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Tuesday, July 07, 2009

E.ON welcomes further liberalization of Russian power market

3 July 2009 - Power Engineering Int. - E.ON said it welcomes the Russian government's announcement that it will systematically continue the envisaged liberalization of the Russian electricity market. Another 20 per cent of the market have been opened up to trading since 1 July. As a result, 50 per cent of electricity prices for wholesalers and industrial clients in Russia are determined by market mechanisms. "With this step the Russian government has shown great reliability in fulfilling its assurances. This is an important positive signal for foreign investors and another milestone on the road to complete liberalisation of the Russian electricity industry. "Confidence in Russia as a business location is strengthened by the fact that, even in times of a global economic crisis, the Russian government is adhering to the path taken towards a market economy. This also leads to greater planning certainty for our investments," said Wulf Bernotat, CEO of E.ON AG. Vyacheslav Sinyugin, Russia's Deputy Energy Minister, said: "The latest phase in liberalization of the power market is an extremely important signal for our economy and above all for investors who invested in the electricity market during its restructuring." E.ON, which has been cultivating economic relations with Russia for over 35 years, has been the largest foreign investor in the Russian energy sector since it took over the OGK4 electricity company. E.ON is also the biggest customer for Russian gas and is involved in gas production in Russia through its participation in the Yuzhno Russkoye gas field. The company operates five power stations in Russia (currently with a capacity of approx. 8 GW) and has launched an ambitious new-build programme. As a result, it will be one of the leading power suppliers in Russia with an installed capacity of approximately 11 GW. The Russian power market has been liberalized in stages since 2007, but retail business is exempted from liberalization. This market liberalization is to be completed by early 2011.
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