GEH's Centerenergoholding gains control of 83.42% stake in TGC-2

MOSCOW. Oct 11 (Interfax) - PJSC Centerenergoholding , a division of Gazprom Energoholding (GEH), disclosed that it has acquired control of 83.42% of shares in power company PJSC TGC-2 ,

The 1.23 trillion common and 283.37 million preferred shares in TGC-2 were put under Centerenergoholding's trust management by an order issued by the Russian president in July. The government later issued an order under which the trust management contract will expire on June 30, 2025 and does not provide for remuneration or compensation for incurred expenses for the manager.

Centerenergoholding is supposed to present a plan for TGC-2's financial recovery by the end of April 2025, as well as submit proposals to the government for what to subsequently do with the shares in the company.

The Leninsky Court of Yaroslavl issued a ruling in the summer of 2023 to seize shares in TGC-2 for the state. This applied to more than 9.5% of shares held by Kores, 27% by Dolgovoye Agentstvo LLC, over 14.5% by Janan Holdings Ltd., 1.5% by Litim Trading Ltd., almost 7.3% by Raltaka Enterprises Ltd., and more than 23.59% - Kostroma Kogeneratsiya Ltd.

TGC-2 includes 12 combined heat-and-power plants, 30 boiler houses and four heating network utilities in Russia's Arkhangelsk, Vologda, Kostroma, Novgorod and Yaroslavl regions, as well as in North Macedonia. The company has installed electricity and thermal capacity of, respectively, 2.45 GW and 8,800 Gcal.