Russia's electricity monopoly Unified Energy System [EESR] has included WGC-1, in which it holds 92%, in the list of generating companies to issue additional shares on the Russian Trading System and Moscow Interbank Currency Exchange in 2007 to attract funds for investment projects in line with reforms of the country's power sector.
"We aim to attract about 20 million rubles ($740,000) through an additional issue of shares," Vladimir Khlebnikov said at a conference on Russia's energy sector.
The Tyumen-registered company, which is one of seven wholesale power generating companies created from UES generating assets during the restructuring of the sector, controls six power plants in various Russian regions, with an overall capacity of 9,531 MW.
The power sector has undergone radical changes in recent years aimed at increasing the efficiency of power plants and developing the industry by attracting investment. During the restructuring process, specialized structures have been created in place of the old vertically integrated companies.
By the end of the reforms, potentially competitive parts of the industry - generation, sales and repair companies - will become mainly private and will compete with each other. However, natural monopoly functions - power transmission and dispatching - will remain state-controlled.
