Scramble for Board Seats of New Power Firm
Tuesday, March 22, 2005
Power monopoly Unified Energy Systems, Nordic energy group Fortum, a presidential envoy and several businessmen have emerged as candidates for the board of a new $1 billion power firm being formed as part of utility reforms.
Interfax said on Monday Fortum had put forward three candidates and UES four candidates for the 11-seat board of the northwestern regional power generation company TGC-1, which Fortum has valued at $1.023 billion.
Other candidates seeking seats on the TGC-1 board are presidential envoy to the Northwest Federal District, Lyubov Sovershayeva; industrial group Interros' managing director, Andrei Bugrov; Lonburg Ltd. general director James Gerson and Lenenergo general director Andrei Likhachyov, Interfax said.
Fortum will have an 18 percent stake in TGC-1, which is being formed by UES together with three northwestern regional power companies, St. Petersburg-based Lenenergo, Kolenergo and Karelenergo.
TGC-1 is being formed as part of the long-delayed electricity sector privatization plan.
TGC-1 is due to start operating in July. Interfax said officials of Lenenergo, Karelenergo and Kolenergo met on the weekend for TGC-1's founding meeting.
Fortum owns 30.7 percent of Lenenergo, which is 49 percent owned by UES. Fortum has said Lenenergo will receive a 63 percent stake in the charter capital of TGC-1, while co-founders Kolenergo and Karelenergo will receive 25 percent and 12 percent respectively.
TGC-1 will initially lease generation assets of Lenenergo and Kolenergo, which are owned 49 percent by UES, as well as assets from utility Karelenergo, which is 100 percent owned by UES. |
