Shareholders of power generating company OGK-2 and of water power plant approved of the amendments to OGK-2 Charter proposing a merger with GRES generating company on May 15, 2006. The amendments state that OGK-2 takes on full liabilities and rights of the latter, including the ones concerning debtors and creditors, form the moment the merger has been completed.

OGK-2 currently includes water power plants of Pskov, Stavropol, Surgut (a 100% share holding), Troitsk (fully controlled by GRES generating company), and Serov.

GRES has recently gone through a public offer of 17,285.574,300 ordinary shares (face value 1 RUR each).

The merger is to have been completed by August 2006, with shares put up to auction in July. As the result of the merger, the share of RAO Russia in GRES generating company is estimated to go down to 80%.