Donbassenergo’s (DOEN: BUY) shareholders voted to release old supervisory board and appointed a new one made up entirely of representatives from the National Energy Company (NC ECU) at their EGM yesterday. Unlike ZAEN’s EGM, where shareholders approved the management’s 9M06 report, at DOEN’s meeting, the report was only “taken into consideration”. Alexander Paraschiy: The latter implies that the NC ECU is not satisfied with DOEN’s results, and this puts the future of the company’s CEO in question. Still, we confirm our BUY recommendation for the company, taking into account the company’s future output growth due to larger load of Slaviansk power plant and growth of efficiency after the expected commissioning of a newly reconstructed power unit in late 2007.