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10 June 2004 - The government has assigned the Economic Development and Trade Ministry to prepare instructions on wholesale power generating companies, says Russian Deputy Prime Minister Alexander.
Earlier Zhukov told reporters that the instructions on wholesale power generating companies would be ready before the end of June 2004. According to the concept of reforms in RAO UES of Russia, 10 wholesale power generating companies are to be formed on the basis of the federal power plants of the holding company. Of those, four companies will be founded on the basis of hydroelectric power plants and six companies will be formed on the basis of thermoelectric power plants.
The government will keep control of the hydroelectric power generating companies, while the thermoelectric power generating companies will be sold to private owners at auctions. Initially, it was planned that only shares in RAO UES could be used for payments for shares in these companies. However, the Economic Development and Trade Ministry has suggested that buyers should also be allowed to pay for these shares in cash.
The first auctions are to be held this year. The question of wholesale power generating companies has been raised at every meeting of the RAO UES Board of Directors over the past six months. However, no decisions have been made, because the government has not given any instructions. The next meeting of the Board of Directors is scheduled for June 25, 2004.
Prime Minister Mikhail Fradkov declared earlier he would thoroughly analyze the question of power generating companies and the respective auctions before approving the final instructions of the government. At the same time he added a decision on this issue would be made before the general meeting of RAO UES shareholders on June 30, 2004.
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