THE BREAK-UP of Russia’s power sector and the move towards a free market for electricity has reached the halfway mark as power monopoly United Energy Systems (UES) gets ready to auction off its generating assets in one of the last big privatizations on the slate.
By this summer, UES hopes to have created 24 super-regional generating companies (gencos) out of 72 existing regional power companies (energos). These will then be auctioned off to private investors.
“There has been a lot of movement and now the energos are already in the process of restructuring in preparation for the sell-off,” says David Herne, a UES board member and the head of the restructuring committee that represents minority shareholders’ interests to management.
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