Inter RAO
 | |
| Type | Public (OAO) |
|---|---|
| Traded as | MCX: IRAO |
| Industry | Electricity |
| Founded | 1997 |
| Founder(s) | RAO UES |
| Headquarters | Moscow, Russia |
| Key people | Boris Kovalchuk (CEO) |
| Products | Electrical power |
| Revenue |
 US$18.24 billion (IFRS, 2011) |
| Net income |
$ 1.41 billion (IFRS, 2011) |
| Total assets | €3,854 million (as of 31 December 2010)[1] |
| Total equity | €2,395 million (as of 31 December 2010)[1] |
| Employees | 15,879 |
| Website | www.interrao.ru |
Joint Stock Company Inter RAO UES (Russian: Открытое акционерное общество «ИНТЕР РАО ЕЭС», short form: Inter RAO), traded as , is a diversified energy holding company headquartered in Moscow, Russia. Its business includes power and heat generation, electricity supply, international energy trading, engineering, design and development of electric power infrastructure. In addition to Russia it controls several energy companies outside Russia including thermal and hydro power plants, grid operators and energy traders. It holds a monopoly on the export and import of electricity in Russia.[2]
Inter RAO is one of the largest Russian public energy companies by market capitalization which exceeded US$10.5 billion at the end of 2011.[3] In fiscal year 2011 the company reported a revenue of USD 18.24 bn (versus USD 15.28 bn in 2010) and net income of $1.41 billion (vs $614 billion in 2010).[4] At the end of 2011 Inter RAO Group had more than 47,000 employees.
History
Inter RAO was established in 1997 as a subsidiary of the Russian unified power company RAO UES. Its initial focus was international energy trading.[5]
In 2002, Inter RAO started exporting electricity from Russia and generating its own electricity using a rented power generation unit at Irikla Thermal Power Plant. In 2003, Rosenergoatom acquired a 40% stake in Inter RAO, and the company became the sole exporter of Russian electricity.
In 2005, Inter RAO made several acquisitions:
- 50% stake in Ekibastuz GRES-2 Power Station
- 25% plus 1 shares North-West Thermal Power Plant
- 70%stake in TGR Energy
- 51% stake in Moldavskaya GRES
In the same year, Inter RAO co-founded Sangtuda 1 Hydroelectric Power Plant in Tajikistan. In 2006, Inter RAO Group acquired 100% stake in Electric Power Grids of Armenia.[citation needed]
In early 2008, Inter RAO obtainted listings on the Russian stock exchanges MICEX and RTS. As a part of its reorganization, Inter RAO received several Russian power generation facilities including Sochi Thermal Power Plant, North-West Thermal Power Plant, Ivanovo CCPP and Kaliningrad CHPP-2. In the same year, Inter RAO purchased the remaining 49% stake in Moldavskaya GRES.[citation needed]
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 2009, Inter RAO shares were included in the MSCI EM Index. In the end of 2009, INTER RAO was ranked fifth in Standard & Poor's informational transparency rating of the Russian energy companies.[8] At the same time, Inter RAO kept developing other lines of business, mainly engineering and power generation equipment. In 2010, Inter RAO established joint ventures with General Electric and WorleyParsons.[citation needed]
In 2011, INTER RAO started to design a unified management structure for its Russian power generation assets. In February 2011, Inter RAO established Inter RAO - Management of Electric Power Plants, a fully owned subsidiary appointed as a sole executive authority of OGK-1, OGK-3 and INTER RAO - Electric Power Plants (another subsidiary established in 2011 as a holding for North-West Thermal Power Plant, Kaliningrad CHPP-2, Ivanovo CCPP and Sochi Thermal Power Plant).[citation needed] In March 2012, Inter RAO announced that it will reorganize its Russian power generation assets and consolidate them under its Inter RAO - Electric Power Plants Subsidiary. As the result, all major Russian power plants owned by Inter RAO will be consolidated under a single entity.[citation needed]
Owners
Major shareholders of INTER RAO are Russian state-owned entities.
List of largest shareholders of INTER RAO as of May 5, 2012.[9]
- FGC UES - 19,95%
- Rosimushchestvo - 14,79%
- Norilsk Nickel Group - 14,19%
- Rosatom Group - 13,42%
- Vnesheconombank - 5,45%
- RusHydro - 5,28%
- INTER RAO (treasury shares) - 9,25%
- Minority shareholders - 16,31%
Boris Kovalchuk is the CEO of Inter RAO.[10]
Operations
Electricity generation
Combined installed capacity of power plants operated by Inter RAO Group is approximately 28 GW.[11] Inter RAO UES controls the following power generation assets.
| Asset | Location | Capacity |
|---|---|---|
| INTER RAO - Electric Power Plants |  Russia | 2283 MW |
| OGK-1 | Russia | 9861 MW |
| OGK-3 | Russia | 8357 MW |
| TGK-11 | Russia | 1971 MW |
| Ivanovo CCPP | Russia | 110 MW |
| Asset | Location | Capacity |
|---|---|---|
| Hrazdan TPP |  Armenia | 1110 MW |
| Mtkvari TPP |  Georgia | 600 MW |
| Khrami HPP-1 | Georgia | 112,8 MW |
| Khrami HPP-2 | Georgia | 114,4 MW |
| Ekibastuz GRES-2 Power Station |  Kazakhstan | 1000 MW |
| Moldavskaya GRES |  Moldova | 2520 MW |
| Vydmantai Wind Park UAB |  Lithuania | 30 MW |
| Sangtuda 1 Hydroelectric Power Plant |  Tajikistan | 670 MW |
Trading
Electricity import and export, as well as energy trading on the Russian wholesale electricity market are among the most important business lines of the company. In 2011, Inter RAO exported 22.7 billion kWh of electricity from Russia and imported 3.4 billion kWh of electricity to Russia in 2011.[citation needed]
The main export markets for INTER RAO are Finland, Lithuania and Belarus.[12]
The following Inter RAO subsidiaries are responsible for international energy trading:
- Eastern Energy Company (focused on export of Russian electricity to China)
- RAO Nordic Oy (Finland)
- TGR Enerji (Turkey)
- Inter RAO Lietuva (Lithuania)
Power supply
Inter RAO Group operates seven Russian power supply companies.[13] United Power Supply Company (UPSC) manages the majority of Group's sales assets with exception of RN Energo. INTER RAO's grid companies in South Caucasus also act as power suppliers.[citation needed]
| Asset | Location |
|---|---|
| Moscow Power Supply Company | Russia, Moscow |
| St. Petersburg Power Supply Company | Russia, St. Petersburg |
| Altai Power Supply Company | Russia, Altai Krai |
| Saratovenergo | Russia, Saratov Oblast |
| Tambov Power Supply Company | Russia, Tambov Oblast |
| INTER RAO - Oryol Power Supply Company | Russia, Oryol Oblast |
| RN Energo | Russia, Moscow |
| Power Grids of Armenia | Armenia |
| Telasi | Georgia |
Electric power distribution grids
INTER RAO Group controls two distribution grid companies in South Caucasus, Power Grids of Armenia and Telasi. The total length of transmission lines operated by INTER RAO Group grid companies exceeds 34 thousand km. The companies delivered more than 7.6 million kWh of energy in 2011.[citation needed]
| Asset | Location | Grid Length | Number of consumers, thousands |
|---|---|---|---|
| Power Grids of Armenia | Armenia | 30 335 km | 950 |
| Telasi | Georgia | 3 930 km | 466.9 |
Engineering
Inter RAO develops its engineering business as a key component of its integrated business model. In engineering, Inter RAO plans to focus on design of energy infrastructure, coordination of construction, delivery and installation of equipment; installation, configuration and maintenance services; and manufacturing of boiler and turbine equipment. The company asserts that these initiatives of its engineering business will help Inter RAO secure at least 20% of thermal power plant engineering, construction and equipment market.[14] List of main engineering businesses within Inter RAO Group:
| Asset | Location | Profile |
|---|---|---|
| INTER RAO-Engineering | Russia | Coordination of Group's engineering projects |
| Quartz Group | Russia | Construction of infrastructure facilities, all types of energy equipment repairs |
| Dominanta Group | Russia | Construction and operation of small generators |
| Joint Venture with GE and UK ODK | Russia | Manufacturing and sales of gas turbines |
| Joint Venture with WorleyParsons | Russia | Import of leading edge technologies to Russia |
References
- ↑ 1.0 1.1 http://www.interrao.ru/upload/docs/IFRS_2010.pdf
- ↑ "Belarus talks 2011 electricity import volume with Russia, Ukraine". Kyiv Post. Interfax-Ukraine. 2010-12-16. Retrieved 2011-01-01.
- ↑ Inter Rao Ues OAO (IRAO:RU) Stock Quote & Analysis - Bloomberg
- ↑ http://www.interrao.ru/upload/docs/eng_IFRS_2011.pdf
- ↑ Inter RAO UES. Company information
- ↑ "The state will increase its stake in Inter RAO to 82". Rusmergers.com. 2010-04-14. Retrieved 2011-01-01.
- ↑ Shiryaevskaya, Anna (2010-12-28). "Inter RAO Seeks European Power Assets From E.ON, RWE and Enel". Bloomberg. Retrieved 2011-01-01.
- ↑ http://www.interrao.ru/news/company/detail.php?ID=707
- ↑ http://www.interrao.ru/en/company/capital/
- ↑ http://www.interrao.ru/company/rukovod/pravlenie/
- ↑ http://www.interrao.ru/en/activity/generation/
- ↑ http://www.interrao.ru/en/activity/traiding/exporteng.php
- ↑ http://www.interrao.ru/en/activity/marketing/
- ↑ http://www.interrao.ru/en/activity/engineering/
External links
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