annual report 2011 .pdf

ENERGY REGULATORY COMMISSION

Annual report 2011

Ulaanbaatar2012

3Annual report 2011


CONTENT

I. BRIEF INTRODUCTION ABOUT COMMISSION

II. COMMISSION ACTIVITY

III. LICENSING

IV. ELECTRICITY MARKET IN THE CENTRAL REGION

V. TARIFF REGULATION

VI. CONSUMER PROTECTION ACTIVITY

4Annual report 2011


LETTER FROM THE CHAIRMAN

The Energy Regulatory Commission has been working

stable for 11 years since the beginning of Mongolian energy

sector reform in 2001.

The Energy Regulatory Commission (ERC) has been

working efficiently in transferring energy sector to market

economy; improving financial and economical capability of

the energy companies and encouraging private investment

to the sector. We should address to ERC specialists that

they has contributed their great efforts to the biggest

successes that arised in the sector.

Through this 10th annual report we are introducing you ERC works performed

in 2011 and hope that the annual report contains information you need.

Taking many important measures included in the work plan to be implemented

under the Parliament Resolution #72, 2011 we have succeeded significant achievements.

Increasing consumer electricity and heat tariffs from 1 May, 2011 total sales

revenues of electricity and heat have reached at 351.8 billion tugrik which is more

than 16.1 percent or 49 billion tugrik if comparing last year performance. Moreover,

increasing tariffs, energy companies financial capability has been improved well.

We resolved liquidation of debts of 1.5 billion tugrik which had been accumulated

since 2001 and would be settled by Ulaanbaatar Electricity Distribution Network

SOJSC to Thermal Power Plants #2; #3 and #4 and further these resources were

allocated for coal mining debts. At the end of 2011 the Single Buyer collection rate

reached at 101.8 percent and accumulated debts between 2001-2010 were reduced

to 29 percent or by 4.3 billion tugrik.

In 30 June 2011 the ERC celebrated its 10 years anniversary organizing a

Theoretical and practical conference named Energy Regulation in 10 years.

According to the newly amended law in 9 December 2012 Energy Regulatory

Authority was reorganized as the Energy Regulatory Commission and further its

function and activity are extended as well as Commission shall approve methodology

for setting fuel price used for energy generation; and review its calculation; review

investment plan of licensee on expanding or renew the electricity or heat transmission

lines; and distribution networks; and to decide that investment issue by tariff

regulation; submit to the Government its proposal on subsidies for licensees related

to their tariff losses for the purpose of relieving load that comes in on consumer.

As a result of Concession Law adopted in 2010 private investors participation in

the energy sector is increasing. Energy system demand of Mongolia fully reached to

current total capacity of power plants. For the purpose of covering those increasing

demand, the ERC issued licenses under its duties for construction of 2 Thermal

5Annual report 2011


Power Plants, totally 1100 MW installed capacity and construction of 6 Wind parks

which total capacity is 604 MW. Those companies obtained the licenses are foreign

and domestic private investors.

Therefore, ERC plans to cooperate with international organizations and

implement projects for the purpose of improving capacity building of ERC on

improving regulatory framework; and satisfying requirements of foreign and

domestic investors and meets with international standards.

We hope that you would kindly read this report and provide us with your

valuable consultation.

Surely, we will consider and reflect your kind consultations and recommendations

in our work in the future.

Best regards,

Tserenpurev TudevChairman

6Annual report 2011


I. BRIEF INTRODUCTION ABOUT COMMISSION

On 09 December 2011 Parliament of Mongolia approved amendments to the

Energy law of Mongolia. According to the newly amended law Energy Regulatory

Authority has been reorganized as an Energy Regulatory Commission.

Energy Regulatory Authority shall regulate generation, transmission, distribution,

dispatching and supply of energy.

The main purpose of the Authority is to issue the operational licenses, to

review and approve the tariffs of the licensees, to protect equally the rights of the

consumers and licensees as well as to create condition for fair competition among

the generators and suppliers in accordance with the Law on Energy.

According to Energy Law ERC shall have the full powers: to set the terms and

conditions to obtain a license; to set operational and licensing terms and requirements

for licensees; to monitor compliance with these terms and requirements; to develop

methodology for determining tariffs; to review and approve tariffs of licensees;

to set selling tariffs to consumer; to implement tariff indexation; to establish a

pricing and tariff system that enables supply of energy at the lowest possible cost

and allows an adequate rate of return; to approve methodology for setting fuel

price used for energy generation; and review its calculation; to review investment

plan of licensee on expanding or renew the electricity or heat transmission lines;

and distribution networks; and to decide that investment issue by tariff regulation;

to approve tariff indexation procedure; to resolve disputes between licensees and

disputes between licensees and consumers in accordance with its jurisdiction; to

submit to the Government its proposal on subsidies for licensees related to their

tariff losses for the purpose of relieving load that comes in on consumer.

Also, under the Renewable Energy Law states the ERC has obligations to review

tariff applications of a generating licensee that uses a renewable energy power

source connected to the grid in accordance with this law; and approve a sample

agreement to be concluded by and between a transmitter and a generator that uses

a renewable energy power source and monitor the contract implementation.

The Commission is governed by the Commissioners: three of them are full time

members and two are part time members. The Commission has Managing Director;

Legal, Administration Department; Licensing Division and Price & Tariff Division.

Including Commissioners ERC operates with 38 people.

.

7Annual report 2011


COMMISSION STRUCTURE

COMMISSION PART TIME ADVISORY BOARD

MANAGING DIRECTOR

LICENSING DIVISION PRICE & TARIFF DIVISION

REGULATORY BOARDS OF PROVINCE AND CAPITAL CITY

LEGAL, ADMINISTRATION

DEPARTMENT

DUTIES OF DEPARTMENTS AND DIVISIONS

Executive Director

ToorganizeCommissionMeeting;

ToprovideCommissionerswithrelevantinformation;

TocoordinateactivitiesoftheSecretariat;

Publicrelationsissues;

Legal, Administration Department

Legalissuesandcontracts;

ToprovideEnergyRegulatoryBoardsofProvinceandCapitalcitywithmanagement;to organize their appointment and release;

Disputesbetweenconsumerandlicenseeandbetweenlicensees;

CommissionHumanresourceissues;

Foreignrelationsandcooperationissues;

Informationsystem;

Internalissues;

Price & Tariff Division

Tariffmethodologyandrules;

Tariffreviewandproposal;

Financialandeconomicmonitoringof the Licensee;

Costaudit;

AssistancetotheEnergyRegulatoryBoards of Province and Capital city.

Licensing Division

Licensingissues;

MonitoringissuesontheLicenseetechnicalactivity;

MonitoringofElectricitymarket;

Rulesandregulationsrelatedtotechnicalandtechnological issues;

AssistancetotheEnergyRegulatoryBoardsofProvince and Capital city;

8Annual report 2011


COMMISSION MANAGEMENT

T.TserenpurevChairman

M.Munkhtulga Managing Director & Head of

Licensing Division

D.ChuluunbaatarCommissioner

N.MyagmarsurenCommissioner

R.Gan-ErdeneHead of Legal, Administration

Department

D.JargalsaikhanCommissioner

D.BassaikhanCommissioner

M.GanchimegHead of Price & Tariff Division

9Annual report 2011


TELEPHONE AND EMAIL ADDRESS OF STAFF

Web: www.erc.mn

No Position Name Phone e-mail

COMMISSION

1 Chairman . Tserenpurev 319312 [email protected]

2 Commissioner N. yagmarsuren 319357 [email protected]

3 Commissioner D.Bassaikhan 319347 [email protected]

4Commissioner /part time/

D.Chuluunbaatar 320126 [email protected]

5Commissioner /part time/

D.Jargalsaikhan 320126 [email protected]

SECRETARIAT

6

Managing Director & Head of Licensing Division

. unkhtulga 319317 [email protected]

7Secretary of the Commission

E.Samdan 313203 [email protected]

LEGAL, ADMINISTRATION DEPARTMENT

8Head of Department

R.Gan-Erdene 313203 [email protected]

9 Accountant D.Munkhbold 319398 [email protected]

10Human Resource specialist

D.Narantsetseg

313203

[email protected]

11 Lawyer O.Davaajargal

12 IT engineer Sh.Tsend-Ayush [email protected]

13Assistant to Chairman

E.Erdenetuya 319312 [email protected]

14 Archive specialist O.Altanzagas 319398 [email protected]

15 Typist . Tsetsgee 320126 [email protected]

LICENSING DIVISION

16 Specialist B.Erdenetsetseg

319374

[email protected]

17 Specialist S.Munkhjargal [email protected]

18 Specialist N.Jigjidsuren [email protected]

19 Specialist B.Battuya [email protected]

20 Specialist A.Bat-Erdene [email protected]

21 Specialist D.Altantuya [email protected]

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Annual report 2011


PRICE & TARIFF DIVISION

22 Head of Division . Ganchimeg 319219 [email protected]

23 Specialist B.Bolor-Erdene

319396

[email protected]

24 Specilaist Yo.Gankhuyag [email protected]

25 Specialist D.Tserennadmid [email protected]

26 Specialist S.Tsetsgee [email protected]

27 Auditor B.Ulambadrakh

319398

[email protected]

28 Auditor L.Enkhzaya [email protected]

29 Auditor N.Bolormaa [email protected]

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Annual report 2011


II. COMMISSION ACTIVITY

COMMISSION MEETINGS

In 2011, the Commission conducted 43 meetings, discussed 77 issues, and released

131 resolutions. By the Commission, 37 issues discussed and 37 resolutions passed

which were related to granting new licenses and extending and amending previously

granted licenses. The Commission granted newly an energy construction licenses to

United Power LLC, Sainshand wind park LLC and Aydiner Global LLC which

are working for renewable energy. Also, Commission granted construction license

to East Energy Development LLC constructing for thermal power plant; license

for electricity distribution and regulated supply to Power Unit LLC and licenses

for import of electricity to Eastern Regional Energy System SOJSC. In addition,

Commission set power plants own use rate and transmission and distribution losses

rate which to be complied in 2012.

Picture 1. Commission Meeting

The Commission issued 77 resolutions concerning tariff regulation and made

decisions on increasing consumer tariffs in central, eastern and western regions.

In connection with the increase of consumers electricity and heat tariff ERC made

changes on tariff of energy companies. Also, Commission approved electricity

generation tariffs of wind parks such as Qleantech LLC and Sainshand Wind Park

LLC. Moreover ERC changed hot water heating tariffs; and approved Methodology

on calculation of capacity and energy tariffs of Licensees. The Commission made

quarterlyassessmentsonoperationalperformanceofLicenseesandHousingservicecompanies.

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Annual report 2011

ENERGY REGULATORY COMMISSION Licensees received incentive bonus according to results of Performance

Agreements

In 2010 the ERC signed the agreements with Erdenet and Bulgan Electricity

Distribution Network and Baganuur & South Eastern Electricity Distribution Network,

Thermal Power Plant #3 and Erdenet Thermal Power Plant. First three companies had

been improved their main indices of operation and according to the terms of the

agreement they earned 244.7 million tugrik.

In 2011 ERC and 6 other energy companies have concluded Performance

Agreements which performance will be evaluated in 2012.

The ERC provided technical and methodological guidance to the Regulatory Boards of aimags (provinces) and the capital city

In April 2011, the ERC organized annual meeting of the Regulatory Boards of

aimags and the capital city in Ulaanbaatar. About 80 delegates from 21 aimags,

Ministry of Mineral Resources and Energy, Energy Authority and Energy Regulatory

Authority participated in the meetings. During the annual meeting, participants

discussed about difficulties facing on energy supply in the rural area. According to

the discussion and issues arisen by the members of Regulatory Boards of aimags

and the capital city, ERC made plan and took related measures to resolve the above

mentioned difficulties.

The Commission also discussed issues related to internal activity of organization,

approved Business rules between the Supplier and Consumer and samples of Power

Purchase Agreements.

Picture 2. The Commissioners evaluated execution of Performance Agreement with Erdenet Thermal Power Plant.

13

Annual report 2011


In 2011 the Regulatory Boards of aimags and the capital city issued 32 new

licenses to 15 enterprises, extended 66 licenses of 31 enterprises, revoked 4 licenses

of 2 enterprises and approved tariffs for 60 enterprises. As of 2011, 172 enterprises

with 433 energy licenses are running their business in the territories of provinces

and the capital city.

ERC encourages development of Green energy

ERC has been making its contribution on the development of renewable energy.

In 2011 ERC had issued several licenses for construction of renewable energy

plants to following companies: Sainshand Wind Park LLC for constructing 52 MW

wind park; Qlean Energy LLC 250 MW wind park; AB Solar Wind LLC 100

MW wind park and Aydiner Global LLC-50.4 MW wind park and Civil Aviation

Authority 443 kW solar plant. Further, ERC approved their electricity generation

tariffs. Moreover, ERC had developed and approved Samples of Power Purchase

Agreements between renewable energy generators and transmitter.

The ERC has been supporting private investment in the energy sector since its

establishment. Therefore, above mentioned green energy projects were encouraged

by the ERC from its beginning.

Moreover, among the members of Regulatory Boards of aimags and the capital

city the ERC had conducted training on energy regulation, tariff and energy supply

issues which was very fruitful for the members.

In 2011, ERC organized site visits in Dornogobi, Uvs, Selenge, Khovd and

Darkhan-Uul aimags and gave recommendations to the members regarding their

tasks.

Picture 3. Members of Regulatory Boards of aimags and the capital city

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Annual report 2011


III. LICENSING

In 2010 ERC granted energy licenses to 15 enterprises and organizations and extended the licenses of 7 enterprises and organizations.

In 2011, the ERC received requests from 22 enterprises and organizations for

8 types of 27 licenses to be granted or extended. All requests were reviewed with

their accompanying documents in detail. Based on this stage of examination, the

Commission decided to grant new licenses to the following entities: Construction license

for 600 MW thermal power plant to East Energy development LLC; construction

license for 18 MW thermal power plant to United Power LLC construction license

for 52 MW wind park to Sainshand Wind Park LLC; construction license for 100

MW to AB Solar Wind LLC; construction license for wind park to Aydiner Global

LLC; construction licenses for 44 MW diesel station and 72 MW heating station to

Oyu Tolgoi LLC and construction license for 443 kW solar station to Civil Aviation

Authority.

As of today, the ERC is regulating energy activities of 83 licensees who have

173 licenses of 10 types.

Monitoring, benchmarking and rating of the Licensees activities

The ERC, with the purpose of monitoring and evaluating the licensees activities,

conducts various activities, including evaluation of Licensees monthly and quarterly

performance indicators and review of their operational performance and annual

reports on compliance with the terms and conditions of their licenses.

In 2011, the ERC received and evaluated the main technical and economic

indices of the Licensees on a quarterly basis and evaluated their performance for

discussion at Commission meeting.

Moreover, the ERC continued the quarterly benchmarking and ranking of the

Energy Licensees, dividing them into three groups: (1) the largest 18 companies

created as a result of the unbundling; (2) 26 housing service companies; and (3)

18 local electricity distribution companies, based on their key performance indicators

such as profit or loss, accounts receivable and payable, power plants internal power

consumption rate, electricity transmission and distribution losses, additional system

make-up water, reliability and safety indicators, and revenues and expenses.

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Annual report 2011


The ERC determines quality and continuity of electricity supply service by using internationally applicable indices SAIDI, CAIDI and SAIFI.

In order to register and classify reasons of electricity supply interruptions and

to determine the numbers of interruptions in conformity with international standard,

the ERC started to register the electricity supply interruptions by using the following

3 indices from 2005:

1. The System Average Interruption Duration Index (SAIDI) the number of

interruptions per consumer per year

number of interruptions/ number of all customers/year)

2. The System Average Interruption Frequency Index (SAIFI) the average time of

interruptions per consumer per year

(duration of interruptions (min)/ number of all customers/year)

3. The Consumer Average Interruption Duration Index (CAIDI) - the average

interruption time per consumer affected by the interruption per year

(duration of interruptions (min)/ number of customers affected by the interruptions/year)

Table 1. 2011 Rating of the biggest energy licensees

Rating Licensees

I Darkhan Thermal Power Plant State Owned Joint Stock Company

II Thermal Power Plant # 4 State Owned Joint Stock Company

III Thermal Power Plant #2 State Owned Joint Stock Company

IV Darkhan -Selenge Electricity Distribution Network Company

V UlaanbaatarDistrictHeatingNetworkStateOwnedJointStockCompany

VI Baganuur & South-Eastern Regional Electricity Distribution Network State Owned Joint Stock Company

VII Central Regional Electricity Transmission Grid State Owned Joint Stock Company

VIII DarkhanDistrictHeatingNetworkStateOwnedJointStockCompany

IX Erdenet-Bulgan Electricity Distribution Network State Owned Joint Stock Company

X Eastern Energy System State Owned Joint Stock Company

XI Ulaanbaatar Electricity Distribution Network State Owned Joint Stock Company

XII Erdenet Thermal Power Plant State Owned Joint Stock Company

XIII BaganuurHeatingPlantStateOwnedCompany

XIV Thermal Power Plant #3 State Owned Joint Stock Company

XV Altai Uliastai Energy System State Owned Joint Stock Company

XVI Western Energy System State Owned Joint Stock Company

XVII NalaikhHeatingPlantStateOwnedJointStockCompany

XVIII Dalanzadgad Thermal Power Plant State Owned Joint Stock Company

16

Annual report 2011


Using these 3 indices, the ERC received electricity supply interruption information

quarterly from transmission and distribution companies; through integration of this

data the ERC prepared quarterly summaries in 2011.

These indices were estimated for every distribution company in 2011 by reflecting

the scheduled outages, unscheduled outages, natural calamities, outages caused by

the fault of the licensee, and outages resulting from other licensees actions.

In 2011 the ISAIDI was 119 hours which was decreased by 52 percent from

previous year. ISAIFI was 12 per customer depicting a decrease of 2 units compared

with 2010.

Table 2. Summary of interruption indices in 2010-2011

Charts 1,2 and 3 Interruption indices

SAIDI

CAIDI

SAIFI

300

240

180

120

60

2005 2006 2007 2008 2009 2010 2011 2005 2006 2007 2008 2009 2010 2011

2005 2006 2007 2008 2009 2010 2011

0 0

4

8

12

16

20

98

13 12

1718

1614

12

81 89120

7 7 7

18

10

5

292

247

119

Summary of central regional

interruption shows that in 2011 SAIDI

became 57 hour which is 6.6 percent

reduction from previous year while

CAIFI was 12 which reduced by 2 from

2010. 0

4

8

12

16

20 19

Region2010 2011

SAIDI CAIFI CAIDI SAIDI CAIFI CAIDI

Central Region 61 14 4 57 12 5

Western Region 213 9 24 220 7 33

Eastern Region 4012 12 332 654 3 205

Dalanzadgad - - - 466 12 39

Total 381 27 14 954 29 33

Central Region 247 14 18 119 12 10

17

Annual report 2011


Licensees improved their operational efficiency

In 2011, the ERC obtained and analyzed monthly information from power plants

and transmission and distribution companies on their own use of electricity and

electricity transmission and distribution losses. By informing respective licensees on

their performance, discussing quarterly performance at meetings of the Commission,

and organizing site inspections along with respective directions to licensees, power

plants of CES used 15.14% of gross generation for internal use in 2011 compared

with 15.62% in 2010. This 0.48% reduction is equivalent to 20.7 million kWh and

MNT 1.8 billion of sales revenues. Thermal Power Plants #2; #4; Darkhan Thermal

Power Plant; Erdenet Thermal Power Plant had contributed their efforts for this

achievement.

As result of the related necessary measures that were taken by the management

of power plants since 2002, power plants own use has been reduced each year with

significant savings. To date, the overall decrease has reached about 30% which is

MNT 12 billion of saving.

Chart 4. Power plants own use rate in the Central Energy System

Moreover, Dornod thermal Power Plant had reduced its own use by 1.14 units

from previous year. Totally, 7 thermal power plants had reduced their own uses by

0.49 units.

In 2011 electricity transmission and distribution losses in the Central Energy

System became 16.6% which shows 0.7 units decrease from 2010 (17.3%) or

equivalent to 35.3 million kWh of electricity or MNT 3.0 billion savings.

During the period of 2002-2011 by decreasing losses by 7.4 units, there MNT

14 billion has been saved.

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

%

5

10

15

20

2522

2119.78 19.08

18.1317.5 16.47

16.11 15.87 15.62 15.14

18

Annual report 2011


Chart 5. Electricity transmission & distribution losses in CES

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

%

5

10

15

20

25 24 2321.9

20.3 19.818.4

17.416.8

17.7 17.3 16.6

Besides, Western Energy System losses have been reduced substantially which

were reached at 49.6% in 2005. In 2011 the losses became totally 28%, comparing

in 2010 (30.1%) it shows 2.1 units decrease and then 2.1 million kWh electricity

saved.

Also, Dalanzadgad Thermal Power Plant reduced its losses by 0.6 units.

IV. ELECTRICITY MARKET ACTIVITIES IN CENTRAL ENERGY

SYSTEM

Single Buyer sales revenue collection reached 103, 8%

One of the main objectives of the ERC is to transform the energy sector of

Mongolia into a market oriented system. Currently, the Single Buyer model, which

is adopted in the frame of the

Central Energy System is regulated by an automatic cash flow mechanism. Spot

and auction markets are also implemented among the Central Energy System.

With the purpose of creating a market environment in energy production and

supply, the Single Buyer Model has been in place since September 2002.

Single Buyer purchases electricity from the 5 Power Plants operating in the

Central region and through import from Russia and sell it to the 10 electricity

distribution companies. Central Regional Electricity Transmission Network has been

operating as a Single Buyer since September 2002.

In 2011, the Single Buyer purchased 3844.4 million kWh of electricity, equivalent

to MNT 231.7 billion, from the generators and through import from Russia. The

amount of electricity purchased increased by 6.1% from 2010.

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Annual report 2011


In 2001, before the inception of the Single Buyer Model, the rate of sales

revenue collection was only about 76.5%. This rate has increased every year and

reached 101.8% in 2011 and collected additional MNT 4.3 billion more than planned

(MNT 231.7 billion) in 2011 and accumulated debts of previous years were reduced

accordingly.

Activity of the electricity SPOT market

A spot market is based on the differences between the amount of scheduled

electricity generation and the amount of real-time electricity supply. As a result

of operating the spot market, power plants will try not to breach the scheduled

generation or dispatching graph. In case of breaching it, they will bear some

responsibility according to the spot market rule. In other words, trade is affected by

selecting the highest tariff of the companies participating in the spot market.

In 2010, about 3.9 million kWh of electricity or MNT 195.7 million was traded

in the spot market. The amount of traded electricity reduced by 20.6% from 2010,

which shows that generators imperfection had been reduced.

Thermal Power Plant #4 gained revenue of MNT 123.2 million from the spot

markettradein2011.However,ThermalPowerPlant#2,ThermalPowerPlant#3,Darkhan Thermal Power Plant, Erdenet Thermal Power Plant, had carried responsibility

of paying MNT 10 million, MNT 57.8 million, MNT 47.3 million, and MNT 8.1 million

respectively traded in 2011.

Electricity competitive (auction) market

The auction organized among the generators based on their offered generation

tariffs and their growth in electricity demand is defined as the competitive market.

According to the experiences of competitive markets in foreign countries,

usually the right to supply electricity is awarded to the generator based on the

lowest offered price.

Chart 6. Single Buyers electricity sales revenue collection rate and its structure

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Through offset Through account

40.0

%

21.1% 17.6

% 13.5

%

11.5

%

12.9

%

11.5

%

10.5

%

9.0%

8.4%

9.3%

76.5

%

89.5

%100.0%

80.0%

60.0%

40.0%

0.0%

20%

92.7

%

97.5

%

98.3

%

98.9

%

100.

3%

94.2

%

98.7

% 103.

8%

101.8%

20

Annual report 2011


V. TARIFF AND PRICE REGULATION

In 2011, ERC resolved 73 requests raised by 48 companies regarding the licensees tariff regulation, bonuses or penalties resulted by performance agreements, which enabled additional MNT 70.9 billion sources for the sector companies.

The results of operational performance of the Licensees in 2011

The quarterly and annually performance indices of the energy licensees

were regularly assessed by the ERC in 2011. In each of these assessments, the

revenue, profit, loss, account payables and receivables, and financial ratios etc

of the economical indices and power plants own-use rate, conditional fuel rate,

transmission and distributions losses etc. of the technical indices of the sector

were evaluated in detail. Quarterly assessments of each licensees balance sheet are

promoted in last several years which lead to benefits such as providing management

of licensees and consumers with various updated information. In first half of 2011,

the assessment was made for 44 Licensees.

2011 results shown that totally 4,450.3 million kWh of electricity was generated

by thermal power plants in Central, Western, Eastern, Southern and Altai-Uliastai

energy systems; 44.4 million kWh by hydro power plants; 12.8 million kWh by wind

& solar plants; 10.8 million kWh by diesel stations. Moreover, 268.7 million kWh of

electricity was imported from Russia and 21.5 million kWh of electricity was exported

to Russia. Meanwhile 3,424.9 million kWh of electricity and 6,567.3 thousand Gcal

of heat was distributed to end users.

Amount of electricity distributed to end users increased by 7.2% from the last

year, while heat distribution increased by 1.4% from last year respectively.

However,intheMongoliancase,thelowestgenerationtariffwillnotberankedin first place. Instead, the generators who offered to reduce their generation tariff

by a higher percentage will be ranked in first. This affords an opportunity for the

power plants with significantly different tariffs to have an equal right to participate

in the auction market. Besides, due to the specific features of the electricity market

of Mongolia, we organized the auction market only on the growth of electricity

demand.

The auction market commenced operation on 1 August 2007. According to the

Electricity Auction Market Temporary Rule approved by the ERC, the National

Dispatching Center LLC developed and approved an Auction organization rule for

the electricity competitive market. In total, 4.45 million kilowatt-hours of electricity

which is equal to MNT 281.7 million traded in 2011 in the auction market. Power

Plants participated in the auction market decreasing their energy tariff by 0.2%.

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Annual report 2011


In 2011, the 19 largest energy licensees had a total operating revenue of MNT

329.6 billion and expenditures of MNT 368.8 billion; resulting in operational losses

of MNT 39.2 billion. Balance loss after tax payment reached up to MNT 2.2 billion. In

2011, 7 companies in central region and 6 companies in local region were subsidized

totally MNT 32.7 billion form the State budget.

In 2011, energy licensees supplied totally 447.8 thousand consumers with

electricity, from which 7.0% or 33.5 thousands are enterprises and 93.0% or 414.3

thousand are residential consumers.

A total of 9,603 employees of 19 largest licensees worked in the sector in 2011

with an average monthly salary of MNT 670.0 thousand.

Approximately MNT 7,850.1 million spent on employees benefits in 2011 and

on average MNT 817.5 thousand per person was allocated annually.

In 2011, the ERA focused on the receivables and payables of the energy licensees

which are most challengeable issues of the Energy sector. Accordingly, we made

monthly analyses on the issues, informed our conclusions to the companies and

public through our website.

In 2011, receivables of 19 largest licensees from consumers and entities amounted

MNT 32.4 billion, payables to raw materials and spare parts suppliers was MNT 24.6

billion. The Licensees receivables increased by MNT 92.8 million and payables cut

down by MNT 4.6 billion from the beginning of the last year.

This positive results produced from the factors such as State budget subsidize

for central regions energy companies; postponed payments of long term loan; tariff

regulation and increased revenue regarding the consumption increase and initiative

efforts of executive director etc.

Internal auditing function

ERC established an auditing function in order to improve operational cost

management and monitor allocation of resources and efficiency of expenditures of

the energy companies. In the period of 2006 - 2010, auditing team performed 26

audits in 3 directions.

In2011,auditingteamworkedinNalaikhHeatingStationSOJSCandrevisedexecution of recommendations of Performance auditing in 2008.

About end user tariff regulation

For the purpose to collect a financial source necessary for normal and

reliable operation of the Licensees through the tariff policy, the Energy Regulatory

Commission has been permanently revising the suggestions and account reports

submitted by the companies and occasionally reflecting the rationale expenditure

increase in their tariffs.

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Annual report 2011


The tariff-related proposals submitted by the energy license-holding companies

were revised, the issue concerned with the changes in the energy end users tariff

was discussed at the XI meeting of the Regulatory Board held on April 12, 2011, and

consequently the electricity and heat consumption tariffs for the end users of the

central and eastern regions were renewed and ratified.

The tariff increase regulations were made based on the nature-imposed

necessity to regulate the prices and tariffs of the electricity and heat supplied to

the consumers on the one hand, and the execution of all possible measures directed

towards reducing the load on the consumers by lowering the energy cost and

acquiring concrete Governmental support using the internal resources on the other

hand.

The orientations followed in the tariff increase process are:

Forthepurposetocommencetheworktobringtheelectricitytariffcloserto the actual costs from the economic entities and enterprises engaged in

mining extraction and processing, the tariff of electricity consumption of

consumers of this category was increased by 20,2 MNT/kWh;

Theelectricitytariffsuppliedtootherenterprisesandorganizationswasincreased by 8,20 MNT/kWh;

Theelectricitytariffconsumedbyresidentialconsumerswasincreasedby4-4,20 MNT/kWh;

Thetariffforapartmentheatingandresidentialconsumptionhotwaterwas increased by 12%;

For the first turn, the tariff for the mining extraction and processingindustries was increased by 100 MNT/kWh by bringing it closer to the

actual costs;

Thepreferentialtariffsforthenighthoursconsumptionwerentchanged;

ThepricesandtariffsforElectricalTransportJSCwerenotincreased;

Thetariffsforheatingofindustriesandeconomicentitieswerentchanged.

The tariffs for the electricity consumption of vulnerable social groupswerent increased;

23

Annual report 2011


Electricity tariff

Apartment Ger district

2001

0

10

20

30

40

50

60

70

80

90

77

45

81

2010 2011

MN

T/W

h

2001

0

10

20

30

40

50

60

70

80

9079.8

84

45

MN

T/W

h

2010 2011

Electricity tariff 1.Central region

Chart 7. Chart 8.

Chart 9. Chart 10.

Industry and Enterprises

2001

100

90

80

70

60

50

40

30

20

10

0

88

79.8

45

2010 2011

Mining exploration and cultivation

2001

45

79.8

0

20

40

60

80

100

120

100

2010 2011

MN

T/W

h

MN

T/W

h

24

Annual report 2011


170 170191

345

298

345

298323 323

Chart 13.

Heat for Industry and Enterprises

0

50

100

150

200

250

300

350

MN

T/

3

Heating tariff 1.Central region

Heating tariff for hot water Heating tariff for apartment

2001 2001

0

50

100

150

200

250

300

350

2010 20102011 2011

0

500

1000

1500

MN

T/pe

rson

MN

T/

2

2000

400 400

1145

1718

160

304

341

1282

1924

Chart 11. Chart 12.

Thetariffofcalculatingthepaymentforthermalpowerforheatingtheresidentialconsumption hot water using the hydrometer was renewed and approved.

TheproposalonthetariffsoftheelectricitytobepurchasedbyDornodregionelectric power system from the Republic of China and sold to the consumers of Erdenetsagaan soum, Sukhbaatar province was developed, discussed at the meeting of the Regulatory Board, and approved as 100 MNT/kWh;

ThewholesaletariffofelectricitytobeimportedbyZMZLLCfromtheRussianFederation and realized at the domestic market was revised and approved as 159 MNT/kWh;

TheproposalontariffincreasedeliveredfromBaganuurHeatingStationwasrevised, discussed at the meeting of the Regulatory Board held on October 04, 2011, and the tariffs for the consumers were increased by 12-20%.

Thetariffproposalforcalculatingthepaymentforthermalpowerforheatingthe residential consumption hot water of Ulaanbaatar city entities, organizations and households using the hydrometer was developed, the relevant studies were conductedbyeachofUlaanbaatarDistrictHeatingNetworkSOJSC,housing&public utility companies, and the season-based tariffs were approved as 700-1050 MNT/m3.

Ulaanbaatar Darkhan Erdenet

2010 20112001

25

Annual report 2011


ELECTRICITY SALE TARIFFS FOR END USERS /VAT excluded/

Classification

Mea

surin

g u

nit C

entr

al e

ner

gy

syst

em

Central region

East

ern

en

erg

y sy

stem

Dal

anza

dg

ad

Wes

tern

en

erg

y sy

stem

Altai

-Ulia

stai

en

erg

y sy

stem

Ulaanbaatar

Other cities and center of province,

which connected to central grid

Ap

artm

ent

Ger

dis

tric

t

Ap

artm

ent

Ger

dis

tric

t

1 2 3 4 5 6 7 8 9 10

Mining industries

1 Simple meter MNT/kWh 100 100 100 90 90 90

2 Time use of meters /3 parts/

a. Daytime consumption / 06.00 am - 17.00 pm

MNT/kWh 100 100 100

- - -b. Evening consumption /17.00 pm -22.00 pm/

MNT/kWh 179.4 179.4 179.4

c. Nighttime consumption /22.00 pm - 06.00 am/

MNT/kWh 46 46 46

Industrial users, enterprises and organizations

1 Simple meter MNT/kWh 88 88 88 90 90 90

2 Time use of meters /3 parts/

a. Daytime consumption / 06.00 am - 17.00 pm

MNT/kWh 88 88 88

- - - b. Evening consumption /17.00 pm -22.00 pm/

MNT/kWh 155.2 155.2 155.2

c. Nighttime consumption /22.00 pm - 06.00 am/

MNT/kWh 46 46 46

3 Electrical transport /Trolley company/ MNT/kWh 49.2 - - - - -

4 Lighting of public streets and squares in cities and center of provinces

a. Daytime consumption /06.00 am - 19.00 pm/

MNT/kWh 88 88 88

- - - b. Evening and nighttime consumption /19.00pm -06.00am/

MNT/kWh 40 40 40

5 Entrance lighting for Condominium Owners Associations of public apartments


MNT/kWh 88 88

- - - - b. Evening and nighttime consumption /21.00 pm -6.00 am/

MNT/kWh 40 40

Residential consumers

1 2 3 4 5 6 7 8 9 10

1 Time of use meter /2 part/


MNT/kWh 84 84 84

- - - b. Evening and nighttime consumption /21.00pm -06.00am/

MNT/kWh 40 40 40

2 Simple meter MNT/kWh 84 81 84 81 84 79.8 60 79.8

3 Residential consumers in ger district and apartments

a. Monthly consumption is up to 150 kWh MNT/kWh 74 71

- - - - -b. Monthly consumption is from 151 kWh up to 250 kWh

MNT/kWh 79 76

c. Monthly consumption is above 251 kWh MNT/kWh 84 81

4 Residential consumers in ger district and apartments in cities and center of provinces

a. Monthly consumption is up to 100 kWh MNT/kWh -

-

-

74 71

- - - -b. Monthly consumption is from 101 kWh up to 150 kWh

MNT/kWh 79 76

c. Monthly consumption above 151 kWh MNT/kWh 84 81

26

Annual report 2011


HEAT SALE TARIFF FOR END USERS /VAT excluded/

CITIESResidetialMNT/M2

Non-ResidetialMNT/M3

HotwaterMNT/person/month HeatcountedbymeterMNT/Gcal

Heatingseason Non heating season

RsidentialNon-

residential

1 Ulaanbaatar 341 323 1,282 1,924 9,824 20,886

2 Darkhan 341 298 1,282 1,924 7,879 16,600

3 Erdenet 341 345 1,282 1,924 7,879 22,556

4 Dornod 341 527 1,282 1,924 - 19,236

5 Dalanzadgad 304 600 - - - 57,250

6 Nalaikh 304 530 1,145 1,718 - 24,400

7 Baganuur 341 697 1,282 1,924 - 41,147

1 2 3 4 5 6 7 8 9 10

5 Residential consumers in ger district and apartments in cities and center of provinces

a. Monthly consumption is up to 50 kWh MNT/kWh

-

-

-

-

74

- - -b. Monthly consumption is from 51 kWh up to 100 kWh

MNT/kWh 79

c. Monthly consumption is above 101 kWh MNT/kWh 84

6 Monthly average consumption for calculating payment of residential consumers without meter

a. Apartment MNT/kWh 320 200 200 200

- - b. Ger district MNT/kWh 250 150 150 150

7 Vulnerable consumers tariff

a. UB -100 kWh, Darkhan and Erdenet -75 kWh, Others are up to - 50 kWh

MNT/kWh 39 - - - -

b. UB -101 kWh, Darkhan and Erdenet -76 kWh, Others are above - 51 kWh

MNT/kWh 58 - - - -

Tariff regulation for Licensees

The policy and orientation to be pursued in the approval of the tariffs-2011 for

the Licensees were defined, and the issue concerned with the tariffs to be followed

beginning from May 01, 2011 in accordance with the aforementioned orientation

was discussed and approved at the meeting of the Regulatory Board held on the

27-29 of April 2011.

In connection with the changes in the electricity and heating tariffs of the

consumers to be followed beginning from May 01, 2011, the increases in electricity

cost and heat-supply marketing of 11 companies engaged in housing service

companies such as Batbayan burd LLC, Dulaan Urguu LLC, Iven Ekh LLC, Open

HouseLLC,UnurKhotkhonLLC,KhairkhanuulurguuLLC,KhukhAsarLLC,SunnyHouseLLC,SIMSLLC,Ema&BLLC,andFather,Mother&SonLLC,the rate allotted for 1 tugrig of marketing was renewed, discussed and approved at

the meeting of the Regulatory Board held on April 29, 2011.

27

Annual report 2011


Works done in order to reduce debts and receivables, and improve the financial benchmarking:

Based on the operational performance of the first three quarters of 2011, the

proper level of financial relations was defined for each of the 19 larger Licensees,

and relevant studies on necessary measures for reaching their level were carried out,

and the required methodology was identified.

Following measures were taken in order to improve the financial status and

financial relations performance of the companies and reduce debts and receivables.

Acertainportionofthesubsidy iscomputedseparatelyfromthetariffincome for the purpose to reduce the debts and receivables;

The issue concernedwith the debt amount of 1,5 billion tugrigs to bepaid by Ulaanbaatar Electricity Distribution Network SOJSC to the state-

owned companies like Thermal Power Plant-2 SOJSC, Thermal Power

Plant-3 SOJSC, and Thermal Power Plant-4 SOJSC accumulated by the

year 2011 was discussed at the meeting of the Regulatory Board, the

relevant tariff regulations were made by the resolution #103, 2011 of the

board, and consequently, the company settled the payment of the debt by

the end of December 2011;

Furthermore,upontheresolutions#107,108and109,2011oftheERC,theobligation to pay off the coal mines debts from the capital concentrated

from the receivables of Ulaanbaatar Electricity Distribution Network

SOJSC was given to the state-owned companies such as Thermal Power

Plant-2 SOJSC, Thermal Power Plant-3 SOJSC, and Thermal Power

Plant-4 SOJSC and the question was duly implemented.

Studies and investigations

The experts from the Energy Regulatory Commission carried out the studies

and investigations in following trends, and prepared the relevant presentations and

materials. These are:

There was conducted the consumers questionnaire among the centralregion and other local electricity distribution companies, thermal power

plants, and housing service companies; and the results of the survey were

synthesized on the national and Capital city scales to acquire an extensive

survey on consumers.

Inaccordancewith theplanfor implementing theParliament resolution#72, the on-site investigations were conducted over the operations of

the enterprises like Chandmani Ilch LLC of Dornogobi province, Selenge

Energo LLC of Selenge province, Uvs Heating Station LLC of Uvsprovince, Badamlakh Dul LLC of Khovd province, and Cement and Lime

SOJSC of Khutul city; the comparative study between the actual costs

28

Annual report 2011


and the currently followed tariffs was carried out, the tariff directives

to be further followed for the consumers were defined, and the relevant

recommendations - provided.

The computationof the capital required for the implementationof theMongolian Law on Elimination of Capital city Air pollution, development

of the procedures on allowance grant for electricity consumption price, the

number of households to be involved in the allowance and the amount to

be spent on price reduction was made.

Inconnectionwiththeimplementationofthemeasuresforprovidinganincentive of the electricity consumption tariffs for the Capital city ger-

district households located in the air quality improvement zones, the

question how to choose households to be included in the incentive was

clarified at the required level, and the relevant Recommendations for

Consumers were prepared and published.

VI. THE ERAS ACTIVITY ON PROTECTION OF RIGHTS OF

CONSUMERS AND LICENSEES

Program on enhancement of public education in Energy sector

In 2010, the Energy Regulatory Commission developed and adopted the Energy

Tariff policy to be pursued in 2011-2014. We face a need to operate with the

concrete policy in the trend to introduce and publicize to the public the issues

concerned with the Energy sector activity, urgent problems required to be settled

as immediately as possible as well as the long-term Tariff policy. Beginning from

October 2010, we implemented a number of significant measures jointly with the

USAID, and the expected outcomes have been achieved.

Why we need program?

One of the main principles to be followed by the regulatory organization is

The Principle of Openness. The activities and procedures of the regulatory body

must be open and clear to the public to involve the interests of partner organizations

and individuals. In order to gain a confidence for the regulators it is necessary to

develop, publish in media and bring up for public discussion all type documentations

concerned with decision-making. The words and phrases of those documents must

be simple and explicit to the public. Furthermore, the data and information contained

therein must also be correct and clear.

This Program on enhancement public education in the energy sector has been

worked out within the framework of the Efforts for developing and implementing a

program on enhancement of public knowledge of energy sector activities, difficulties

and tariff perspective policy reflected the authority objectives approved by the

29

Annual report 2011


Order #01, 2011 of Chairman of the Energy Regulatory Commission (ERC). The

purpose of the program is to make the public understand the necessity to transfer

the energy sector to the market relations, provide the consumers with correct and

clear information on the activities of the energy sector, educate them about the

benefit and proper consumption of energy, change the perception and tendency

of the main decision-makers, economic entities and enterprises, professional

associations and media persons through promoting a close cooperation with them,

create a positive public opinion by arising the social reputation of the ERA. The basic

themeoftheprogramconsistsinthequestionHowtousetheenergyproperlyandreasonably? This issue has a double target to provide a support for transferring

the energy sector to the market relations. Also, there were comprised the items

concerned with the ways and methods for program implementing, works to be

done, collaboration groups, and funding.

The program is developed with the joint efforts of Mr. Megan ONeil, the

project relations manager from the USAID/EPRCP and Mr. Amarsanaa, the media

expert.

Following works have been carried out within the framework of the program.

These are:

In total, 15 news, publications and interviews on the issue of tariffalteration have been released by the Energy Regulatory Commission to the

daily newspapers and internet sites.

Picture 4. The Memorandum of Understanding was endorsed with the Authority for Fair Competition and Consumer Protection

30

Annual report 2011


FourseriesoftransmissionsnamedonEnergyvaluehavebeenbroadcasted9 times through the Mongolian National Broadcaster and other TVs in addition

to 5 interviews given.

The brochures or handbooks designated for the consumers have beendeveloped, published and distributed.

ThemeasuresunderthetitleCampaignforlisteningconsumershavebeenorganized in the provinces like Arkhangai, Uvurkhangai, Darkhan-Uul, Selenge,

Khentii and Dornod.

ThehandbookCapitalcityairqualityenhancementdesignatedforthegerdistrict zones of the city have been developed, published and is being now

distributed to the public.

On January 26, 2011, Mr. Ganbaatar Kh., /Executive Director of the Mongolian

EmployersFederation/HeadofthePart-timeAdvisoryBoardunderthejurisdictionof the Regulatory Board of the ERC had a round-table meeting with the journalists

and discussed the issues concerned with the tariff policy. In total, 15 journalists and

reporters had a part in the meeting.

In total, 78 complaints submitted by the licensees and consumers on the issue of protecting their interests have been revised and settled.

By the year 2011, 78 complaints /written-68 and website-10/ were submitted

from the licensees and consumers to the Energy Regulatory Commission on the

issue of protecting their interests as well as on the activities of licensees and those

complaints have been duly revised and settled.

Chart 2. Complaints resolution by year:

Year Number of complaints resolved

1 2001-2002 46

2 2003 34

3 2004 72

4 2005 75

5 2006 70

6 2007 66

7 2008 56

8 2009 49

9 2010 64

10 2011 78

Total 620

31

Annual report 2011


The complaints submitted from the consumers are classified /in per cents/ as

follows:

ConcernedwiththeHeatandhotwaterpayments26,6%

Concernedwiththeelectricitypayments21,8%

Concernedwiththeheatingpayments6,4%

Concernedwiththeheatsupply3,8%

Concernedwiththeelectricitysupply11,5%

Others-29,5%

So, the works intended to settle these complaints of the consumers were

revised in accordance with the relevant rules and regulations by carrying out the

works to conduct the on-site inspections jointly with the relevant licensees, organize

meetings with consumers and suppliers, sent official letters, state inspector demand

and notice, provide the licensees with the operational guidelines, and to keep a

control over the activity and problem-settlement of the relevant licensees.

During the process of settling the complaints submitted from the consumers,

it has been revealed that the complaints connected with the payment for heating

the hot water occupy a major percent, and in connection with this, we have made

a request for the licensees to issue the performance of the ERC Resolution #163,

2008, and thereafter the payment for heating the hot water has been renewed

upon the Resolution #95 from October 04, 2011 of the Regulatory Board of the ERC.

Picture 5. During the Open Day of the Ministry of Mineral Resources and Energy

32

Annual report 2011


The majority of the complaints related to Ulaanbaatar Electricity Distribution

Network SOJSC are connected with the payments for electricity. These arguments

are caused at first, by the irresponsibility of energy supplying officials, and on

the other hand, by the insufficient knowledge of consumers about the Laws and

regulations on energy consumption.

For the reporting period, there have been conducted on-site inspections over

the activity of the Customer Service Centers of Ulaanbaatar Electricity Distribution

Network SOJSC including Chingeltei, Bayangol and Songinokhairkhan, and the

relevant official conclusions and operational recommendations were delivered to the

Ulaanbaatar Electricity Distribution Network SOJSC.

Organized a Theory and Practice Conference, titled on Energy Regulation- in 10 years

The Energy Regulatory Authority /by the old name/ was established following

the Resolution #83 of the Government of Mongolia, issued on 16 April 2001 in

accordance with the Energy Law approved by the Parliament on 01 February, 2001.

On the occasion of the 10th anniversary of establishment of the ERC, the

ERC organized Theory and Practice Conference, titled on Energy Regulation- in

10 years, on June 30, 2011. Intend for the conference published a book received

presentations from Ministry of Mineral Resources and Energy, Energy Regulatory

Commission, energy sector enterprises, Non-government organizations which works

on energy issues and private sectors. Through this conference 9 presentations

have been made such as, Energy tariff, pricing regulation and current situation

of Licensees finance and economy and its further goals, On issue of electricity

wholesale market and Study on current situation of energy sector of Mongolia

compared with international level.

Picture 6. Mr.Munkhtulga,HeadoftheLicensingDivisionmadeapresentationOn issue of electricity wholesale market in the Theory and Practice Conference

33

Annual report 2011


In frame of the anniversary event, ERC published a book Customer guide

for the energy consumers. The measures under the title Campaign for listening

consumers has been organized in the provinces like Arkhangai, Uvurkhangai,

Darkhan-Uul, Selenge, Khentii and Dornod and solved some problems occurred with

consumers and transferred some problems to the Licensees in conformity with their

main duty.

Website and electronic information system

For the purpose to make the activities of the Energy Regulatory Commission

open and clear to the broad public, we present through our website the general

introduction of the authority, its regulatory policy and principles, decisions and

resolutions adopted by the Regulatory Board, energy-related Laws and regulations,

and other relevant information and news to the consumers, Licensees and the public.

All the interested persons and organizations would be fully able to acquire

necessary and important information on the authority from the website which is

updated regularly. Website is: http://www.erc.mn

In 2011, we established a data fund on the Licensees technical, financial and

economic activities, and successfully started the implementation of the information-

exchange micro-project Electronic information system. Within the framework

of the project, there were created the system development module sections like

the Payables, Receivables, Coal payment, Electricity power loss and the own use

electricity, the system development was completed and successfully tested in 100%.

In addition, there was issued a system exploitation handbook and on December

02, 2011, there was organized a training-workshop for the representatives of the

Licensees. The reports for the month of November have been successfully received

through on-line. Also, within the framework of the project, the internet network

was completely renewed on the scale of whole the organization. Transferring the

procedure of monthly report submission of the Licensees to the on-line system with

the use of information technology has become one significant step to conform the

operation of the organization to the modern advanced methodology.

34

Annual report 2011


PHOTO ALBUM

T.Tserenpurev appointed as a Chairman of ERC.

ommissioners

35

Annual report 2011


The meeting with the management of Ulaanbaatar Railway.

The meeting with the officials of coal sectors.

36

Annual report 2011


The meeting with the officials if ADB.

The Memorandum of Understanding was endorsed with the Authority for Fair

Competition and Consumer Protection.

37

Annual report 2011


During the meeting with Teruhisa Oi, Specialist of ADB.

Ms.Sabine Muller,ountrydirectorofGIZvisitedtheERC.

38

Annual report 2011


ERC COOPERATION

THEWORLDBANK

Japan International Cooperation Agency

39

Annual report 2011



14201 Ulaanbaatar, Sukhbaatar duureg,

Ikh surguuliin gudamj 2a, Tel/Fax: 976-11-319335

Website: http://www.erc.mn/

E-mail: [email protected]

annual report 2011 .pdf

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