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Industry News
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25.07.2007
RAO UES to Retain Control of Lenenergo
RAO UES of Russia plans to purchase from Finnish concern Fortum a part of the latter’s stake in OJSC Lenenergo before the company issues its additional shares. The power holding company’s Board of Directors may decide on Friday upon purchasing 3.5% of Lenenergo equity.
23.07.2007
RAO UES Makes Provisions for Over USD 115 Million to Repurchase Shares from Shareholders Who Disagree with Reorganization
RAO UES of Russia has made provisions for the repurchase of shares from shareholders who disagree with completion of the reorganization process, in an amount exceeding USD 115 million, but it expects that the shares presented for the repurchase will not actually be worth more than USD 2 or 3 million.
23.07.2007
Rosstat: Russia Produced 506 Billion KW/h of Power in 1st Half of 2007, a 0.4 % Increase on 1st Half of 2006
According to the Federal State Statistics Service, in January-June, 2007 Russia produced 503 billion KW/h of electric power, which is a 0.4% increase on the first half of 2006.
23.07.2007
Farewell to Investors
RAO UES of Russia can make a good impression on investors on the eve of completion of its reorganization. The group’s IFRS-based report published on Friday revealed an almost six-fold increase in profits in 2006 year-on-year.
23.07.2007
Power Exports by RAO UES Businesses in 2007 to Be Worth USD 177 Million, Euro 334 Million and RUR 3.499 Billion
Electric power exports by RAO UES companies in 2007 will reach USD 177 million, Euro 334 million and RUR 3.499 billion.
17.07.2007
European Commission to Prepare Draft Project for Separation of Power Production and Sales by Autumn
The European Commission plans to present by autumn 2007 its proposals regarding the separation of power production and distribution within the European Union, Commissioner Gunter Verheugen announced to the media on Monday.
16.07.2007
Moldavian transit traffic
A member of the Board of RAO UES of Russia and Chairman of the Board of Directors of Inter RAO UES Andrei Rappoport has finally carried out his long-standing plan to export electricity from Moldavia to Romania. Back in 2003 he went on record as saying that RAO should operate on the European market starting from Romania, Bulgaria, and Turkey.
12.07.2007
TGC-9 Board of Directors Approves Additional Issue of Shares
The Board of Directors of TGC-9 has approved the additional issue of 3.673.132.973.944 shares placed through public subscription, the issuer has announced.
11.07.2007
Gazprom to Keep Lithuania Warm
OJSC Gazprom plans to construct a new power plant in Lithuania based on Kaunas Heat Power Plant already owned by the monopoly. The project costs are estimated at USD 325-420 million. The new plant scheduled for commissioning in 2010 would allow for Gazprom’s expansion into the European electric power market. However, for at least the first five years the HPP will cater for Lithuania’s needs, since a power shortage is expected in the country until 2015.
10.07.2007
Power Plants’ Storage Capacity
RAO UES of Russia CEO Anatoly Chubais will today lay the foundation stone in the construction of Zagorsk PSPP-2, Russia’s third pumped storage power plant. Though officially the plant will be a separate legal entity, this project has so far been specifically referred to as the second stage of existing Zagorsk PSPP. Since Gazprom, which already owns some 30% of the shares, intends to gain control of the plant, the question of whether it is going to participate in the construction of PSPP-2 is quite vital. The concern offers no definite answer to this question.
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