Inter RAO
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This article relies on references to primary sources or sources affiliated with the subject, rather than references from independent authors and third-party publications. Please add citations from reliable sources. (January 2011) |
| Type | Public (OAO) |
|---|---|
| Traded as | (RTS:IRAO MICEX:IRAO) |
| Industry | Power generation |
| Founded | 1997 |
| Founder(s) | RAO UES |
| Headquarters | Moscow, Russia |
| Products | Electrical power |
| Revenue |  EUR 2,009 million (2010)[1] |
| Net income | EUR 289.9 million (2010)[1] |
| Total assets | €3,854 million (as of 31 December 2010)[1] |
| Total equity | €2,395 million (as of 31 December 2010)[1] |
| Website | www.interrao.ru |
Inter RAO UES (RTS:IRAO, MICEX:IRAO) is a Russian energy company engaged in power generation and electricity trading. It has electricity export and import monopoly in Russia.[2]
Contents |
[edit] History
Decision to create Inter RAO was adopted by the board of Russian unified power company RAO UES in August 1996. The company was formed in May 1997 as a subsidiary of RAO UES with the purpose of consolidating energy generation and sales in foreign markets.[3] However, Inter RAO started operating only in 2000.[4] In 2002 it expanded into international energy sales, and in 2003 invested US$350 million in acquisition of foreign assets, notably the power plants in Georgia. In 2003, 40% of shares was sold to Rosenergoatom. In 2004–2006, Inter RAO continued to expand its activities on abroad.
During the restructuring of RAO UES, Inter RAO UES was separated from RAO UES.[5] In March 2008, Vladimir Putin authorized transfer of 60% share from RAO UES to Rosatom, and the company was reformed as a public company. It was listed at the Russian Trading System and at the Moscow Interbank Currency Exchange.
In following years, the Government of Russia transferred the power companies shares remaining after the reform of RAO UES in the property of state-owned companies RusHydro, FGC UES, Rosimushchestvo, and Rosneftegaz to Inter RAO. That included transfer of 41% stake in Irkutskenergo, 65.8% of OGK-1, 3.24% of OGK-4, 26.43% of OGK-5, 24.9% of TGC-6, 34.21% of TGC-7, 30.54% of TGC-11, 20.24% of Kuzbassenergo, 21.27% of Bashkirenergo, 14.48% of Sangtuda 1 Hydroelectric Power Plant (in Tajikistan), and 100% of Razdan Thermal Power Plant (in Armenia).[6][7]
In December 2010, it was announced that Inter RAO will acquire 79.2% stake in OGK-3 from MMC Norilsk Nickel increasing its stake in the company up to 85%.[8]
[edit] Operations
Company strategy calls for increasing installed capacity to 30,000 megaWatts by 2015.[9] The company operates a number of power plants and owns stakes in several Russian generating and distribution companies. Inter RAO also develops the Kaliningrad Nuclear Power Plant.[10]
As of July 2008, major assets outside of Russia, included:
| Location | Subsidiary | Function | Acquired/established in |
|---|---|---|---|
| Metsamor, Armenia | Metsamor NPP | Nuclear power plant, 815 MW | 2004 |
| Armenia | Electric Networks of Armenia | National power grid | 2006 |
| Armenia, Hrazdan valley | Sevano-Hrazdanskaya Hydroelectric power plants cascade | Hydroelectricity, 560 MW | 2003 |
| Finland | RAO Nordic Oy | Electricity trading and wholesale | 2004 |
| Ekibastuz, Kazakhstan | GRES-2 Power Station | Coal-fired electrical power plant, 1,000 MW | |
| Dnestrovsk, Transnistria | Kuchurgan power station (Moldavskaya GRES) | Multi-fuel electrical power plant, 2,520 MW | 2005 |
| Khrami River, Georgia | Khrami-1, Khrami-2 | Hydroelectricity, 220 MW | |
| Tbilisi, Georgia | JSC Telavi | Tbilisi area power grid | |
| Tajikistan | Sangtuda 1 Hydroelectric Power Plant | Hydroelectric power station completed in 2006 | |
| Turkey | TGR Enerji Elektrik Toptan Ticaret A.S. | Electricity wholesale trade | |
| Lithuania | INTER RAO Lietuva | Electricity wholesale trade | 2005–2008 |
[edit]
Shares of Inter RAO are publicly traded. About 82% of shares is controlled by the Russian state.[6] After consolidation of the company assets the major shareholder will be FGC UES (20%), Rosimushchestvo (16%), MMC Norilsk Nickel (15%), Rosatom (12%), RusHydro (6%), and Vnesheconombank (5%).[11]
[edit] References
- ^ a b c d http://www.interrao.ru/upload/docs/IFRS_2010.pdf
- ^ "Belarus talks 2011 electricity import volume with Russia, Ukraine". Kyiv Post. Interfax-Ukraine. 2010-12-16. http://www.kyivpost.com/news/russia/detail/92979/. Retrieved 2011-01-01.
- ^ Inter RAO UES. Company information
- ^ Inter RAO UES. Company history
- ^ RAO UES. Press release: Board of directors meeting 27 July 2007
- ^ a b "The state will increase its stake in Inter RAO to 82%". Rusmergers.com. 2010-04-14. http://rusmergers.com/en/mna/1825-.html. Retrieved 2011-01-01.
- ^ Shiryaevskaya, Anna (2010-12-28). "Inter RAO Seeks European Power Assets From E.ON, RWE and Enel". Bloomberg. http://www.bloomberg.com/news/2010-12-28/inter-rao-seeks-swaps-with-e-on-rwe-enel-to-expand-in-europe.html. Retrieved 2011-01-01.
- ^ Shiryaevskaya, Anna; Khrennikov, Ilya (2010-12-29). "Inter RAO May Sell $2 Billion of Shares After Consolidation". Bloomberg. http://www.bloomberg.com/news/2010-12-29/norilsk-to-sell-ogk-3-to-inter-rao-rejects-deripaska-s-offer.html. Retrieved 2011-01-01.
- ^ Inter RAO UES. Mission and strategy
- ^ "Norton Rose Group advises JSC "INTER RAO UES" on developing the banking feasibility study for Baltiyskaya nuclear power plant" (Press release). Norton Rose. 2010-11-18. http://www.nortonrose.com/news/inthepress/news32497.aspx?lang=en-gb. Retrieved 2011-01-01.
- ^ Shiryaevskaya, Anna (2010-12-28). "Inter RAO May Sell $2 Billion of Shares After Consolidation". Bloomberg. http://www.bloomberg.com/news/2010-12-28/inter-rao-may-sell-2-billion-of-shares-after-consolidation.html. Retrieved 2011-01-01.
[edit] External links
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