RAO UES of Russia (RTS: EESR) will not be liquidated upon the reorganization and will retain control over not unbundled assets, Deputy Head for Power Sector Management, Control and Supervision at Federal Antimonopoly Service of the Russian Federation Alexander Pirozhenko believes. “RAO UES will exist after 2007 in some form to manage preserved assets”, - he told journalists on Thursday. A. Pirozhenko doesn’t exclude a shift of the RAO UES reorganization terms, as the preparation of some regulatory documents has been delayed. The documents shall control operating standards for new power sector participants, created in the course of reorganization. Initially it was assumed the reorganization of the power holding would begin in the end of 2006. In such case according to experts estimations the corporate reorganization procedures will take approximately a year. At present, RAO UES is a vertically integrated holding and is a monopoly in the power production sphere. In the course of the Russian power sector reorganization the holding is being unbundled into different businesses. In particular, wholesale and territory generation companies (WGCs and TGCs) are being created on the basis of large power plants, transmission power lines are being included into OJSC Federal Grid Company (FGC), OJSC System Operator (SO) is being responsible for dispatch control. At the same time, RAO UES has a number of assets not being transferred to any company, created in the course of the reorganization. Such assets are Severo-Zapadnaya Cogeneration Plant, Kaliningrad CGP-2, Sochi Thermal Plant, Ivanovskaya GRES (State District Power Plant). Moreover the situation with CJSC INTER RAO UES – export and import operator – has not been clear yet. INTER RAO acquires foreign assets and tends to acquire OJSC Power Machines shares (RTS: SILM). The future of these assets shall become clear upon the determination of the power holding reorganization scheme, which has not been discussed yet.
The idea of RAO UES of Russia mode of existence upon the reform is described in the Concept of RAO UES Strategy “5+5” which was approved by the Board of RAO UES directors in 2003. According to the document the holding of warrantee suppliers and isolated power systems will remain upon the reorganization.
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