IES-holding: Industry News

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14.11.2008
Gazprom is gaining power

The concern will revise initial plans for its generating companies. The gas monopoly intends to revise investment programs of all the generating companies controlled by the concern. The revision will involve shifting the deadlines for the construction of new facilities or even possible refusal from their construction.

07.11.2008
INTER RAO UES and Enel sign a memorandum of cooperation

OJSC INTER RAO UES (IRAO) and the Italian company Enel have signed a memorandum of cooperation. This memorandum was signed as part of the extended interstate consultations that are taking place in the Kremlin, led by the Russian President Dmitry Medvedev and Italian Prime Minister Silvio Berlusconi.

07.11.2008
Russian Railways will Take Electricity for Long

Yesterday a memorandum of intentions to sign the first long-term power supply contract in Russia was concluded. The memorandum was signed by OJSC Russian Railways (RRW) and Rusenergosbit for 15 years. Previously only companies of Oleg Deripaska signed the five-year terms contracts against each other. In contrast with other power sales companies being on the verge of bankruptcy because of the financial crisis, Rusenergosbit may become the most profitable sales company in the country.

22.10.2008
The Ministry of Energy Looks at the Light; the Problems of Power Producers Have Come into View of the Ministry

The Ministry of Energy is considering a possibility to provide support to power producers but is not prepared to discuss serious adjustments of their investment programs, stated Minister of Energy Sergey Shmatko yesterday. The representatives of the Ministry of Energy informed the reporter from the Gazeta that the Ministry considers a possibility of providing support; at this stage the form of the support is unclear.

20.10.2008
Mosenergo borrows RUR 15 billion

At the moment, the power producers, who ask the government for concession loans to finance their investment projects, are trying to solve the issue of borrowing funds using traditional methods. On Friday Mosenergo, a Gazprom affiliated company announced its plans on bond placement in the amount of RUR 15 billion. During the crisis the power producers were confronted with the necessity to undertake debt obligations as by non-fulfilling the investment programs they risk to be subject to heavy penalties.

16.10.2008
The government will not refuse to assist power producers

The government will most likely agree to grant credits to the power generating companies that have applied to Igor Sechin, Deputy Prime Minister for help; however the amount of the assistance is still an issue for discussion.

15.10.2008
About 10% of the power generating companies are still not the members of the “Market Council”

On 13 October the Supervisory Board of Non-profit Partnership “Market Council” at a absentee session included 77 additional power market players in the Partnership. However about 10% of the power companies are still not the members of the “Market Council”, is stated in the press-release of the Partnership.

12.09.2008
Heat Will Be Counted, The heat market reform is coming

The Russian heat market will be reformed soon. Today First Vice Prime Minister Igor Shuvalov will hold a meeting dedicated to this issue. Specialized authorities suggest that this sector’s efficiency be increased. Its members say that, first of all, heat meters should be installed and municipal unitary enterprises (MUEs) should be reincorporated as joint-stock companies.

04.09.2008
Regulator Urges Investors to Fund Electricity Expansion

A noncommercial partnership that regulates the country's electricity-trading system said Wednesday that Russia would need another 10 gigawatts of power by 2014 to keep up with growing demand, calling on foreign and domestic firms to step up investment.

01.08.2008
Generators Support Deployment of Mechanism to Even Out Prices in August

The Council of Power Producers which involves major foreign and Russian companies has come forward in support of the deployment by the Market Council of a mechanism to even out prices for electric power in August.