5 Apr 2023 14:00

Decision on fate of RusHydro's power grids in Far East up to the authorities, though company would not want 'to give away' any assets - executive board member

MOSCOW. April 5 (Interfax) - The decision on the fate of the power grids of PJSC RusHydro in Russia's Far East is up to the authorities; however, the company would not want "to give away" any assets, executive board member Roman Berdnikov said when commenting to reporters on the statement from the Federal Anti-monopoly Service (FAS) on the preparation of a plan for dividing the company into type of activity, into generation and into networks, as part of transitioning the Far East to a pricing zone in the energy market.

"We are a state-owned company - as the government says, so we do. However, no company is likely to want to give away something to someone, so there should be divestment. How to do this is the second question. We of course would not want to do this for nothing," Berdnikov said on the sidelines of the Russian Energy conference organized by the Vedomosti publication.

The plan concerns compliance with the requirements for a ban on combining the activities of electricity generation and power grid activities; it is being developed jointly with the Ministry of Economic Development and the Ministry of Energy and will be sent to the government in May, FAS Deputy Head Vitaly Korolev told reporters on the sidelines of the conference.

"Obviously, when they enter the price zone, these requirements will begin applying to them, so it is necessary to properly organize it so that, on the one hand, RusHydro has time to make appropriate decisions, and also that it does not slow down the transition to the price zone," Korolev said.

Earlier, the Energy Ministry said the liberalization of the energy market in non-price zones could start in November 2023. The transition to 100% liberalization should take place no later than July 2025.

RusHydro combines over 60 hydroelectric power plants in Russia, and thermal power plants and power grid assets in the country's Far East, as well as power supply companies and research and design institutes. The total installed capacity of the power plants in RusHydro, including the Boguchanskaya HPP, is more than 38 GW.

The main shareholder of the company is the Federal Property Management Agency (62.2%). A 12.37% stake is owned by VTB , and 9% belongs to Rusal .