19 Apr 2023 09:51

Power engineering to become a key business for Inter RAO in near term

MOSCOW. April 19 (Interfax) - Inter RAO expects that power engineering will become a key business segment for it in the near future, the Russian power company said in its annual report.

The order portfolio of the company's engineering and construction divisions now exceeds 150 billion rubles, the report said.

The company has plans to build 550 MW of thermal generating capacity to supply railways in eastern Russia, as well as a power plant for the Vostok Oil project, the report said.

At the end of 2022, Inter RAO CEO Boris Kovalchuk, responding to reporters' questions about the company's interest in the Russian generating assets of Fortum and Uniper, said he believed that recently acquired power engineering assets were "more important."

"It seems to me that we need to concentrate specifically on manufacturing, high-tech things. This is why we're strategically working in these areas," he said.

Last October Inter RAO announced the acquisition of Siemens Energy's 65% stake in Siemens Gas Turbine Technologies LLC, a joint venture with Power Machines, which retains a 35%. In addition, Inter RAO's Dutch division, RAO Intertech B.V. acquired Siemens Energy's Voronezh plant, Voronezh Transformer LLC (formerly Siemens Transformers LLC).

An industry source told Interfax that both deals were worth about 25 million euros.