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    Russia power giant completes thermal power sector restructuring

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    Russia's Unified Energy System (UES) [RTS: EESR] has completed the restructuring of the thermal power sector as part of a broader electric power system reform, the electricity monopoly said on Monday.

    MOSCOW, December 24 (RIA Novosti) - Russia's Unified Energy System (UES) [RTS: EESR] has completed the restructuring of the thermal power sector as part of a broader electric power system reform, the electricity monopoly said on Monday.

    UES said in a statement that a total of six wholesale generating companies (OGKs) and 14 territorial generating companies (TGKs) were currently operating, and their shares, except for TGK-11's, had already been put on the market.

    TGK-10 was the latest generating company to conclude the consolidation of assets in several Urals regions. The financial regulator registered an additional share issue on December 20, UES said.

    Russia's power sector is undergoing radical changes aimed at increasing the efficiency of power plants and developing the industry by attracting investment.

    The potentially competitive sectors of the industry - generation, sales and repair companies - are to become mainly private and will compete with one another. The natural monopolies - power transmission and dispatching - will remain state-controlled.

    Once the reform is complete by July 2008, the parent company UES will be divided, and its shareholders will receive the shares of core electricity entities (OGKs, TGKs and federal grid companies), proportionate to their holdings in the monopoly's charter capital.

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