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E.On Entered Energy Market of Russia
German E.On AG announced it created a venture with Russia’s STS-Energy. Incorporated in Tyumen region and owned pari passu by the parties, E.On-STS Energy will enjoy investments of over $1 billion and STS Energy will transfer a portion of its generating assets to it.
E.On-STS Energy will take part in privatization of TGC-10 (Territorial Generating Co.-10) and buy the majority stake in it. The plans are to make it the key energy supplier for Tyumen region and all Urals Federal District.
E.On has been long eyeing the energy market of Russia. For it, the regions of top priority here are the Urals and Western Siberia and the company may appropriate more than ˆ2 billion for respective projects.
One of the world energy leaders, E.On surged net profits by 50 percent to ˆ3.07 billion in the first quarter of this year (ˆ2.05 billion a year earlier). The company attributes the success to achievements of its Britain’s division and of gas sales division.
www.kommersant.com
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