With a ruling on Nov. 19, 2008, the Cabinet of Ministers amended the list of electricity companies included in the charter fund of the National Energy Company of Ukraine (NC ECU). The Cabinet returned to the NC ECU 25%-27% stakes of six Oblenergos (CHEON, LVON, ODEN, POON, PREN and SOEN), and 60% stakes in four generation companies (CEEN, DNEN, DOEN, ZAEN) that were previously excluded from the NC ECU and passed to the State Property Fund for privatization. More importantly, in the Cabinet’s amendment, the NC ECU’s stake in Dniproenergo was given at 76.04%, i.e. the number before the August 2007 dilution. Alexander Paraschiy: Passing stakes in the ten electricity companies from the SPF back into the NC ECU is in line with government’s vision that there is low chance to privatize these companies under the current SPF head. Inclusion of information about the NC ECU’s 76% stake in Dniproenergo looks contradictory: earlier DTEK claimed that official number of DNEN’s shares is 5.97 mln (accounting for an additional share issue made in 2007), which implies that the NC ECU’s stake is only 50%. We are waiting for DTEK’s reaction on the Cabinet’s resolution, and recommend conservative use of the new number of Dniproenergo shares (5.97 mln) for valuation purposes.