00:59 GMT +317 February 2019
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    Rosenergoatom against privatizing nuclear power industry

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    MOSCOW, August 18 (RIA Novosti) - There is no need to privatize Russia's nuclear power industry, Stanislav Antipov, who heads Rosenergoatom, Russia's electric and thermal energy generating concern, told the daily newspaper Vedomosti Thursday.

    Antipov, the general director of the holding, which comprises all 10 nuclear power plants in Russia, is preparing the company for corporatization.

    Antipov said that when Rosenergoatom acquires a legal status more adapted to market economy, it would be able to borrow the tens of billions of rubles necessary to replace Russia's aging nuclear reactors.

    "Without corporatization, the nuclear power industry will not be able to work efficiently in market economy conditions," he said, adding that large investments were necessary to build new power units instead of old ones.

    "On average, Russian nuclear power units 60% worn-out," he said, adding that this is fraught with a serious energy crisis since the plants bear the brunt of the country's power grid.

    Antipov said Rosenergoatom's corporatization would resolve the "deadlock" situation and help the industry get big banking loans for upgrading. Banks always demand a pledge or state guarantees, but a state enterprise is not allowed to pawn its property and government guarantees are not easy to receive.

    Optimistic assessments have corporatization starting next year, Antipov said.

    The new company's stock will be owned by the state, but part of its property could be given as a pledge to creditors.

    "Of course, we are not talking about nuclear fuel or other radioactive materials that by law can be owned exclusively by the state," Antipov said.