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Industry News
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21.09.2007
Dmitry Akhanov, RAO UES of Russia Strategy Department Director: ‘RAO UES of Russia’s Reorganisation Profitable to Shareholders’
One of the nation’s largest natural monopolies, RAO UES of Russia, will cease to exist on 1 July, 2008. This matter can be considered practically decided. The government which is RAO UES’s majority shareholder with 52% of shares in the holding company has voted in favour of calling an extraordinary meeting of shareholders on 26 October with the key item on the agenda being the reorganisation of the company.
21.09.2007
Russian Power Industry to Be Market-based after 2011 – German Gref
The Russian power industry will be market-based after 2011, said German Gref, acting Minister of Economic Development and Trade, at the 6th International Economic Forum in Sochi. He reminded the audience that the government made a "difficult decision" to switch to equally profitable prices in the power industry.
19.09.2007
Investors Reluctant to Buy Power Sales Companies
RAO UES of Russia has launched another round of sales of its power sales companies. Yesterday, the holding company managed to sell only OJSC Kurganenergosbyt out of four sales companies, at the starting price of 80 million roubles. Six more sales companies will be put up for auction today, but they cannot find their buyers either.
18.09.2007
Federation Council Committee Recommends Approving Amendments to Power Industry Legislation
The relevant committee of the Federation Council recommends that the house should approve the introduction of amendments to the current legislation that are associated with the specifics of the operation of the power industry in transition.
18.09.2007
Power Market Losing Capacity
The governmental draft resolution on launching a capacity market in NOREM electric power market has provoked "a lot of conceptual comments" from ministries, and Minpromenergo dares not make any projections as to when the Government may decree on the start of the tender.
18.09.2007
Grid Construction May Be Included in Guaranteed Investments Projects
Specialized agencies are considering possibilities of including grid facilities in the scope of the guaranteed investments mechanism (GIM) for the electric power industry.
18.09.2007
E.ON to Go Beyond Russia’s WGC-4 Acquisition
Acquisition of the state-owned equity of WGC-4 by E.ON is but the first move in its expansion into the Russian market. It is Russia’s industrial regions that the German concern is primarily interested in.
18.09.2007
RAO UES Directors’ Board Approves Nominations to Management Bodies of Companies Being Spun-off in Reorganization
RAO UES Board of Directors has approved the shareholders’ nominees to the management and control bodies of holding companies being spun-off in the course of reorganization. The nominations to the management and control bodies of the spun-off companies will be laid before an extraordinary meeting of shareholders to consider completion of reorganization scheduled to be held in absentia on 26 October, 2007.
13.09.2007
Sergei Ivanov: Russia’s Power Industry Reforms Amount to Second National Electrification
Acting First Vice-Premier Sergei Ivanov has called the reforms in Russia’s electric power industry "second electrification of the country ".
13.09.2007
State Duma Approves Law on Decision-Making Procedure for RAO UES of Russia Reorganization in Second Reading and as a Whole
The State Duma has approved in the second reading and as a whole a law on decision-making procedure for reorganization of RAO UES of Russia. Law On Introduction of Amendments in Article 4 of Federal Law On Specific Features of Functioning of Electric Power Industry During the Transitional Period and on Introduction of Amendments in Certain Legislative Acts of the Russian Federation and on Recognizing Certain Legislative Acts of the Russian Federation as Having Lost Their Force in Connection with Adoption of the Federal Law On Electric Power Industry provides that shares of joint stock companies set up in the course of reorganization will be distributed among RAO UES shareholders who did not vote on its reorganization according to the same procedure as established for those shareholders who voted in favor of the reorganization.
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