MOSCOW, April 21 (RIA Novosti) - The reform of Russia's electricity monopoly Unified Energy System will be completed in 2008, the company's head said Friday.

"We propose holding two reorganizations of Russia's UES: one in late 2006, and another in 2008," Anatoly Chubais said during a telephone conference for investors.

In December 2005, Energy Minister Viktor Khristenko said one of the key objectives for 2006 was to form three to five generating companies from the UES structure.

Chubais said the second reorganization in 2008 would be held "through UES division, which means in essence the termination of UES activity and the transfer of its functions to the state and infrastructure organizations in the energy sphere."