6 Nov 2009 13:40

Regulator clears Gazprom to consolidated 46% of TGK-1 genco

MOSCOW. Nov 6 (Interfax) - The Russian Federal Antimonopoly Service (FAS) has cleared Gazprom to consolidate 46.4% of the shares in the TGK-1 territorial generating company by acquiring 100% of LLC Russian Energy Projects (REP), which owns 17.65% of TGK-1, the FAS said in materials.

Gazprom already owns 28.69% of the genco directly. Thus, Gazprom would control 46.4% of the genco and be obliged to offer to buy its minority shareholders out.

The FAS had said it would take an additional two months to review the request as the transaction "could restrict competition," however the regulator decided to deliver a decision ahead of that.

Gazprom Energy Holding has so far consolidated 53.47% of Mosenergo , the 28.7% of TGK-1, 8.34% of Inter RAO UES , 10.49% of Inter-District Grid Company Holding (IDGC Holding), 10.49% of RAO Energy Systems Vostok (East), and 99.2% of CentrEnergoHolding, which owns 44.4% of the OGK-2 generating company and 42.9% of the OGK-6 genco.

Gazprom Energy Holding and LLC Project Finance, another Gazprom affiliate, have also applied to the FAS for clearance to consolidate a 50% voting stake in TGK-1.