The project went

A generating company will be created in the north-west on Sunday

It seems that there are no more obstacles left for the long-awaited creation of a territorial generating company in the north-west (TGK-1). On Monday, the boards of directors of Kolenergo and Karelenergo approved the creation of TGK-1, and yesterday this issue was considered by the board of directors of Lenenergo. At the time of going to press, the decision had not been officially announced, but sources close to several members of the board of directors of Lenenergo previously stated that everyone would vote “for”, since all parties had reached a compromise. The formal establishment of the TGC should take place on March 20 at the constituent meeting.

TGK-1 is notable for the fact that the only foreign strategic investor in the Russian energy sector, the Finnish concern Fortum, is vying for a large stake in it. True, for now it is planned that 63% of the new company will belong to Lenenergo (in which the Finns own a blocking stake), 25% to Kolenergo and 12% to Karelenergo. But sources close to Fortum reported that the concern agreed with RAO UES of Russia on the size of its share in TGK-1 after Lenenergo ceased to exist as a result of the energy reform, and therefore agreed to approve the creation of TGK. The fact that the parties have reached an agreement is also supported by the fact that in the last few weeks Kolenergo shares have risen sharply - by 20%. Traders suspect Fortum of buying them up to increase its stake in TGC.

The founding meeting of TGC-1 was supposed to take place at the end of January. However, the process slowed down due to the fact that Fortum did not really trust the scheme under which TGC would lease the generating assets of the Kola, Karelian and Leningrad energy systems, and the new company would receive the power plant balance only by May 1, 2007. Fortum did not really like the idea of ​​​​creating a shell company that would be filled with assets only after two years. It took several months for Fortum, RAO and Norilsk Nickel (owner of a blocking stake in Kolenergo) to announce that they had resolved all controversial issues.

The problems also included a discussion between RAO board member Mikhail Abyzov (heads the board of directors of Lenenergo) and Lenenergo general director Andrei Likhachev. Last fall, Mr. Abyzov several times accused the management of the St. Petersburg energy company of too low profits, and in February he insisted on adopting a business plan in which profits were sharply increased and investments were cut. However, Mr. Likhachev recently announced that this business plan will be revised in the direction of reducing profits and increasing capital investments. And Mr. Abyzov released a statement in which he announced the compromise that had been found: TGK-1, according to him, should be headed by Mr. Likhachev.

Nikolay GORELOV