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Russia’s Govt to Share Inter RAO with Private Investors
The government will keep control over Inter RAO UES even after the reorganization of its parent company, RAO UES of Russia. For this purpose, Economic Development Ministry has proposed to additionally contribute power plants of RAO UES to the stock capital of its subsidiary and to split shares between the holders pro rata their ownership in the next move. This scenario will materially step up the worth of Inter RAO, the analysts speculate.
On January 26, the BOD of RAO UES of Russia will deliberate whether to contribute to the capital of Inter RAO the stocks of Sochi TES Thermal Plant, Kaliningrad TETs-2 Heat Power Plant, Ivanovo PGU and North-West TETs Heat Power Plant. But for the North-West TETs, RAO UES is the owner of 100 percent in all above plants.
The changes will step up RAO UES’ share in Inter RAO UES (where Rosenergoatom owns 40 percent) from 60 percent to 85 percent. Afterwards, a portion of the stake (roughly 30 percent) will be split between minor holders of RAO UES, while the government will retain the majority stake in Inter RAO.
The sources said this scenario was proposed by Economic Development Ministry. Representatives of the latter declined to comment on the issue yesterday.
Inter RAO UES is Russia’s monopoly for the import/export of electric energy. It owns some energy assets in Armenia, Georgia, Moldova, Tadjikistan, Turkey, Kazakhstan and Russia (North-West TETs).
Of interest is that, according to another source, the government also wants to contribute Sangtudin GRES Power Plant (Georgia) and Razdan TES (Armenia) to the stock capital of Inter RAO. As Russia is today’s owner of these assets, this move will additionally extend the state-run share in Inter RAO.
www.kommersant.com
All the Article in Russian as of Jan. 17, 2007
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