The recommendation came despite a 13% net profit decrease in 2005. UES management also recommended lowering the dividend for preferred stock to 19.39 kopecks (0.7 cents) per share from 22.33 kopecks (0.8 cents).
Last year, UES paid out about 2.75 billion rubles (just over $100 million) in dividends, including almost 1.3 billion (around $47 million) to the government, which holds a controlling 52.68% stake in the electricity monopolist.
The utility's other shareholders include natural gas giant Gazprom (10.6%) and coal-mining company SUEK (6%).
UES' charter capital of 212.558 billion rubles ($783 million) is divided into 41,041,753,984 ordinary shares and 2,075,149,384 preferred shares, each having a face value of 50 kopecks (1.8 cents).
In 2005, its net profits fell 13.17% year-on-year to 20.9 billion rubles ($759 million).
The dividend figures suggested by the management will be considered at a board session Friday. This year's annual shareholder meeting is set for June 28.
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