IES-holding: Industry News

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14.12.2007
Chubais: RAO UES Will Not Change Share Redemption Price

The price of RAO UES of Russia shares to be redeemed from the shareholders who disagree with the energy holding company’s reorganization will not be changed, RAO CEO Anatoly Chubais told journalists.

12.12.2007
RAO UES Satisfies Shareholders to 99%

RAO UES of Russia has received 1.3 billion roubles more applications for the presentation of shares for a buyout than it can satisfy. Therefore, the holding company will not buy out one-hundredth of the shares presented by each shareholder. At the same time, RAO UES has made up its mind to sell the shares to an unlimited number of investors in lots of 10 million shares. RAO UES share quotations yesterday exceeded the buyout price, for the first time in three months, but analysts believe that the holding company will hardly be able to earn on reselling the shares.

12.12.2007
Export of Power from Russia Declines 16.1% to 12.961bn kWh in January-October

Export of power from the Russian Federation declined 16.1% to 12.961 billion kWh in January-October 2007 versus 15.442 billion kWh in the same period a year earlier, according to the Federal Customs Service.

11.12.2007
RAO UES to Spend RUR 90 Billion

The number of RAO UES of Russia shares owned by its minority shareholders and proposed for redemption has come close to the upper limit fixed by law. Yesterday marked the deadline for the shareholders to make their choice.

06.12.2007
United Front

While everyone is trying to guess who will inherit part of the functions of RAO UES of Russia upon its final reorganisation, independent generators are already setting up their own association. The non-profit partnership of independent electricity producers which is to be founded on December 20 will allow the new owners of wholesale and territorial generating companies (WGCs and TGCs) to interact with relevant agencies and regulatory authorities as a united front. This will enable the market to organically switch to self-regulation, experts believe.

06.12.2007
First Year of Parting with Sales Companies Brings RAO UES $550 mln

RAO UES of Russia has finished selling shares of power sales companies in 2007. Tenders enjoyed varying success, and the behaviour of participants sometimes irritated RAO, but in the end, thanks to a number of successful sales, the power holding company was able to earn an impressive amount of 13.24 billion roubles (about $550 million). This figure pales in comparison with the smash hit of the sale of Yukos assets, but it is still equivalent to nearly a half of RAO’s last year IFRS profit and is comparable with the annual budget of some CIS states, for example Kyrgyzstan.

05.12.2007
RAO UES Estimates Kuzbassenergo

RAO UES of Russia has determined the price of Kuzbassenergo (Territorial Generating Company No 12, TGC-12) shares for the forthcoming additional issue at 75 roubles per security. This is 10% higher than the market value. The principal minority shareholder of the company, OJSC Siberian Coal Energy Company (SUEK), agrees to the price, but does not intend to buy out all shares. Experts believe that RAO UES may not find any other contenders for the power company.

05.12.2007
Target Surpassed

RAO UES of Russia is successfully improving the disastrous situation with sales of shareholdings in power sales companies. The second auction wave which will doubtless remain in the industry reform history as one of the most serious failures of the company’s management has been replaced by the third one, so far the most successful: the holding company has surpassed the sales proceeds forecast by 331 million roubles, earning 3.746 billion roubles. Sold yesterday, Perm Power Sales Company and Kirovenergosbyt account for more than 40% of this amount (almost 1.56 billion roubles).

04.12.2007
RAO UES of Russia Closes Deal for Selling 25% of Power Machines Shares

RAO UES of Russia has withdrawn from the authorised capital of OJSC Power Machines, according to a press release of the holding company. The operation for writing 25% of Power Machines shares off the RAO UES of Russia account was performed on December 3 this year.

04.12.2007
Swedes Come for Power

Funds continue to evince interest in portfolio investments in the Russian power industry. The Swedish management company East Capital yesterday announced its intention to invest in assets in the sector.