Energy: Russian energy giant secures $3.2bn contract

Russian electricity monopoly Unified Energy System (UES) has signed a $3.2bn deal to expand the energy network in the southern region of Krasnodar over the next five years.

The agreement with the administration of Krasnodar region, where the Black Sea city of Sochi is located, will see UES invest $1.3 billion in new generating capacity and a further $1.9 billion in the region's electricity network by 2011.