Gazprom Energoholding signs trusteeship agreement for TGK-2 shares

MOSCOW. Oct 15 (Interfax) - Gazprom has gained indirect control over the TGK-2 territorial generating company.

Gazprom said Centerenergoholding , a subsidiary of Gazprom Energoholding LLC, was now trustee of an 83.4% stake in the genco.

Gazprom said in a disclosure that the agreement on trusteeship was signed on October 10.

It was previously reported that the contract is originally valid until June 30, 2025 and does not provide for remuneration or compensation for expenses incurred by the trustee. Also, GEH has until the end of April 2025 to submit a financial recovery plan for TGK-2 and proposals to the government on further means of disposal over its shares.

The Leninsky Court of Yaroslavl issued a ruling in the summer of 2023 to expropriate shares in TGK-2. 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.

TGK-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.