Inter RAO

Joint Stock Company Inter RAO UES (, 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 its assets in 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.[1]

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.[2] In fiscal year 2011 the company reported a revenue of US$18.24 bn (versus US$15.28 bn in 2010) and net income of $1.41 billion (vs $614 million in 2010).[3] At the end of 2011, Inter RAO Group had more than 47,000 employees. In 2021, the company's revenue amounted to 89 billion rubles.[4]

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.

In 2005, Inter RAO made several acquisitions:

In early 2008, Inter RAO obtained listings on the Russian stock exchanges MICEX and RTS. As part of its reorganization, Inter RAO acquired several Russian power generation facilities, including the 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 the Cuciurgan power station.[6]

In the following years, the Government of Russia transferred the power companies' shares remaining after the reform of RAO UES to 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).[7][8]

In 2009, Inter RAO shares were included in the MSCI EM Index. At the end of 2009, INTER RAO was ranked fifth in Standard & Poor's informational transparency rating of the Russian energy companies.[9]

In June 2018, board member Karina Tsurkan was arrested by the Federal Security Service, on allegations of spying on behalf of Romania.[10]

On 13 May 2022, Inter RAO subsidiary RAO Nordic announced that it would suspend deliveries of electricity to Finland and stopped them at midnight. The announcement came one day after Finland's president Sauli Niinistö and prime minister Sanna Marin had expressed their support for Finnish membership in the North Atlantic Treaty Organization (NATO).[11][12] The move fits an ongoing pattern of economic sanctions and counter-sanctions in the wake of the 2022 Russian invasion of Ukraine.

• 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 the Cuciurgan power station

Shareholders

Major shareholders of Inter RAO are Russian state-owned entities. As of August 2018, shareholders of Inter RAO were:[13]

Boris Kovalchuk is the CEO of Inter RAO.[14]

• Rosneftegaz - 27.63%
• FGC UES - 9.24%
• Inter RAO Capital - 29.39%
• Freely traded (minority shareholders) - 33.74%

Operations

External links

• Corporate website
• INTER RAO on Google Finance