| Type | Public (OAO) |
|---|---|
| Traded as | (RTS:IRAO MICEX:IRAO) |
| Industry | Power generation |
| Founded | 1997 |
| Founder(s) | RAO UES |
| Headquarters | Moscow, Russia |
| Products | Electrical power |
| Revenue | EUR 2,009 million (2010)[1] |
| Net income | EUR 289.9 million (2010)[1] |
| Total assets | €3,854 million (as of 31 December 2010)[1] |
| Total equity | €2,395 million (as of 31 December 2010)[1] |
| Website | www.interrao.ru |
Inter RAO UES (RTS:IRAO, MICEX:IRAO) is a Russian energy company engaged in power generation and electricity trading. It has electricity export and import monopoly in Russia.[2]
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Decision to create Inter RAO was adopted by the board of Russian unified power company RAO UES in August 1996. The company was formed in May 1997 as a subsidiary of RAO UES with the purpose of consolidating energy generation and sales in foreign markets.[3] However, Inter RAO started operating only in 2000.[4] In 2002 it expanded into international energy sales, and in 2003 invested US$350 million in acquisition of foreign assets, notably the power plants in Georgia. In 2003, 40% of shares was sold to Rosenergoatom. In 2004–2006, Inter RAO continued to expand its activities on abroad.
During the restructuring of RAO UES, Inter RAO UES was separated from RAO UES.[5] In March 2008, Vladimir Putin authorized transfer of 60% share from RAO UES to Rosatom, and the company was reformed as a public company. It was listed at the Russian Trading System and at the Moscow Interbank Currency Exchange.
In following years, the Government of Russia transferred the power companies shares remaining after the reform of RAO UES in the property of state-owned companies RusHydro, FGC UES, Rosimushchestvo, and Rosneftegaz to Inter RAO. That included transfer of 41% stake in Irkutskenergo, 65.8% of OGK-1, 3.24% of OGK-4, 26.43% of OGK-5, 24.9% of TGC-6, 34.21% of TGC-7, 30.54% of TGC-11, 20.24% of Kuzbassenergo, 21.27% of Bashkirenergo, 14.48% of Sangtuda 1 Hydroelectric Power Plant (in Tajikistan), and 100% of Razdan Thermal Power Plant (in Armenia).[6][7]
In December 2010, it was announced that Inter RAO will acquire 79.2% stake in OGK-3 from MMC Norilsk Nickel increasing its stake in the company up to 85%.[8]
Company strategy calls for increasing installed capacity to 30,000 megaWatts by 2015.[9] The company operates a number of power plants and owns stakes in several Russian generating and distribution companies. Inter RAO also develops the Kaliningrad Nuclear Power Plant.[10]
As of July 2008, major assets outside of Russia, included:
| Location | Subsidiary | Function | Acquired/established in |
|---|---|---|---|
| Metsamor, Armenia | Metsamor NPP | Nuclear power plant, 815 MW | 2004 |
| Armenia | Electric Networks of Armenia | National power grid | 2006 |
| Armenia, Hrazdan valley | Sevano-Hrazdanskaya Hydroelectric power plants cascade | Hydroelectricity, 560 MW | 2003 |
| Finland | RAO Nordic Oy | Electricity trading and wholesale | 2004 |
| Ekibastuz, Kazakhstan | GRES-2 Power Station | Coal-fired electrical power plant, 1,000 MW | |
| Dnestrovsk, Transnistria | Kuchurgan power station (Moldavskaya GRES) | Multi-fuel electrical power plant, 2,520 MW | 2005 |
| Khrami River, Georgia | Khrami-1, Khrami-2 | Hydroelectricity, 220 MW | |
| Tbilisi, Georgia | JSC Telavi | Tbilisi area power grid | |
| Tajikistan | Sangtuda 1 Hydroelectric Power Plant | Hydroelectric power station completed in 2006 | |
| Turkey | TGR Enerji Elektrik Toptan Ticaret A.S. | Electricity wholesale trade | |
| Lithuania | INTER RAO Lietuva | Electricity wholesale trade | 2005–2008 |
Shares of Inter RAO are publicly traded. About 82% of shares is controlled by the Russian state.[6] After consolidation of the company assets the major shareholder will be FGC UES (20%), Rosimushchestvo (16%), MMC Norilsk Nickel (15%), Rosatom (12%), RusHydro (6%), and Vnesheconombank (5%).[11]
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