Inter RAO unit looking for partners in Poland
MOSCOW. Nov 8 (Interfax/BNS) - IRL Polska, a unit of Inter RAO Lietuva, the Lithuanian subsidiary of Russian power company OJSC Inter RAO UES , is preparing to start operations on the electricity market in Poland.
Inter RAO Lietuva has decided to quintuple IRL Polska's charter capital from PLN2 million to PLN10 million ($3.23 million), the company reported. The money will come from the principal owner and will be used to finance the current operations of the company, which is beginning to look for partners in Poland, the company told Interfax.
IRL Polska will trade electricity purchased in Poland and intends to get a foothold on the futures markets, Inter RAO Lietuva communications director Juozas Ruzgys told BNS on Thursday.
After the launch of power transmission line links LitPol Link 1 and LitPol Link 2, the firm plans to provide electricity import and export services, and in future it plans to start supplying electricity to retail customers, Ruzgys said.
Inter RAO Lietuva announced plans to enter the Polish retail market in February 2013. Jonas Garbaravicius, a member of Inter RAO Lietuva's supervisory board and CEO of Scaent Baltic, said at the time that trading in Poland would become possible once the power transmission lines of Lithuania and Poland are connected. This is expected to happen in 2015.
