Inter RAO

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Native name
TypePublic (ПAO)
Founded1997; 25 years ago (1997)
FounderRAO UES
Key people
Boris Kovalchuk, (CEO)
Igor Sechin
(Chairman of the Board of Directors)
ProductsElectrical power
Electric power infrastructure
ServicesElectricity generation and distribution
International trading
Revenue$13.6 billion[1] (2020)
$1.11 billion[1] (2020)
$1.04 billion[1] (2020)
Total assets$12 billion[1] (2020)
Total equity$8.52 billion[1] (2020)
Number of employees

Joint Stock Company Inter RAO UES (Russian: Публичное акционерное общество «ИНТЕР РАО ЕЭС», short form: Inter RAO), traded as, is a diversified energy holding company headquartered in Moscow, Russia. Its business includes power and heat generation, electricity supply, international energy trading, engineering, design and development of electric power infrastructure. In addition to its assets in Russia it controls several energy companies outside Russia including thermal and hydro power plants, grid operators and energy traders. It holds a monopoly on the export and import of electricity in Russia.[2]

Inter RAO is one of the largest Russian public energy companies by market capitalization which exceeded US$10.5 billion at the end of 2011.[3] In fiscal year 2011 the company reported a revenue of USD 18.24 bn (versus USD 15.28 bn in 2010) and net income of $1.41 billion (vs $614 million in 2010).[4] At the end of 2011, Inter RAO Group had more than 47,000 employees.


Inter RAO was established in 1997 as a subsidiary of the Russian unified power company RAO UES. Its initial focus was international energy trading.[5]

In 2002, Inter RAO started exporting electricity from Russia and generating its own electricity.

In 2005, Inter RAO made several acquisitions:

In early 2008, Inter RAO obtainted listings on the Russian stock exchanges MICEX and RTS. As a part of its reorganization, Inter RAO received several Russian power generation facilities including Sochi Thermal Power Plant, North-West Thermal Power Plant, Ivanovo CCPP and Kaliningrad CHPP-2. In the same year, Inter RAO purchased the remaining 49% stake in Moldavskaya GRES.[6]

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).[7][8]

In 2009, Inter RAO shares were included in the MSCI EM Index. In the end of 2009, INTER RAO was ranked fifth in Standard & Poor's informational transparency rating of the Russian energy companies.[9]

In June 2018, board member Karina Tsurkan was arrested by the Federal Security Service, on allegations of spying on behalf of Romania.[10]

On 13 May 2022, Inter RAO subsidary RAO Nordic announced to suspend deliveries of electricity to Finland and stopped them at midnight. The announcement came one day after Finland's president Sauli Niinistö and prime minister Sanna Marin had expressed their support for Finnish membership in the North Atlantic Treaty Organization (NATO).[11][12] The move fits an ongoing pattern of economic sanctions and counter-sanctions in the wake of the 2022 Russian invasion of Ukraine.


Major shareholders of Inter RAO are Russian state-owned entities. As of August 2018, shareholders of Inter RAO were:[13]

  • Rosneftegaz - 27.63%
  • FGC UES - 9.24%
  • Inter RAO Capital - 29.39%
  • Freely traded (minority shareholders) - 33.74%

Boris Kovalchuk is the CEO of Inter RAO.[14]


Electricity generation[edit]

Combined installed capacity of power plants operated by Inter RAO Group is approximately 28 GW.[15] Inter RAO UES controls the following power generation assets.

Russian power generating assets

Asset Location Capacity
INTER RAO - Electric Power Plants Russia 2283 MW
OGK-1 Russia 9861 MW
OGK-3 Russia 8357 MW
TGK-11 Russia 1971 MW
Ivanovo CCPP Russia 110 MW

Power generation assets in other countries

Asset Location Capacity
Hrazdan TPP Armenia 1110 MW
Mtkvari TPP Georgia 600 MW
Khrami HPP-1 Georgia 112,8 MW
Khrami HPP-2 Georgia 114,4 MW
Ekibastuz GRES-2 Power Station Kazakhstan 1000 MW
Moldavskaya GRES Moldova 2520 MW
Vydmantai Wind Park Lithuania 30 MW
Sangtuda 1 Hydroelectric Power Plant Tajikistan 670 MW


The main export markets for INTER RAO are Finland, Lithuania and Belarus.[16]

The following Inter RAO subsidiaries are responsible for international energy trading:

From October 2021, Inter RAO has increased supplying electricity to China by 90% up from planned amount, within the terms of the 25-year agreement of 2012 with State Grid Corporation of China.[17] At the end of the same month, China sent out a call to “Inter RAO” for nearly double current amounts of supplies of electricity by the end of the year 2021. According to Alexandra Panina, member of the board of “Inter RAO”, the request of Chinese partners will be ratified almost completely.[18]

In October 2021, Inter RAO announced electricity commercial supplies to Kazakhstan in November, due to its "inhouse" deficiency in this country.[19]

On May 14, 2022 RAO Nordic released a statement saying they were halting the import of power into Finland due to lack of payment. Power transmission halted at 2200 GMT May 14, 2022.[20]

Power supply[edit]

Inter RAO Group operates seven Russian power supply companies.[21]

Asset Location
Moscow Power Supply Company Moscow, Russia
St. Petersburg Power Supply Company St. Petersburg, Russia
Altai Power Supply Company Altai Krai, Russia
Saratovenergo Saratov Oblast, Russia
Tambov Power Supply Company Tambov Oblast, Russia
INTER RAO - Oryol Power Supply Company Oryol Oblast Russia
RN Energo Moscow, Russia
Power Grids of Armenia Armenia
Telasi Georgia

Electric power distribution grids[edit]

INTER RAO Group controls two distribution grid companies in South Caucasus, Power Grids of Armenia and Telasi.[citation needed]

Asset Location Grid Length Number of consumers, thousands
Power Grids of Armenia Armenia 30 335 km 950
Telasi Georgia 3 930 km 466.9


Inter RAO develops its engineering business as a key component of its integrated business model. In engineering, Inter RAO plans to focus on design of energy infrastructure, coordination of construction, delivery and installation of equipment; installation, configuration and maintenance services; and manufacturing of boiler and turbine equipment. The company asserts that these initiatives of its engineering business will help Inter RAO secure at least 20% of thermal power plant engineering, construction and equipment market.[22] List of main engineering businesses within Inter RAO Group:

Asset Location Profile
INTER RAO-Engineering Russia Coordination of Group's engineering projects
Quartz Group Russia Construction of infrastructure facilities, all types of energy equipment repairs
Dominanta Group Russia Construction and operation of small generators
Joint Venture with GE and UK ODK Russia Manufacturing and sales of gas turbines
Joint Venture with WorleyParsons Russia Import of leading edge technologies to Russia


  1. ^ a b c d e "Independent auditor's report on the consolidated financial statements of PJSC Inter RAO and its subsidiaries for 2020" (PDF). ИНТЕР РАО ЕЭС. 1 March 2021. p. 78. Retrieved 1 March 2021.
  2. ^ "Belarus talks 2011 electricity import volume with Russia, Ukraine". Kyiv Post. Interfax-Ukraine. 2010-12-16. Archived from the original on 2010-12-18. Retrieved 2011-01-01.
  3. ^ Inter Rao Ues OAO (IRAO:RU) Stock Quote & Analysis - Bloomberg
  4. ^ "Archived copy" (PDF). Archived (PDF) from the original on 2014-03-17. Retrieved 2012-05-28.{{cite web}}: CS1 maint: archived copy as title (link)
  5. ^ Inter RAO UES. Company information Archived 2009-01-14 at the Wayback Machine
  6. ^ "' Corner/Press Releases". Archived from the original on 2016-06-01. Retrieved 2016-04-29.
  7. ^ "The state will increase its stake in Inter RAO to 82". 2010-04-14. Archived from the original on 2011-07-15. Retrieved 2011-01-01.
  8. ^ Shiryaevskaya, Anna (2010-12-28). "Inter RAO Seeks European Power Assets From E.ON, RWE and Enel". Bloomberg. Archived from the original on 2011-01-10. Retrieved 2011-01-01.
  9. ^ "Archived copy". Archived from the original on 2012-09-08. Retrieved 2012-06-01.{{cite web}}: CS1 maint: archived copy as title (link)
  10. ^ Luca, Ana Maria (June 20, 2018). "Russia Accuses Moldovan of Spying for Romania". Balkan Insight. A Moscow court has approved the arrest of a Moldovan-born executive of the Russian energy company Inter RAO, for allegedly spying for Romania, Russia’s state news agency Tass reported.
    "Reports: Russian Energy Executive Arrested On Spying Charges". Radio Free Europe/Radio Liberty. June 19, 2018. The Interfax and TASS news agencies quoted a spokesperson at Moscow's Lefortovo district court as saying Karina Tsurkan had been detained by agents of Russia's Federal Security Service (FSB).
  11. ^ Russian operator to suspend electricity supply to Finland
  12. ^ Joint statement by the President of the Republic and Prime Minister of Finland on Finland’s NATO membership
  13. ^ "Inter RAO — Capital Structure". Archived from the original on 2012-06-28. Retrieved 2012-06-01.
  14. ^ "Интер РАО — Руководство". Archived from the original on 2012-06-02. Retrieved 2012-06-01.
  15. ^ "Inter RAO — Generation". Archived from the original on 2012-06-28. Retrieved 2012-06-01.
  16. ^ "Inter RAO — Electricity export and import". Archived from the original on 2012-09-17. Retrieved 2012-06-01.
  17. ^ "Интер РАО с октября увеличило поставки электроэнергии в Китай в два раза" (in Russian). Эксперт. 2021-10-01.
  18. ^ "Китай хочет нарастить импорт электроэнергии из России почти вдвое" (in Russian). Business FM. 2021-10-28.
  19. ^ "Интер РАО допустило старт коммерческих поставок электроэнергии в Казахстан в ноябре" (in Russian). Интерфакс. 2021-10-28.
  20. ^ "Russia's Inter RAO to halt power exports to Finland due lack of payment". Reuters. 2022-05-13.
  21. ^ "Inter RAO — Supply". Archived from the original on 2012-06-28. Retrieved 2012-06-01.
  22. ^ "Inter RAO — Engineering". Archived from the original on 2012-06-28. Retrieved 2012-06-01.

External links[edit]