Lenenergo acquires control over two power grids
ST. PETERSBURG. Dec 29 (Interfax) - Lenenergo has acquired control over St. Petersburg Power Grids (SPb ES) and Petrodvorets Power Grid (PES), the power company reported.
As of December 23, Lenenergo acquired direct control over 100% of voting shares in SPb ES that previously belonged to the government of St. Petersburg.
As of December 28, Lenenergo acquired the right to control 88.7% of shares in PES. Lenenergo now directly controls 60.1% of PES shares that previously belonged to St. Petersburg, and another 28.6% through SPb ES. Lenenergo controls 95.71% of common shares in PES.
In September, the St. Petersburg government supported a plan to consolidate the city's power grid assets that was proposed by Russian Grids and Lenenergo.
Russian Grids CEO Oleg Budargin said his company sees the consolidated company of Lenenergo, SPb ES and PES as a "strategic asset in the Northwest."
"The main goal of the consolidation is to significantly increase the reliability of power supplies to St. Petersburg. In addition, we expect to solve problems with delays in the connection of new homes to power grids and the utility connection of businesses," St. Petersburg Governor Georgy Poltavchenko said last week.
As a result of the consolidation of the grid assets, St. Petersburg's stake in Lenenergo will be 29% and the city will get six seats on the company's board of 13 directors.