Italy’s Enel set to invest up to $9 bln in Russia’s power sector

Green Energy

Italy’s Enel intends to invest about $9 billion in the Russian electric power generation, transportation and sales market, the company’s country manager for Russia and the CIS said Thursday.

“Investment in the Russian electric power sector will total about $6 billion. It is also possible that the company will invest another $3 billion,” Dominique Fache said. Italy’s leading power company entered the Russian energy market in 2004. It currently jointly manages the Russian North-West Thermal Power Plant. In April, it acquired the gas assets of Russia’s bankrupt oil company Yukos. On June 6, at an auction in Moscow, the Italian firm acquired a 25.03% stake in the wholesale generating company OGK-5 and bought another 4.96% on June 22 to bring up its stake in the Russian wholesale power generator to 29.99%. In August it received authorization from Russia’s Federal Anti-Monopoly Service (FAS) to acquire over 70% in OGK-5. (rian.ru)

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.

Support the BBJ

Energy