IES-holding: Industry News

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04.12.2007
Rosenergo to Perform RAO UES Functions as Part of Industry & Energy Ministry, Headed by Former RAO Top Manager Dmitry Akhanov, Says Chubais

The functions of RAO UES of Russia (EESR) within the Ministry of Industry and Energy of the Russian Federation will be preformed by the Federal Energy Agency /Rosenergo/ headed by Dmitry Akhanov, a former top manager of the holding company who in particular was responsible for the industry reform progress. Rosenergo will apparently order scientific research for the power industry.

03.12.2007
Putin Comes Forward in Favour of Empowering Russia’s Industry & Energy Ministry, Establishment of New Division Therein When RAO UES Ceases to Exist

Russian President Vladimir Putin has come forward in favour of empowering the Ministry of Industry and Energy of the Russian Federation, according to ITAR-TASS. “As part of the energy ministry, it should be empowered, first of all, and a special subdivision should be established, its function is clear,” said the head of state at a science board meeting.

03.12.2007
RAO UES Amends WGC-6, TGC-6/7/9 Sale Terms, Approves Mosenergo Sale to Moscow

At a meeting on November 30, the RAO UES of Russia board of directors tried to decide how the holding company being reorganised will be selling what is yet to be sold (in generation) and consolidating what is yet to be consolidated (in the grid). In spite that decisions were passed on most matters, uncertainty about details still remains.

30.11.2007
RAO UES Sells by Auction 100% of Khakasenergosbyt for RUR232m, 49% of Udmurt Power Sales Company for RUR515.5m

RAO UES of Russia has sold at a public tender 100% of shares of OJSC Khakasenergosbyt for 230 million roubles and 49% of shares of OJSC Udmurt Power Sales Company (Udmurt PSC) for 515.515 million roubles.

29.11.2007
Liberalisation of Electric Power, Gas Markets by 2012 to Resolve Supplies Issue – RAO UES

RAO UES of Russia is confident that the development of the markets for electric power and gas after 2012 in Russia will make it possible to enter into regular long-term agreements for supplies of gas to new power plants of generating companies established in the course of the holding company’s reform, RAO UES Management Board member Alexander Chikunov told journalists on Wednesday.

28.11.2007
RAO UES Management Board Member Deems It Expedient to Set Up Energy Ministry in Russia

Having an energy ministry in Russia would be expedient due to the complexity and magnitude of the energy industry, believes RAO UES Management Board Member Yuri Udaltsov, one of the ideologists and developers of the Russian power industry’s reform.

07.11.2007
Alexander Branis Raises Self-esteem

The New Russian Generation Ltd (NRG) investment fund has approved the range for placing its shares in an IPO at $9.05-11.15 per share. As a result, it may raise almost $300 million instead of the earlier expected $200 million. Analysts no longer recommend portfolio investors to put up their money in RAO UES shares and prefer shares of NRG-like funds to them.

06.11.2007
Russia’s Industry & Energy Ministry to Submit Proposals for Transferring RAO UES’s Overall System-related Functions to Public Authorities

The government of Russia has assigned the Russian Industry and Energy Ministry, the Russian Economic Development and Trade Ministry, the Federal Tariff Service of Russia, the Federal Antimonopoly Service of Russia, the Federal Nuclear Energy Agency of Russia, and the Federal Service on Environmental, Technological and Nuclear Supervision of Russia, with the assistance of OJSC RAO UES of Russia, to submit proposals for transferring the overall system-related functions currently performed by RAO UES to public authorities and companies being established as part of the targeted industry structure. Besides, the above-stated agencies have received orders to submit proposals for introducing a number of amendments to the plan of measures for reforming the power industry in 2007-08 which includes development of regulations and standards.

06.11.2007
Putin Amends Power Legislation in View of RAO UES’s Reform

Russian President Vladimir Putin has signed the Federal Law On the Introduction of Amendments to Individual Laws of the Russian Federation in Connection with the Taking of Measures for the Reform of the Unified Energy System of Russia, according to the Kremlin’s media relations department.

10.10.2007
A New Strategist for TGC-4

South Korean energy company KEPCO (Korea Electric Power Corporation) is ready to invest USD 500 million in the Russian power industry in the near future. According to its CEO Lee Won Gu quoted by Reuters, such is the worth of the 26% interest in one of Russian generation companies that KEPCO intends to purchase. Last night the South Korean side confirmed that the company in question is Territorial Generation Company No.4 (TGC-4) and specified that the amount of its investments will be in the range between USD 500 million and 1 billion.