The Government of the Russian Federation has issued an instruction that the state-owned stakes in the businesses currently managed by the energy holding company be discharged from its books prior to its winding-up scheduled for the coming summer, the cabinet of ministers' press service reported on Friday. A part of the stakes is to be put up for sale at an open auction, another part is to be sold under onerous transactions at a price, which may not be less than their market value, and yet another part is to be transferred by way of succession in the process of RAO's reorganization. The energy holding company will cease to exist by 1 July, 2008 having finally disposed of all generation, grid and sale assets, which are to become independent businesses and partly - i.e. generation assets - to be privately owned. Additional share issues of the generation companies (WGCs and TGCs) have already attracted over USD 15 billion for the Russian power industry. A similar amount is expected to be raised upon completion of all additional share issues and IPOs of the generation companies. |
