United Energy Group plc: United Energy Group and RWE Innogy Seal Joint Hydropower Commitment in the Republic of Srpska

United Energy Group plc / Key word(s): Miscellaneous

01.10.2012 / 17:33

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CORPORATE NEWS

United Energy Group and RWE Innogy Seal Joint Hydropower Commitment in the
Republic of Srpska
1 October 2012 - RWE Innogy, the Republic of Srpska - an entity of
Bosnia-Herzegovina - and the state-run utility company Elektroprivreda
Republike Srpske (ERS) signed a strategic partnership agreement in Banja
Luka concerning the development, construction and operation of four
hydropower plants. Earlier, RWE Innogy was selected as most competent
candidate in an official tender process, and signed the corresponding
agreements in the present of President Milorad Dodik in Banja Luka last
Wednesday.

Over the next four years, project companies will study and develop four
hydropower plants with a total installed output of 210 Megawatt (MW) on the
River Drina. Assuming a positive outcome of the feasibility studies, and
with the planning concluded, construction of the first hydropower plant
could start as early as 2014. The chain of power plants as a whole is
intended to produce an annual output of around 750 Gigawatt hours (GWh) of
electricity.

United Energy Group (UEG) is one of the local partners of RWE that helped
to develop the market.
'We are very delighted that these agreements, which play an important role
in our Southeast Europe strategy, have been brought to a successful
conclusion,' said Dr. Rolf Haferkamp, CEO of UEG.

The construction period for the four hydropower plants in the catchment
area of the upper Drina is scheduled to extend over roughly five years
each. Along a major stretch downstream from the planned chain of power
plants, the Drina River forms the border between Bosnia-Herzegovina and
Serbia. It extends over a total length of 486 kilometres before terminating
in the Sava River, which in turn empties in the Danube and later in the
Black Sea.




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.


RWE Innogy is responsible for the development of renewable energy within
the RWE Group.




Forward-looking statements 
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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.


End of Corporate News

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187060 01.10.2012