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Electricity Investment Up

Grid company FSK has ramped up investment plans for this year by nearly 11 percent to $7.3 billion as it eyes a London listing and eventual partial privatization, a spokesman said Tuesday.

State-owned FSK had initially planned to spend 190 billion rubles ($6.6 billion) this year as part of a combined 952.4 billion ruble outlay by 2014 to upgrade its worn-out network.

The company will fund the increased investment by taking new loans worth 20 billion rubles, FSK spokesman Dmitry Gryzunov told Reuters.

"The company will look at different ways [to increase investment], from bond placement to bank loans," he said, adding that the change won't affect household electricity tariffs.

(Reuters)

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