"I think it would be right if controlling stakes in at least three or four generating companies in the Russian power industry were held by foreign strategists," Chubais said Monday at an investor's conference organized by Renaissance Capital.
He said closer involvement of foreign companies in Russia's power generation sector was one of the top priorities and reported that UES and some of its partners were already exploring available options together.
"We will be preparing relevant proposals in conjunction with our partners," Chubais said.
One other priority is to increase the capital shares of newly established companies as compared with that of the UES, he said.
According to Chubais, the transition of the electricity industry into the market environment, with competition and liberal pricing, could boost producers' capital share dramatically.
"This is a major factor in increasing the capital share" of companies, he said.
Chubais said current electricity reform should be adjusted, but not put on hold.
"The reform does need adjustment. But contemplating the suspension of the reform is nonsensical," he said.
Chubais, however, said he could see the need for adjustments to the energy reform underway within his own company. He made it clear that he was sticking to his plans and promised that UES' overhaul would be completed by mid-2007.
"Actually, the reorganization of UES, with a proportionate division of assets between the shareholders, will get underway in the middle of 2006 and be completed by mid-2007," he said. "It is precisely this point that will mark the emergence of private control over [power] generation [in Russia]."
