Russian Energy Ministry backs idea of investing dividends paid by state energy cos

MOSCOW. July 16 (Interfax) - The Russian Energy Ministry backs the idea of investing dividends paid by state-owned energy companies, Energy Minister Sergei Tsivilev said in the Federation Council.

"We also support the dividend proposal and have submitted it for consideration at the autumn session of this year," Tsivilev responded to a corresponding question from senators.

The Russian government directly owns the largest shares in RusHydro and Rosseti.

As previously reported, the Russian government and RusHydro management had been jointly preparing proposals to improve the company's economic situation, namely discussing plans for the energy holding company's refusal to pay dividends until 2028.

Rosseti last paid dividends totaling 20.5 billion rubles at 51% of net profit to Russian Accounting Standards for 2020. President Vladimir Putin in 2023 instructed the government to develop a number of measures to support Rosseti. There were particular discussions "to provide for a refusal" to pay dividends for 2022-2026.