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

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. (