FGC to be compensated for managing IDGC Holding based on efficiency
MOSCOW. Sept 18 (Interfax) - OJSC Federal Grid Company (FGC) UES will receive compensation for the management of Inter-Regional Distribution Grid Company (IDGC) Holding depending on the effectiveness of that management.
An FGC statement says that the company board of directors approved on Monday an agreement transferring full control over IDGC Holding, which stipulates a system of key performance indicators for the managing organization, on which will depend the amount of compensation.
The main criteria for that system are reliability, financial results, adherence to schedules for investment-program financing and implementation, keeping to the schedules for capacity commissioning and financing and launch plan, and cutting IDGC Holding expenses, the statement says.
FGC UES owns and manages power grid facilities of the Russian unified national power grid. Its main shareholder is the Russian government, which owns a 79.48% stake. Its minority shareholders include Gazprom and Norilsk Nickel . The company recently took over the management of OJSC IDGC Holding and its eleven inter-regional and five regional electricity-grid distribution companies.
