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| Fate | Subsidiaries were separated and privatized, holding company was merged into UES FGC |
|---|---|
| Successor | FGC UES |
| Founded | 1992 |
| Defunct | 2008-07-01 |
| Headquarters | Moscow, Russia |
| Key people | Anatoly Chubais, Chairman of the Management Board |
| Industry | Electric power generator, transmission, distribution and trading |
| Products | Electric power |
| Employees | ~ 577,000 |
The Unified Energy System (OAO RAO UES of Russia; Russian: ЕЭС России or Russian: Единая Энергетическая Система) was an electric power holding company in Russia. It owned about 70% of Russia's installed electric capacity, 96% of high-voltage grid and over 70% of transmission lines. In addition to the Russian market, RAO UES exported electricity to the CIS and Scandinavia. The last head of RAO UES was Anatoly Chubais.
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History
Unified Energy System of Russia was established on 15 August 1992 as an electric energy holding company. Most of the state-owned electric energy assets, such as thermal and hydroelectric power plants, transmission lines as well as state-owned shares in power companies, research and engineering companies and construction entities of the industry were transferred to RAO UES, with exception of assets related to the nuclear energy. In total, RAO UES owned more than 70 energy companies and more than 40 power plants with federal level importance. It also owned transmission system operator the Federal Grid Company (RAO FGC, current successor of RAO UES, and operator of Russia's wide area transmission network) and the System Operator - Centralized Dispatching Administration (OAO SO-CDA). The first head of the company was Anatoly Dyakov who held the positions of the President and the Chairman of Directors Council [1]
On 30 May 1997 shareholders abolished the position of President and appointed as the Chairman of the Board Boris Brevnov ( a personal friend of then First Deputy Prime Minister of the Russian Federation Boris Nemtsov)[1]. On 27 January 1998 the Director's Council headed by Anatoly Dyakov removed Brevnov from his position. On the other hand Brevnov did not recognize this decision and removed Dyakov from his position instead. Eventually, former Chief of the Russian presidential administration Anatoly Chubais was appointed the Chairman of the Board and then Chief of the Russian presidential administration Alexander Voloshin was appointed the Chairman of Directors Council (25 June 1999)[1].
In mid 2000s, RAO UES had several failures to keep up with demand owing to decade-long practice of disinvestment.[2] The most significant failure was 2005 Moscow power blackouts.
Reorganization
The reorganization of RAO UES started in 2006. The first stage of the reorganization, during which generating companies WGC-5 and TGC-5 were spun off from RAO UES, was completed on 3 September 2007. At the second stage, all other subsidiaries of RAO UES were spun off. It was seen as a massive privatization of power industry with the goal of attaining about US$79 billion in investment.[3] As a result, on 1 July 2008 RAO UES completed the corporate reorganization and ceased to exist after its merger with and into UES FGC, a Federal Grid Company. All together, six wholesale generation companies (WGC), 14 territorial generation companies (TGC), RusHydro, FGC UES (Federal Grid Company), SO-CDA (System Operator), IDC Holding, RAO ES of the East, and Inter RAO UES continues as independent entities.
Shareholders
The Russian Federation owned directly or indirectly over 50% of shares in RAO UES. The rest of the stock was owned by minority shareholders. Share were also traded on the MICEX and RTS stock exchanges.
See also
- Energy policy of Russia
- Irkutskenergo
- Third Generation Company of Electric Power Wholesalers
- RusHydro
References
- ^ a b c РАО ЕЭС России. Некоторые сведения (Russian)
- ^ "Moscow mayor says winter energy deficit could reach 20%". RIA Novosti. 2006-09-05. http://en.rian.ru/russia/20060905/53517839.html. Retrieved on 2008-07-27.
- ^ "Russia seeks $79bn electricity funding". Financial Times. 2006-09-04. http://www.ft.com/cms/s/0/48368024-3c3c-11db-9c97-0000779e2340.html. Retrieved on 2009-06-05.
External links
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