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1 August 2003 - American power firm AES Corporation is to sell its interests in the Republic of Georgia to Russian power monopoly Unified Energy Systems of Russia (UES), according to a Reuters news report.

"We met with (Georgian President Eduard) Shevardnadze today... and we have an agreement to sell our businesses in Georgia to RAO UES," AES spokesman Ken Woodcock is reported as saying.

The Georgian assets include three power plants and an electric distribution company, AES Telasi, which serves Tbilisi, the country's capital.

On Wednesday, Arlington, Virginia-based AES said charges for the planned sale of its Georgian businesses were partly responsible for a $129m net loss it recorded in the second quarter. In common with most other US power companies, AES has been selling off assets to shore up its balance sheet and restore confidence in the wake of the collapse of energy trader Enron.

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