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Electric power trader Mosenergosbyt sold at auction for $478 mln

An auction for a 50.9% stake in Moscow electric power trader Mosenergosbyt was won Wednesday by unknown firm Korporativno-trustoviye proyekty, which paid 11.3 billion rubles ($478 million), Russia’s electricity monopoly said.

The controlling stake, which was sold at the starting price, was contested by two bidders, Unified Energy System of Russia (UES) said. Mosenergobyt supplies electric power and collects payments for electricity supplies in the capital and the surrounding region.

Mosenergosbyt is Russia’s largest electricity sales company, selling 8% of Russia’s total electric power output. (rian.ru)