Rus News Journal

SMUEK has gone on overtaking

Yesterday in Moscow has passed session of committee of the Russian Open Society “ UES of Russia “ on reforming and strategy on which the project of reorganisation of Open Society " was discussed; the Srednevolzhsky inter-regional operating power company “. The committee has approved the project, but ahead at it it is some more coordination stages.„ “Details of how managers SMUEK suggest to reform regional power supply systems became known. According to a base variant of reforming, joint-stock companies - energo at first should be divided into the profile organisations, then management companies will be created, and at the third stage - the regional divisions which are engaged in one kind of activity are integrated. But managers SMUEK consider that joint-stock companies operated them - energo are already enough integrated among themselves. Therefore, according to their offers, the regional power companies at first will allocate from the structure branches on three principal views of activity - generation, sale and energy transport. Then boards of directors of these enterprises should make decisions on their merge in inter-regional holdings. And only after that there will be a joint-stock company division - energo on holdings on activity profiles. At last, fourth stage of reforming, three largest inter-regional enterprises will be formed. Under the information „“, in generation will be engaged “ the Volga territorial generating company “ including thermal power stations “ Samaraenergo “ “ Saratovenergo “ “ Uljanovskenergo “ (only 18 stations, the general capacity 6, 5 GVt). Networks will depart to “ the Volga inter-regional distributive network company “ (except the networks carried according to the project of reforming of the Russian Open Society “United Power Systems“ to the Uniform national network). In sale will be engaged “ the Volga inter-regional marketing company “.
Managers SMUEK consider that thus joint-stock companies - energo will not be split up for small joint-stock companies, and from them inter-regional holdings at once will be allocated. It should guarantee to shareholders that cost of actives of joint-stock company belonging to them - energo at reform will not decrease. Besides, according to authors of the project, he will allow to use effectively capacities of the crisis power companies, such as “ Uljanovskenergo “ and “ Saratovenergo “. Project SMUEK differs from base and technical order of joint-stock reorganisation. In a base variant of the action of joint-stock company - energo should be converted in the action of the profile small companies. And under project SMUEK, joint-stock company actions - energo should exchange on the action of inter-regional associations. That is shareholders of joint-stock company “ Saratovenergo “ joint-stock company “ Samaraenergo “ and joint-stock company “ Uljanovskenergo “ become owners of actions of created holdings. Authors of the project consider that now at these power companies different capitalisation, therefore at definition of shareholders will receive what share of property in the created holdings, the factor of converting of actions will be applied. As considers operating projects of legal firm “ Vegas - Leks “ on Volga region region Dmitry Orahelashvili, the variant of converting of the actions, offered SMUEK, is more “ fair “ In relation to shareholders of joint-stock company - energo. If according to plan of the Russian Open Society “United Power Systems“ such shareholders actually could count on reception of actions of the small companies which, accordingly, will bring also the small income at reforming according to plan SMUEK minoritarii can count on small, but a share holding of inter-regional association bringing more solid dividends.
under the information „“, project SMUEK has passed the coordination of board of the Russian Open Society “ UES of Russia “ besides, in its support governors of the Ulyanovsk, Samara and Saratov areas have expressed. Nevertheless project SMUEK passes the statement in the Russian Open Society much more slowly, than projects of reforming of other power companies, developed on a base variant. Yesterday it has passed the coordination of committee on strategy, reforming and investments at Russian Open Society board of directors “ UES of Russia “. Then it will be studied by working group at the governmental commission on electric power industry reforming, then this commission, and then the Russian Open Society board of directors " should confirm it; UES of Russia “. In SMUEK on advancement of the project do not make comments. However, as general director SMUEK Vladimir Avetisjan, " repeatedly declared; it “ sceptically “ concerns a base variant: “ there, where it is expedient, where there is a trust of shareholders to management, trust of shareholders, both minority, and majority to each other, should be considered and other projects, like ours “.
Analysts of stock market already named developed SMUEK the reorganisation plan “ original “. They also noticed that capitalisation obrazuemyh the inter-regional companies will be essentially above, than capitalisation “ mirror “ the divided companies on separate power supply systems. A number of lacks of the project is thus marked also. As consider in “ Vegas - Lekse “ association within the limits of one management company of the generating and network organisations of joint-stock company - energo also can provoke monopolisation of the regional market of manufacture and transfer of the electric power and to limit occurrence on the market of other generating companies which have been not connected with a management company.
VLADIMIR VASILEV