08 June 2004 03:17
UES board won`t decide on gencos by June 30 (part 2)
MOSCOW. June 8 (Interfax) - The Unified Energy System of Russia board of directors will not be able to reach a
decision on the sale of wholesale generating companies (gencos) in time for the annual shareholders' meeting, set
for June 30, a source in the Economic Development and Trade Ministry told Interfax.
The source said that Russian Prime Minister Mikhail Fradkov will not sign a directive for the UES board of directors
for voting on the sale of thermal gencos at special cash auctions by June 25, the date of the last UES board meeting
before the company's AGM. "Fradkov has halted all decisions on the sale of gencos for the moment," the
source said.
Asked why, the source said that the prime minister "has not got to the bottom of the problem." "But
that is being optimistic," he said.
"I think that a decision is not likely to be reached by June 30. The gencos issue will more than likely be
discussed by the new UES board of directors," the source said.
In response to a questions as to the likelihood that Fradkov
will sign the draft directive for the sale of thermal gencos at
special cash auctions by June 25, the date of the last UES board
A government source told Interfax earlier that Fradkov had not supported the decision, which had been approved at a
meeting with Deputy Prime Minister Alexander Zhukov on June 2.
The source said that after the meeting with the deputy prime minister a protocol was signed in which profile
ministries were directed to study the issue of merging the four hydro-gencos into a single company, and also to prepare
a draft directive to state representatives on the board of directors of UES about voting for the sale of thermal gencos
at special auctions, to study the issue of privatizing the state stake in Irkutskenergo, and evaluate the consequences
of re-nationalization of Sayano-Shushenskaya Hydroelectric Plant. In addition, the Economic Development and Trade
Ministry and the Federal Tariffs Service were to establish sources of financing for the acquisition of an additional
share issue by OAO Krasnoyarsk Hydroelectric Plant, with the possible inclusion of this expenditure into tariffs for the
public.
"Fradkov did not approve the results of the meeting, and the protocol did not leave the White House," the
source said. He said that the prime minister rejected it outright.
meeting before the company's AGM, the source said "at the moment this is not known."
At the same time, the Economic Development Ministry has not received a protocol containing the instructions resulting
from a June 2 meeting on generating companies (gencos), Deputy Economic Development and Trade Minister Andrei Sharonov
said.
The UES board of directors has already repeatedly postponed
discussion of the gencos issue due the lack of a position of the
Sharonov said he did not know why the Economic Development Ministry had not received the protocol.
Asked whether directives on gencos would be drafted before the Unified Energy System board meeting on June 25,
Sharonov said that without the government's position, the ministry would be unable to draft the corresponding
directives.
However, the ministry still considers that the gencos should be offered at special money auctions, he said.
company's main shareholder - the state. Fradkov said earlier that no genco decision would be reached until he
personally got to grips with everything, but that this would not be later than June 30, the planned date of the UES
annual shareholders' meeting.
Six gencos are to be set up based on the largest UES thermal power plants. The special cash auction allows for the
use of cash and shares as a means of payment.
As regards the companies' hydro-generating assets, these are to be formed into four gencos. According to the
concept for the reform of the electricity sector, the state will not reduce its stake in hydro-generation. [RU EUROPE
ASIA EEU EMRG ENR ELG POWR MRG] rd me
[Interfax] |
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