RAO UES Takes Coal Companies to China
// Electricity export will be financed with the help of private investors
RAO Unified Energy Systems of Russia plans to raise two thirds of the $18 billion necessary for the large-scale project of electricity export to China with the help of private investors. RAO UES will allow them to acquire up to 25 percent of shares of Eastern Energy Company created specially for Chinese project. Some coal companies are already interested in participating.
RAO UES is considering today the issue of creating a new structure, Eastern Energy Company, which will be completely owned by RAO. The new company’s capital stock is to be 50 million rubles.
The first stage of Chinese project implies exporting about 4.5 billion kWh to north-east of China from 2008-2009 on. Several coal stations are to be constructed by 2012 with the total capacity of 7,200 MW. The total of electricity export to China should reach 20 billion kWh annually by 2015, which is three times more than the current RAO’s export.
Construction costs at the second stage are estimated at $5.2 billion, at the third one – at $13 billion, the major part (about $12 billion) will be attracted from private investors, who will receive up to 25 percent in Eastern Energy Company. Coal-supplying companies, such as Siberian Coal Energy Company (SUEK), Russian Coal, and Yakutugol, will be invited to take part in financing the project. The funds will be attracted on project-lending basis.
Afterwards, the share of private investors in Eastern Energy Company might increase. The company is to emerge from RAO in the process of its reorganization. It means that 52 percent of its stock will be handed over to Federal Network Company (FSK). After the transition period is over, FSK has to sell the company.
Ekaterina Grishkovets, Maria Cherkasova
All the Article in Russian as of Jan. 23, 2007
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