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Industry News
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RAO UES Think Seriously About Its Functions |
| 26-12-2005 |
AK&M |
The Board of Directors of OJSC Irkutskenergo has adopted a company reform project as a basis and ordered the Strategy and Reform Committee of the Board of Directors to revise the project with account of the risk minimisation and submit it for consideration to the Board of Directors before February 2006, a press release of the company says.
Irkutskenergo representatives have not told AK&M what specific reform project is adopted as a basis. However, the company has confirmed that it is not going to reschedule reorganisation and that it will split up as planned, before 1 April, 2006.
A source informed about the decision of the Board of Directors has explained to AK&M that two reform options were discussed at the meeting: the first provides for Irkutskenergo to establish subsidiaries based on its business lines and the second suggests establishing companies with a share capital structure similar to that of Irkutskenergo. It has not yet been decided which option will be used, according to the AK&M interlocutor.
Irkutskenergo Director General Sergei Edmin said earlier that one of the reorganisation options provides for the spun-off of OJSC Irkutsk Power Grid Company and Regional Control Authority. In this case generation and management functions would remain under the Irkutskenergo brand. Mr Edmin noted that "we will be on time with completing the reorganisation before 1 April, 2006," although he did not rule out that the reform of Siberian power industry facilities could be rescheduled to 2008. He emphasised that Irkutskenergo shareholders were of the opinion that reorganisation deadlines should be postponed.
RAO UES of Russia Management Board Chairman Anatoly Chubais has said recently that RAO would like Irkutskenergo's backbone grids and control assets to be assigned to OJSC Federal Grid Company of the Unified Energy System and to System Operator. "We have thought it right to centralise those business processes that require centralisation: backbone grids and control assets," he said.
OJSC Irkutskenergo is one of the few regional power systems independent of RAO UES of Russia. The company's authorised capital amounts to 4,766,807,700 roubles. The issuer has issued 4,766,807,700 ordinary shares with a face value of 1 rouble. The government owns 40% of the company's shares. More than 10% of shares are managed by Integrated Energy Systems on behalf of Siberian-Ural Aluminium Company and more than 30% are controlled by EuroSibEnergo LLC (a Basic Element structure).
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