New President of Elektrocieplownie Warszawskie S.A.

New President of Elektrocieplownie Warszawskie S.A. At today's meeting, Elektrocieplownie Warszawskie S.A.'s Supervisory Board appointed Jacek Drezewski the company's new President of the Board. Since April this year Jan Reutergårdh has been the President of EW pending the recruitment and appointment of a new president. Jan Reutergårdh has been one of the leading persons with regard to the restructuring and reengineering of the company. Jacek Drezewski thus now succeeds Jan Reutergårdh as President. Jacek Drezewski has 35 years' experience in the energy sector and 20 years' experience as managing director of energy companies. Recently he has been managing Enron's greenfield project; Nowa Sarzyna Combined Heat and Power Plant. He was responsible for the turnkey construction of the plant and developed the operations to a very high level of performance. "Jacek Drezewski has long experience from Polish and international energy companies. He also has a very good knowledge of the energy sector in Poland," says Hannu Kostiainen, Chairman of the Supervisory Board of EW SA. and Vattenfall's General Director in Poland. "We have all the time aimed at having a local president in EW. We are very happy that Jacek Drezewski now will join Vattenfall Group," continues Hannu Kostiainen and adds: "The new President will continue the process of restructuring and change in the company. We trust that he will also use his experience and expertise to prepare EW S.A. for the big challenges that it will face, especially when the energy market in Poland will be fully liberalised." Elektrocieplownie Warszawskie S.A. is the largest heat producer in Poland (24% market's share) and is the dominant heat producer in Warsaw. The company's share of the Warsaw electricity market is 60%. EW S.A. has six production units, with a total capacity of about 5,600 MW of heat and about 1,000 MW of electricity. The number of employees is about 4,000. EW S.A. is Vattenfall's largest investment in Poland. In January 2000, Vattenfall paid USD 235 million for 55% of the shares. It was the biggest contract in the privatisation process of Poland's energy sector. Vattenfall also guaranteed an investment program totalling USD 600 million for the next 10 years. The aim of the program is to modernise the plants and improve the efficiency with special attention to environmental issues. Vattenfall has recently acquired 33% of the shares of Górnoslaski Zaklad ElektroEenergetyczny, one of Poland's largest distribution companies. Vattenfall also owns 48% of SwePol Link AB that has built the high voltage inter connector between Poland and Sweden. Issued by Vattenfall's Press Office, telephone +46 8 739 50 10. For more information, please contact: Hannu Kostiainen, Vattenfall Poland, telephone +48 22 820 9200, mobile +358 400 321 654. Vattenfall's vision is to be a leading European energy company. The Nordic region, Poland and Germany are its domestic markets. Today, Vattenfall generates power and supplies energy solutions to several million customers in the Nordic region and northern Europe. The largest electricity customers are industrial plants and energy companies. Vattenfall's main products are electricity, heat and natural gas, as well as network, consulting and maintenance services. The Group's net sales in 2001 are calculated to around SEK 70 billion. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/09/12/20040817BIT21660/wkr0001.pdf