OGK-2

Energy company. Capitalization (MICEX) – 35.91 billion rubles. Revenue (IFRS, 1st half of 2011) – 28 billion rubles. Net profit – 2.8 billion rubles.

OGK-6

Energy company. Capitalization – 29.08 billion rubles. Revenue (IFRS, 1st half of 2011) – 26.5 billion rubles. Net profit – 1.2 billion rubles.

The FAS has allowed Gazprom Energoholding to merge OGK-2 and OGK-6, Denis Fedorov, CEO of the concern's energy subsidiary, told Vedomosti. The deal has been approved, but with an order, confirmed Vitaly Korolev, head of the service's relevant department.

Taking into account TGK-1, Gazprom Energoholding controls 59.7% of the capacity of the western energy system (its share in the stations’ output is 46.7%), says Korolev, so the holding will have to either sell the Pskov (OGK-2) and Kirishskaya GRES (OGK-6) with a capacity of 2.53 GW by December 31, 2012, or commit to not allowing a “significant” increase in energy prices in the western region (by no more than 10%) within five years – until September 14, 2016. To do this, Gazprom Energoholding will have to adhere to a strategy of minimizing fuel costs, the official notes. In addition, the holding will have to report quarterly to the FAS on the cost of electricity from western stations (as well as on the prices of gas supplies to them), the official sums up.

Gazprom Energoholding is the largest energy holding in the country, the installed capacity of its energy companies (53.5% of Mosenergo, 51.8% of TGK-1, 57.3% of OGK-2 and 60.6% of OGK-6) is 37 GW. The holding announced plans to merge OGK-2 and OGK-6, creating one of the largest energy companies in the country with an installed capacity of about 18 GW, in April 2010 (according to this indicator, it will take 2nd place after Oleg Deripaska's EuroSibEnergo - 19.5 GW). OGK-2 was chosen as the center of consolidation. Gazprom Energoholding expects to complete the merger of assets by November 1, a company representative specified.

The officials' demands are not new for Gazprom. The FAS issued a similar order to the holding in December 2009, when it acquired more than half of the shares of OGK-2, OGK-6 and TGK-1. At that time, Gazprom Energoholding decided not to sell the stations (based on yesterday's capitalization of OGK-2 and OGK-6 on the Moscow Interbank Currency Exchange and the installed capacity of the state district power plants, the assets were worth 8.4 billion rubles). This time, the company made the same decision, its representative says: "We are ready to fulfill the behavioral conditions that we have been following since 2009."

Gazprom faced with a choice