Russia to cede 25% of electricity grid to foreign investors
The head of Russia’s electricity monopoly Unified Energy System (UES) said in an interview with a British newspaper Wednesday that Russia would be prepared to turn over 25% of its electricity sector to foreign investors.
“In the competitive part of the market, there is no limit on foreign control,” Anatoly Chubais told the Financial Times. “I believe that a minimum of two and a maximum of five strategic foreign companies will own Russian [power] generation businesses, that is up to 25%.” Chubais said that he wanted to raise “much, much more than $15 billion” to build new power stations and upgrade aging ones.
The newspaper quoted the businessman as saying that listings for several electricity companies, as well as the sale of stakes to strategic investors, including foreign energy companies such as Finland’s Fortum and Italy’s Enel, had already raised about $8 billion. Chubais said a stake in OGK-4, a wholesale generating company, would be sold at auction Friday in an effort to raise about $1.8 billion. The head of Russia’s electricity monopoly has been touring Europe with a road show to attract investors into the Russian power sector since early this week. (rian.ru)
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