Inter RAO UES

Infobox Company
name = Inter RAO UES (OJSC)

type = State-owned public corporation (OJSC)
genre =
foundation = Moscow, Russia (May 1997)
founder =
location = Moscow, Russia
area_served = Bordering countries (former CIS, Scandinavia, China etc.)
key_people =
industry = Electricity
products = Energy
market c

revenue = Euro 1,082 million ("2006") [Per IFRS framework. [http://www.interrao.ru/_upload/editor_files/file0052.pdf 2006 annual reports] . Note that the auditor expressed qualified opinion on the incorrect presentation of long-term liabilities and valuation of investments in Transnistria.]
operating_income = Euro 122 million ("2006")
net_income = Euro 77 million ("2006")
assets = Euro 746 million ("2006")
equity = Euro 303 Billion ("2006")
num_employees =
divisions =
slogan =
homepage = http://www.interrao.ru

Inter RAO UES (OJSC) is a Russian electricity trading and holding company. Present-day company, incorporated in 2008 as an open type corporation, is a successor to the eponymous company, Inter RAO UES (CJSC), a closed type corporation established in May 1997 by RAO UES with the purpose of consolidating energy generation and sales in foreign markets (former Commonwealth of Independent States, Scandinavia, China etc.). [ [http://www.interrao.ru/eng/company/about/ Inter RAO UES. Company information] ] As of July, 2008, Inter RAO stock is owned by state-owned Rosatom (60%) and Rosenergoatom (40%), however, the company statute allows divestment of non-controlling shares to private investors.

History

RAO UES board voted to create Inter RAO in August 1996; the company actually formed in May 1997 and started operations only in 2000. [http://www.interrao.ru/eng/company/history/ Inter RAO UES. Company history] ] In 2002 it expanded into international energy sales, and in 2003 invested US $350 million in foreign assets, notably the powerplants in Georgia. More acquisitions followed in Finland (2004), Tadzhikistan and Moldova (2005), Armenia (2006).

As at the end of 2007, RAO UES owned 60% of shares in Inter RAO UES, while rest of 40% is owned by Russian nuclear energy producer Rosenergoatom. In July 2007 Inter RAO UES was included in the so-called "first group" of RAO assets. According to the program of RAO UES restructuring, these assets had to be separated from RAO UES; the government would have retained direct control over majority stock, while minority stock could be sold to private investors. [ [http://www.rao-ees.ru/ru/news/news/pr_archiv/pr_2007/show.cgi?pr270707sd.htm RAO UES. Press release: Board of directors meeting 27 July 2007] ] The "second group" of assets (notably RusHydro, consolidating the major hydroelectricity facilities) will remain a 100% state property. In March 2008 Vladimir Putin authorized transfer of 60% share from RAO UES to Rosatom.

Assets

Company strategy calls for increasing installed capacity to 30,000 megaWatts by 2015; this "will allow to hold a vital position on the target energy markets (Baltic and Scandinavian countries, Central and Eastern Europe, the Black Sea area, Central Asia and the Far East)." [ [http://www.interrao.ru/eng/company/mission/ Inter RAO UES. Mission and strategy] ] As of July, 2008, all major assets are located outside of Russia, in 14 adjacent countries:

The company also owns substantial non-controlling shares in Russian generating and distribution assets, notably in Kaliningrad region and Russian Far East.

Management

References

External links

* [http://www.interrao.ru/eng/ Corporate website]