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Joint Stock Company Inter RAO UES (russian: Публичное 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 its assets in Russia it controls several energy companies outside Russia including
thermal A thermal column (or thermal) is a rising mass of buoyant air, a convective current in the atmosphere, that transfers heat energy vertically. Thermals are created by the uneven heating of Earth's surface from solar radiation, and are an example ...
and hydro power plants, grid operators and energy traders. It holds a monopoly on the export and import of electricity in Russia. Inter RAO is one of the largest Russian public energy companies by
market capitalization Market capitalization, sometimes referred to as market cap, is the total value of a publicly traded company's outstanding common shares owned by stockholders. Market capitalization is equal to the market price per common share multiplied by t ...
which exceeded US$10.5 billion at the end of 2011. 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 million in 2010). 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 OAO RAO UES (OAO Unified Energy System of Russia; russian: ЕЭС России or russian: Единая Энергетическая Система) was an electric power holding company in Russia. It controlled about 70% of Russia's installed el ...
. Its initial focus was international energy trading. In 2002, Inter RAO started exporting electricity from Russia and generating its own electricity. In 2005, Inter RAO made several acquisitions: * 50% stake in
Ekibastuz GRES-2 Power Station Ekibastuz ( kk, Екібастұз, translit=Ekıbastūz, , ەكئباستۇز; russian: Экибастуз) is a city in Pavlodar Region, northeastern Kazakhstan. The population was Ekibastuz is served by Ekibastuz Airport. History The history ...
* 25% plus 1 shares
North-West Thermal Power Plant North-West Thermal Power Plant (russian: Северо - Западная ТЭЦ) is a cogeneration power station ( TETs) in Saint-Petersburg, owned by Inter RAO UES. This is a first power station in Russia to use combined cycle. History Buildin ...
* 70% stake in TGR Energy * 51% stake in the
Cuciurgan power station The Cuciurgan power station ( ro, Termocentrala de la Cuciurgan, russian: Молдавская ГРЭС, translit=Moldavskaya GRES) is the largest power station of Moldova, located in Dnestrovsc, Transnistria, on the shores of the Cuciurgan Rese ...
In early 2008, Inter RAO obtainted listings on the Russian stock exchanges
MICEX The Moscow Interbank Currency Exchange (russian: Московская межбанковская валютная биржа) or MICEX (russian: ММВБ) was a stock exchange that operated in Russia from 1992 to 2011. MICEX was the leading Russi ...
and
RTS RTS may refer to: Medicine * Rape trauma syndrome, the psychological trauma experienced by a rape victim * Revised Trauma Score, a system to evaluate injuries secondary to violent trauma * Rubinstein–Taybi syndrome, a condition characterized by ...
. As a part of its reorganization, Inter RAO received several Russian power generation facilities including
Sochi Thermal Power Plant Sochi Thermal Power Plant (russian: Сочинская ТЭС) is a power station A power station, also referred to as a power plant and sometimes generating station or generating plant, is an industrial facility for the generation of ...
,
North-West Thermal Power Plant North-West Thermal Power Plant (russian: Северо - Западная ТЭЦ) is a cogeneration power station ( TETs) in Saint-Petersburg, owned by Inter RAO UES. This is a first power station in Russia to use combined cycle. History Buildin ...
,
Ivanovo CCPP Ivanovo ( rus, Иваново, p=ɪˈvanəvə) is a city in Russia. It is the administrative center and largest city of Ivanovo Oblast, located northeast of Moscow and approximately from Yaroslavl, Vladimir and Kostroma. Ivanovo has a populat ...
and
Kaliningrad CHPP-2 Kaliningrad ( ; rus, Калининград, p=kəlʲɪnʲɪnˈɡrat, links=y), until 1946 known as Königsberg (; rus, Кёнигсберг, Kyonigsberg, ˈkʲɵnʲɪɡzbɛrk; rus, Короле́вец, Korolevets), is the largest city and ...
. In the same year, Inter RAO purchased the remaining 49% stake in the Cuciurgan power station. In following years, the
Government of Russia The Government of Russia exercises executive power in the Russian Federation. The members of the government are the prime minister, the deputy prime ministers, and the federal ministers. It has its legal basis in the Constitution of the Russia ...
transferred the power companies shares remaining after the reform of RAO UES in the property of state-owned companies
RusHydro RusHydro (previous name: Hydro-OGK, russian: РусГидро) is a Russian hydroelectricity company. As of early 2012 it had a capacity of 34.9 gigawatts. In late 2009, it was the world's second-largest hydroelectric power producer and is ...
,
FGC UES OAO FGC UES (russian: Федеральная сетевая компания Единой энергетической системы, Federalinaya Setevaya Companiya Edinoy Energeticheskoy Sistemy, Federal Grid Company of Unified Energy System) ...
,
Rosimushchestvo The Federal Agency for State Property Management (Rosimushchestvo) () is a subdivision of the Russian Ministry of Economic Development that manages Russia's federal state property. History The agency was formed by a presidential decree, No.314, ...
, and
Rosneftegaz Rosneftegaz is a Russian holding company managing assets in the oil and gas industry. Rosneftegaz is the owner of a controlling stake in Rosneft, 10.97% of the shares of Gazprom, as well as 26.36% of the shares of Inter RAO. 100% of Rosnefte ...
to Inter RAO. That included transfer of 41% stake in
Irkutskenergo Irkutskenergo () is a power company in Russia. It mainly focus on the generation of hydroelectricity. The company's hydroelectric facilities are located on the Angara River: Irkutsk Hydroelectric Power Station, Irkutsk, Bratsk Hydroelectric Power ...
, 65.8% of
OGK-1 The First Generation Company of the Wholesale Electricity Market (OGK-1) was a large Russian company formed by the merger of six electricity generation companies. History The company was established in 2005 by merging six power plants into one co ...
, 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 OJSC Bashkirenergo (Russian: ОАО «Башкирэнерго») was a power and heat company operating in Bashkortostan, Russia. The major shareholder of the company is a holding company Sistema. 21.27% of shares is owned by the Russian grid com ...
, 14.48% of
Sangtuda 1 Hydroelectric Power Plant Sangtuda 1 Hydroelectric Power Plant (russian: Сангтудинская ГЭС-1;  tg, Нерӯгоҳи барқи обии Сангтӯда-1) is a hydroelectric power plant, located on the Vakhsh River in Tajikistan. Construction commenced d ...
(in Tajikistan), and 100% of Razdan Thermal Power Plant (in Armenia). 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 S&P Global Ratings (previously Standard & Poor's and informally known as S&P) is an American credit rating agency (CRA) and a division of S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. S&P is con ...
informational transparency rating of the Russian energy companies. In June 2018, board member Karina Tsurkan was arrested by the
Federal Security Service The Federal Security Service of the Russian Federation (FSB) RF; rus, Федеральная служба безопасности Российской Федерации (ФСБ России), Federal'naya sluzhba bezopasnosti Rossiyskoy Feder ...
, on allegations of spying on behalf of
Romania Romania ( ; ro, România ) is a country located at the crossroads of Central Europe, Central, Eastern Europe, Eastern, and Southeast Europe, Southeastern Europe. It borders Bulgaria to the south, Ukraine to the north, Hungary to the west, S ...
. On 13 May 2022, Inter RAO subsidiary RAO Nordic announced to suspend deliveries of electricity to
Finland Finland ( fi, Suomi ; sv, Finland ), officially the Republic of Finland (; ), is a Nordic country in Northern Europe. It shares land borders with Sweden to the northwest, Norway to the north, and Russia to the east, with the Gulf of B ...
and stopped them at midnight. The announcement came one day after Finland's president
Sauli Niinistö Sauli Väinämö Niinistö (; born 24 August 1948) is a Finnish politician who has served as president of Finland since March 2012, the 12th person to hold that office. A lawyer by education, Niinistö was Chairman of the National Coalition Part ...
and prime minister
Sanna Marin Sanna Mirella Marin (; born 16 November 1985) is a Finnish politician who has been serving as the Prime Minister of Finland since 2019. A member of the Social Democratic Party of Finland (SDP), she has been a Parliament of Finland, Member of Pa ...
had expressed their support for Finnish membership in the
North Atlantic Treaty Organization The North Atlantic Treaty Organization (NATO, ; french: Organisation du traité de l'Atlantique nord, ), also called the North Atlantic Alliance, is an intergovernmental military alliance between 30 member states – 28 European and two No ...
(NATO). The move fits an ongoing pattern of economic sanctions and counter-sanctions in the wake of the
2022 Russian invasion of Ukraine On 24 February 2022, in a major escalation of the Russo-Ukrainian War, which began in 2014. The invasion has resulted in tens of thousands of deaths on both sides. It has caused Europe's largest refugee crisis since World War II. An ...
.


Shareholders

Major shareholders of Inter RAO are Russian state-owned entities. As of August 2018, shareholders of Inter RAO were: *
Rosneftegaz Rosneftegaz is a Russian holding company managing assets in the oil and gas industry. Rosneftegaz is the owner of a controlling stake in Rosneft, 10.97% of the shares of Gazprom, as well as 26.36% of the shares of Inter RAO. 100% of Rosnefte ...
- 27.63% *
FGC UES OAO FGC UES (russian: Федеральная сетевая компания Единой энергетической системы, Federalinaya Setevaya Companiya Edinoy Energeticheskoy Sistemy, Federal Grid Company of Unified Energy System) ...
- 9.24% * Inter RAO Capital - 29.39% * Freely traded (minority shareholders) - 33.74% Boris Kovalchuk is the CEO of Inter RAO.


Operations


Electricity generation

Combined installed capacity of power plants operated by Inter RAO Group is approximately 28 GW. Inter RAO UES controls the following power generation assets. Russian power generating assets Power generation assets in other countries


Trading

The main export markets for INTER RAO are
Finland Finland ( fi, Suomi ; sv, Finland ), officially the Republic of Finland (; ), is a Nordic country in Northern Europe. It shares land borders with Sweden to the northwest, Norway to the north, and Russia to the east, with the Gulf of B ...
,
Lithuania Lithuania (; lt, Lietuva ), officially the Republic of Lithuania ( lt, Lietuvos Respublika, links=no ), is a country in the Baltic region of Europe. It is one of three Baltic states and lies on the eastern shore of the Baltic Sea. Lithuania ...
and
Belarus Belarus,, , ; alternatively and formerly known as Byelorussia (from Russian ). officially the Republic of Belarus,; rus, Республика Беларусь, Respublika Belarus. is a landlocked country in Eastern Europe. It is bordered by R ...
. The following Inter RAO subsidiaries are responsible for international energy trading: * Eastern Energy Company (focused on export of Russian electricity to
China China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...
) * RAO Nordic Oy (
Finland Finland ( fi, Suomi ; sv, Finland ), officially the Republic of Finland (; ), is a Nordic country in Northern Europe. It shares land borders with Sweden to the northwest, Norway to the north, and Russia to the east, with the Gulf of B ...
) * TGR Enerji (
Turkey Turkey ( tr, Türkiye ), officially the Republic of Türkiye ( tr, Türkiye Cumhuriyeti, links=no ), is a list of transcontinental countries, transcontinental country located mainly on the Anatolia, Anatolian Peninsula in Western Asia, with ...
) * Inter RAO Lietuva (
Lithuania Lithuania (; lt, Lietuva ), officially the Republic of Lithuania ( lt, Lietuvos Respublika, links=no ), is a country in the Baltic region of Europe. It is one of three Baltic states and lies on the eastern shore of the Baltic Sea. Lithuania ...
) From October 2021, Inter RAO has increased supplying electricity to
China China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...
by 90% up from planned amount, within the terms of the 25-year agreement of 2012 with
State Grid Corporation of China The State Grid Corporation of China (SGCC), commonly known as the State Grid, is a Chinese state-owned electric utility corporation. It is the largest utility company in the world, and as of 2022, the world's third largest company overall by re ...
. At the end of the same month, China sent out a call to “Inter RAO” for nearly double current amounts of supplies of electricity by the end of the year 2021. According to Alexandra Panina, member of the board of “Inter RAO”, the request of Chinese partners will be ratified almost completely. In October 2021, Inter RAO announced electricity commercial supplies to
Kazakhstan Kazakhstan, officially the Republic of Kazakhstan, is a transcontinental country located mainly in Central Asia and partly in Eastern Europe. It borders Russia to the north and west, China to the east, Kyrgyzstan to the southeast, Uzbeki ...
in November, due to its "inhouse" deficiency in this country. On May 14, 2022 RAO Nordic released a statement saying they were halting the import of power into Finland due to lack of payment. Power transmission halted at 2200 GMT May 14, 2022.


Power supply

Inter RAO Group operates seven Russian power supply companies.


Electric power distribution grids

INTER RAO Group controls two distribution grid companies in South Caucasus, Power Grids of Armenia and Telasi.


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. List of main engineering businesses within Inter RAO Group:


References


External links


Corporate websiteINTER RAO on Google Finance
{{authority control Electric power companies of Russia Conglomerate companies of Russia Companies based in Moscow Russian brands Energy companies established in 1997 1997 establishments in Russia Companies listed on the Moscow Exchange Government-owned companies of Russia