Mosenergo reform won't hurt shareholders
MOSCOW - The interests of minority shareholders in Russia’s largest power utility Mosenergo will not be infringed upon in the process of its restructuring, Anatoly Chubais, the CEO of Russian power grid monopoly UES, told a press conference Thursday.
Chubais said that UES and the Moscow city government have agreed to restructure the company using the “basis” variant, in accordance with which Mosenergo shareholders will receive equivalent stakes in companies created in the process of restructuring.
Mosenergo, which is the single generator, transmitter and supplier of heat and power for both the city of Moscow and the Moscow Region, is to be restructured in line with the reform of Russia’s entire power sector.
The reform, approved by the Russian parliament on Wednesday, is designed to boost competition in the power sector by separating power and heat generation, transmission and distribution. The reform bills must still be signed by the president.
Chubais also said that UES does not object to the Moscow city government receiving controlling stakes in power and heat transmission companies that will be created on the basis of a reformed Mosenergo.
“In any case, all decisions concerning Mosenergo restructuring will be made by the company’s shareholders, which will ensure that their interests are preserved,” Chubais said.
Mosenergo Deputy General Director Dmitry Vasilyev said Wednesday that the city government may receive up to 51% in the newly created power and heat transmission companies.
This is in line with accords reached between Moscow Mayor Yury Luzhkov and Chubais late last year that secured support by a group of deputies of Russia’s State Duma, the lower house of parliament, for power sector reform bills, Vasilyev said. |
