37878.9

1331.71328.72267.81139.6

- - 903.2907.811289.41006.2

10288.710533.76225.76607.6

5916.85864.37293466.8

- 18677.323760.325378.911753.1

4135.640544146.82263.9

.0541.21984.11311.2

.139760.4148618.2142960.176412.7

.1497115171.715048.99730.9

12109.312666.39321.12998.6

.19527.723289.624527.315027.8

. 18920.72193518225.49588.2

.280272877029242.915602.4

4065.839814218.61876.8

24844.725428.42427912905

. 95959918.710131.45231.7

. 7513.17299.27814.43380

.186.1158.415171.2

527.043153.6209126615901054

5.92199612912.08731736

1.163.361.70.846.069.836.7

2

00

00

00

..

2003 - 2005 .

1

00

00

00

..

2003 - 2005 .

000

736 ..

1291 ..

/ ( )

%

36,7

61,7

69,8

0

0

0

/ 2003 - 2005 .

20029605259472139760

2003988081030627.355274635696.91469291486186.3

200496223101027-2670346035211145290142960-3,8

2005516055105734056358957985876412

.1497115171.715048.99730.9

12109.312666.39321.12998.6

.19527.723289.624527.315027.8

. 18920.72193518225.49588.2

.280272877029242.915602.4

4065.839814218.61876.8

24844.725428.42427912905

. 95959918.710131.45231.7

. 7513.17299.27814.43380

. .

12540.312499.913016.37878.9

1331.71328.72267.81139.6

- - 903.2907.81805.41006.2

10288.710533.711289.46607.6

5916.85864.26225.73466.8

. .8194.97228.887755265

. 192.3190.499.9

:-235.62610440.21192.4

359.51999.31288.1740.6

2460.34342.93019.92045.6

-1527.7-1866.1-1933.9-796.9

- -501.4-803.9-877.4-410.9

- -1026.3-1062.2-1056.5-386

48708.449735.649707.627362.5

2002200320042005

631637649403666474360292

641637661941678592363404

1.5831878121.93069634731.81822546720.8637438522

.-. . .

2002231187205401780047833548708

2003238895213196802517986249735

2004243327222727823758045549707

2005129551119203445804270727362

200020012002200320042005

. 007513.17299.27814.43380

. .6540.671148194.97228.887755265

..7244.97508.77034.87361.57300.34025.5

. 7001.2036383.03360375880.55627.83129.7

. 98001006195228454.78815.54384.7

20042005

477.4498.8

411.3411.2

557.2430.7

804.2694.7

1081.41190.2

1154.91308.3

20042005

580643

533682

455586

412461

374332

354311

9605259472139760

10306263569148618

10102760352142960

510573589576412

..

1497115171.715048.99730.9

12109.312666.39321.12998.6

19527.723289.624527.315027.8

18920.72193518225.49588.2

280272877029242.915602.4

4065.839814218.61876.8

24844.725428.42427912905

95959918.710131.45231.7

7513.17299.27814.43380

2002

2003

2004

2005

..

2002 - 2005

12540.312499.913016.37878.9

1331.71328.72267.81139.6

903.2907.81805.41006.2

10288.710533.711289.46607.6

5916.85864.26225.73466.8

8194.97228.887755265

2002

2003

2004

2005

..

2002 - 2005

359.52460.3-501.4-1026.3-235.6

1999.34342.9-803.9-1062.22610

1288.13019.9-877.4-1056.5440.2

740.62045.6-410.9-3861192.4

-

-

-

-

..

- 2002 - 2005 (11.07.2005)

6316376416371.583187812

6494036619411.9306963473

6664746785921.8182254672

3602923634040.8637438522

&A

Page &P

..

,%

2002-2005 (11.07.2005)

231187205401780047833548708

238895213196802517986249735

243327222727823758045549707

129551119203445804270727362

-

.

..

,%

2002-2005 (11.07.2005)

007513.17299.27814.43380

6540.671148194.97228.887755265

7244.97508.77034.87361.57300.34025.5

7001.2036383.03360375880.55627.83129.7

98001006195228454.78815.54384.7

&A

Page &P

2000

2001

2002

2003

2004

2005

..

/ - 2002 - 2005 (11.07.2005)

477.4498.8

411.3411.2

557.2430.7

804.2694.7

1081.41190.2

1154.91308.3

2004

2005

..

I II - 2004 - 2005 .

580643

533682

455586

412461

374332

354311

2004

2005

..

I II - 2004 - 2005 .

(100 % ) ( 2006)

(01.11.2005)

CC (30%) (65 %) (5%) (65 %) / (5%) (0-10%) (5%) (30%) 1

-5 : 650 ./EV/ , $/kW2005 EBITDA/ , $/kW : 57 ./

: _____________________________________________________

-5(S-C*)(1-T) + Depr (CAPEX + WC)(1+ WACC)t t=n (EV)*** = t=1-

$ 3,2 - -

-

-5 1 . 1 (Fairness opinion Alfa Bank, Merrill Lynch)/ , -5

-5mn $ -5 (Fairness opinion Alfa Bank, Merrill Lynch) _____________________________________________________

1

9311514.3177518774

10571651.3985838722

12601814.5080499819

13852014.9961479901

14902269.2058628294

16082565.0401421231

17102871.5365186679

17813175.8398324814

1

2

3

2005200620072008200920102011201220132014201520162017201820192020

- Ebit

EBIT

.

. $-38308-2914742950652136166380176110479131642146606128736129717122440137010157852162377225269

WACC %15.75%14.98%14.37%13.87%13.47%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%

comulative WACC %115.75%133.09%152.21%173.33%196.67%222.48%251.67%284.68%322.04%364.29%412.08%466.15%527.30%596.49%674.75%763.27%

%107.88%107.49%107.19%106.94%106.74%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%

%107.88%124.42%142.65%162.77%185.00%209.58%237.07%268.18%303.36%343.16%388.18%439.11%496.72%561.90%635.62%719.01%

. CF $-35511-234263010840064333313825646602490884832737515334162788327583280932554631331232852

CF671059

KGR NGR $260036

Value of Firm

Value of Firm by year $671058.717547877762213908259998403107399811590111232797128406113208881347583139564914490421516716157869916279721679185

13.58%19.16%9.92%7.57%7.92%6.37%4.16%2.87%2.02%3.57%3.83%4.67%4.09%3.12%3.15%

Value of Firm by year inc. KGR NGR9310951057571.140014371260211.217802081385286.194539111490173.315754031608129.218054991710508.096369841781636.976639071832734.271035631869772.957502281936465.772045892010547.544852782104445.694914822190447.384914662258814.189670912329872.27476984

20052006200720082009201020112012

$9310951057571126021113852861490173160812917105081781637

%13.58%19.16%9.92%7.57%7.92%6.37%4.16%

-5$13065161483988176833319438392091017225653324001922500000

WACC%16%

116%134.56%156.09%181.06%210.03%243.64%282.62%327.84%380.30%441.14%511.73%593.60%688.58%798.75%926.55%1074.80%1246.77%

DCF$mn91755838324355951081201059281726253334

Terminal value (Gordon)$mn334

Value of Firm by year $$mn15141651181520152269256528723176337435013532355935793591359235933593

NPV$mn1514

174$/kW

20052006200720082009201020112012

9311057126013851490160817101781

15141651181520152269256528723176

3

00

00

00

00

00

00

00

00

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$

00

00

00

00

00

00

00

00

3

14

40

EBITDA/Capacity

EBITDA/Capacity $/kW

1

2

3

2005200620072008200920102011201220132014201520162017201820192020

- Ebit

EBIT

.

. $-38308-2914742950652136166380176110479131642146606128736129717122440137010157852162377225269

WACC %15.75%14.98%14.37%13.87%13.47%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%

comulative WACC %115.75%133.09%152.21%173.33%196.67%222.48%251.67%284.68%322.04%364.29%412.08%466.15%527.30%596.49%674.75%763.27%

%107.88%107.49%107.19%106.94%106.74%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%

%107.88%124.42%142.65%162.77%185.00%209.58%237.07%268.18%303.36%343.16%388.18%439.11%496.72%561.90%635.62%719.01%

. CF $-35511-234263010840064333313825646602490884832737515334162788327583280932554631331232852

CF671059

KGR NGR $260036

Value of Firm

Value of Firm by year $671058.717547877762213908259998403107399811590111232797128406113208881347583139564914490421516716157869916279721679185

13.58%19.16%9.92%7.57%7.92%6.37%4.16%2.87%2.02%3.57%3.83%4.67%4.09%3.12%3.15%

Value of Firm by year inc. KGR NGR9310951057571.140014371260211.217802081385286.194539111490173.315754031608129.218054991710508.096369841781636.976639071832734.271035631869772.957502281936465.772045892010547.544852782104445.694914822190447.384914662258814.189670912329872.27476984

20052006200720082009201020112012

$9310951057571126021113852861490173160812917105081781637

%13.58%19.16%9.92%7.57%7.92%6.37%4.16%

-5$13065161483988176833319438392091017225653324001922500000

WACC%16%

116%134.56%156.09%181.06%210.03%243.64%282.62%327.84%380.30%441.14%511.73%593.60%688.58%798.75%926.55%1074.80%1246.77%

DCF$mn91755838324355951081201059281726253334

Terminal value (Gordon)$mn334

Value of Firm by year $$mn15141651181520152269256528723176337435013532355935793591359235933593

NPV$mn1514

174$/kW

20052006200720082009201020112012

9311057126013851490160817101781

15141651181520152269256528723176

20052012

EBITDA/Capacity1440

3

00

00

00

00

00

00

00

00

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$

$

00

00

00

00

00

00

00

00

0

0

EBITDA/Capacity

4

0.16

0.132

WACC

13,2%

1

2

3

2005200620072008200920102011201220132014201520162017201820192020

- Ebit

EBIT

.

. $-38308-2914742950652136166380176110479131642146606128736129717122440137010157852162377225269

WACC %15.75%14.98%14.37%13.87%13.47%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%

comulative WACC %115.75%133.09%152.21%173.33%196.67%222.48%251.67%284.68%322.04%364.29%412.08%466.15%527.30%596.49%674.75%763.27%

%107.88%107.49%107.19%106.94%106.74%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%

%107.88%124.42%142.65%162.77%185.00%209.58%237.07%268.18%303.36%343.16%388.18%439.11%496.72%561.90%635.62%719.01%

. CF $-35511-234263010840064333313825646602490884832737515334162788327583280932554631331232852

CF671059

KGR NGR $260036

Value of Firm

Value of Firm by year $671058.717547877762213908259998403107399811590111232797128406113208881347583139564914490421516716157869916279721679185

13.58%19.16%9.92%7.57%7.92%6.37%4.16%2.87%2.02%3.57%3.83%4.67%4.09%3.12%3.15%

Value of Firm by year inc. KGR NGR9310951057571.140014371260211.217802081385286.194539111490173.315754031608129.218054991710508.096369841781636.976639071832734.271035631869772.957502281936465.772045892010547.544852782104445.694914822190447.384914662258814.189670912329872.27476984

20052006200720082009201020112012

$9310951057571126021113852861490173160812917105081781637

%13.58%19.16%9.92%7.57%7.92%6.37%4.16%

-5$13065161483988176833319438392091017225653324001922500000

WACC%16%

116%134.56%156.09%181.06%210.03%243.64%282.62%327.84%380.30%441.14%511.73%593.60%688.58%798.75%926.55%1074.80%1246.77%

DCF$mn91755838324355951081201059281726253334

Terminal value (Gordon)$mn334

Value of Firm by year $$mn15141651181520152269256528723176337435013532355935793591359235933593

NPV$mn1514

174$/kW

20052006200720082009201020112012

9311057126013851490160817101781

15141651181520152269256528723176

2005201220052012

EBITDA/Capacity1440WACC16%13.20%

3

00

00

00

00

00

00

00

00

&A

Page &P

$

$

00

00

00

00

00

00

00

00

0

0

EBITDA/Capacity

0

0

WACC

5

0.0638297872

0.9230769231

D/E

/

1

2

3

2005200620072008200920102011201220132014201520162017201820192020

- Ebit

EBIT

.

. $-38308-2914742950652136166380176110479131642146606128736129717122440137010157852162377225269

WACC %15.75%14.98%14.37%13.87%13.47%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%13.12%

comulative WACC %115.75%133.09%152.21%173.33%196.67%222.48%251.67%284.68%322.04%364.29%412.08%466.15%527.30%596.49%674.75%763.27%

%107.88%107.49%107.19%106.94%106.74%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%106.56%

%107.88%124.42%142.65%162.77%185.00%209.58%237.07%268.18%303.36%343.16%388.18%439.11%496.72%561.90%635.62%719.01%

. CF $-35511-234263010840064333313825646602490884832737515334162788327583280932554631331232852

CF671059

KGR NGR $260036

Value of Firm

Value of Firm by year $671058.717547877762213908259998403107399811590111232797128406113208881347583139564914490421516716157869916279721679185

13.58%19.16%9.92%7.57%7.92%6.37%4.16%2.87%2.02%3.57%3.83%4.67%4.09%3.12%3.15%

Value of Firm by year inc. KGR NGR9310951057571.140014371260211.217802081385286.194539111490173.315754031608129.218054991710508.096369841781636.976639071832734.271035631869772.957502281936465.772045892010547.544852782104445.694914822190447.384914662258814.189670912329872.27476984

20052006200720082009201020112012

$9310951057571126021113852861490173160812917105081781637

%13.58%19.16%9.92%7.57%7.92%6.37%4.16%

-5$13065161483988176833319438392091017225653324001922500000

WACC%16%

116%134.56%156.09%181.06%210.03%243.64%282.62%327.84%380.30%441.14%511.73%593.60%688.58%798.75%926.55%1074.80%1246.77%

DCF$mn91755838324355951081201059281726253334

Terminal value (Gordon)$mn334

Value of Firm by year $$mn15141651181520152269256528723176337435013532355935793591359235933593

NPV$mn1514

174$/kW

20052006200720082009201020112012

9311057126013851490160817101781

15141651181520152269256528723176

2005201220052012

EBITDA/Capacity1440WACC16%13.20%

20052012

D/E0.060.92

3

00

00

00

00

00

00

00

00

&A

Page &P

$

$

00

00

00

00

00

00

00

00

0

0

EBITDA/Capacity

0

0

WACC

0

0

D/E

____________________Source::OGK-5

Chart

48.410199

43.29074

28.66021

24.15070

23.34909

32.26760

367571

41.48695

36.37647

37.57891

38.18013

30.56416

306318

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

Load Factor

Electricity Output

Data

Load FactorElectricity Output

199248.410,199

199343.29,074

199428.66,021

199524.15,070

199623.34,909

199732.26,760

199836.07,571

199941.48,695

200036.37,647

200137.57,891

200238.18,013

200330.56,416

200430.06,318

Chart

753920012001323517

768420022002320004

6131.46820032003293835

6042.20420042004268955

2001

2002

2003

2004

Electricity

Heat

Data

ElectricityHeat

20017,539323,517

20027,684320,004

20036,131293,835

20046,042268,955

()

1

300

1965

2

300

1965

3

300

1965

4

300

1966

5

300

1967

6

300

1968

7

300

1968

8

300

1969

2 400 1965 : ( ) / (%) () // () ()/

____________________Source::OGK-5

Chart

48.410199

43.29074

28.66021

24.15070

23.34909

32.26760

367571

41.48695

36.37647

37.57891

38.18013

30.56416

306318

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

Load Factor

Electricity Output

Data

Load FactorElectricity Output

199248.410,199

199343.29,074

199428.66,021

199524.15,070

199623.34,909

199732.26,760

199836.07,571

199941.48,695

200036.37,647

200137.57,891

200238.18,013

200330.56,416

200430.06,318

Chart

753920012001323517

768420022002320004

6131.46820032003293835

6042.20420042004268955

2001

2002

2003

2004

Electricity

Heat

Data

ElectricityHeat

20017,539323,517

20027,684320,004

20036,131293,835

20046,042268,955

--____________________Source::OGK-5

/

()

1

25

1960

2

25

1960

3

60

1961

6

150

- 1964

7

150

- 1964

8

150

9

150

1966

10

150

1967

4

50

1968

11

160

1970

170

1972

5

100

1973

5

30

2000

3

80

2005

Chart

48.410199

43.29074

28.66021

24.15070

23.34909

32.26760

367571

41.48695

36.37647

37.57891

38.18013

30.56416

306318

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

Load Factor

Electricity Output

Data

Load FactorElectricity Output

199248.410,199

199343.29,074

199428.66,021

199524.15,070

199623.34,909

199732.26,760

199836.07,571

199941.48,695

200036.37,647

200137.57,891

200238.18,013

200330.56,416

200430.06,318

Chart

753920012001323517

768420022002320004

6131.46820032003293835

6042.20420042004268955

2001

2002

2003

2004

Electricity

Heat

Data

ElectricityHeat

20017,539323,517

20027,684320,004

20036,131293,835

20046,042268,955

/ (%) () // () ()/ ____________________Source::OGK-5 1 290 (1 210 2005 .) 1960 . : ( )

Chart

43.384533.8

39.544171.8

56.515872.8

2002

2003

2004

Load Factor

Electricity Output

Data

Load FactorElectricity Output

200243.44,534

200339.54,172

200456.55,873

Chart

3230200020004461

3212200120014395

4220200220024383.29

3855200320034359.906

5450.8200420044462.8

2000

2001

2002

2003

2004

Electricity

Heat

Data

ElectricityHeat

20003,2304,461

20013,2124,395

20024,2204,383

20033,8554,360

20045,4514,463

____________________Source::OGK-5

()

1

50

1936

2

50

1937

5

30

1976

6

100

1965

7

100

1966

8

60

1967

9

300

1969

10

300

1969

11

300

1970

Chart

48.410199

43.29074

28.66021

24.15070

23.34909

32.26760

367571

41.48695

36.37647

37.57891

38.18013

30.56416

306318

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

Load Factor

Electricity Output

Data

Load FactorElectricity Output

199248.410,199

199343.29,074

199428.66,021

199524.15,070

199623.34,909

199732.26,760

199836.07,571

199941.48,695

200036.37,647

200137.57,891

200238.18,013

200330.56,416

200430.06,318

Chart

753920012001323517

768420022002320004

6131.46820032003293835

6042.20420042004268955

2001

2002

2003

2004

Electricity

Heat

Data

ElectricityHeat

20017,539323,517

20027,684320,004

20036,131293,835

20046,042268,955

, . 1 182 (1 205 2005 .) 1936 . : ( ) / (%) () // () ()/ ____________________Source::OGK-5

Chart

43.384533.8

39.544171.8

56.515872.8

2002

2003

2004

Load Factor

Electricity Output

Data

Load FactorElectricity Output

200243.44,534

200339.54,172

200456.55,873

Chart

3230200020004461

3212200120014395

4220200220024383.29

3855200320034359.906

5450.8200420044462.8

2000

2001

2002

2003

2004

Electricity

Heat

Data

ElectricityHeat

20003,2304,461

20013,2124,395

20024,2204,383

20033,8554,360

20045,4514,463

____________________Source::OGK-5

/

1

300

1970

2

300

1971

3

300

1971

4

300

1972

5

300

1974

6

300

1975

7

500

1977

8

500

1978

9

500

1978

10

500

1980

Chart

48.410199

43.29074

28.66021

24.15070

23.34909

32.26760

367571

41.48695

36.37647

37.57891

38.18013

30.56416

306318

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

Load Factor

Electricity Output

Data

Load FactorElectricity Output

199248.410,199

199343.29,074

199428.66,021

199524.15,070

199623.34,909

199732.26,760

199836.07,571

199941.48,695

200036.37,647

200137.57,891

200238.18,013

200330.56,416

200430.06,318

Chart

753920012001323517

768420022002320004

6131.46820032003293835

6042.20420042004268955

2001

2002

2003

2004

Electricity

Heat

Data

ElectricityHeat

20017,539323,517

20027,684320,004

20036,131293,835

20046,042268,955

3 800 1970 . : () / (%) () // () ()/ ____________________Source::OGK-5

Chart

4715617.8

6421284

6120250.8

5117011

5819147.2

1999

2000

2001

2002

2003

Load Factor

Electricity Output

Data

Load FactorElectricity Output

199947.015,618

200064.021,284

200161.020,251

200251.017,011

200358.019,147

Chart

14882.519991999535

20332.820002000506.9

19337.420012001506.8

16200.720022002513.7

18248.720032003468.9

1999

2000

2001

2002

2003

Electricity

Heat

Data

ElectricityHeat

199914,883535

200020,333507

200119,337507

200216,201514

200318,249469