30 Sep 2010 17:46

Inter RAO to receive state

MOSCOW. Sept 30 (Interfax) - Inter RAO UES will receive the state's 40% stake in Irkutskenergo , which is currently held by Rosimushchestvo.

The stake is on the list of assets that are being transferred to the company under a presidential decree, a source familiar with the text of the document told Interfax.

Irkutskenergo is one of the biggest power and coal companies in Russia. It includes thermal and hydroelectric stations, heating networks, coal mines, transportation enterprises, maintenance plants and a coal enrichment plant. Irkutskenero has 12,900 megawatts of installed capacity and its coal mines have capacity to produce 14.9 million tonnes of coal a year.

The company is controlled by Oleg Deripaska's EuroSibEnergo.

RusHydro has previously announced its interest in the state's Irkutskenergo stake and its readiness in future to negotiate over the asset with Inter RAO. "In the future we may talk about that with our colleagues at Inter RAO. Actually, we may have certain plans, we are not hiding them, but after the plans for consolidating assets in Inter RAO are carried out," RusHydro management board member George Rizhinashvili told journalists.

Irkutskenergo boosted net profit in 2009 almost 200% to 16.437 billion rubles.

Inter RAO is the monopoly importer and exporter of electricity. It also owns and operates electricity assets in Russia and abroad. It is state controlled via Rosatom and Vnesheconombank (VEB).

It was reported earlier that Inter RAO plans to issue supplementary shares at the end of 2010-early 2011 in order to consolidate state stakes in electricity enterprises that are owned by the state outright or indirectly via state companies RusHydro and Federal Grid Company . Talks are also underway to acquire shares held by various private sector companies.