Support The Moscow Times!

Now is the time to support independent reporting from Russia!

Contribute Today

Bashkirenergo Reorganizing

InterRAO will pay Sistema up to 14 billion rubles ($464 million) for a 40 percent stake in Bashkirenergo as part of a deal to split the regional utility's assets, the firms said Saturday.

Bashkirenergo plans to demerge its electricity grid and power generation. The split will see InterRAO, which currently owns a 25.08 percent voting stake in Bashkirenergo, obtain control of the utility's 4.2 gigawatts of power-generating assets. Sistema, which owns a 50.53 percent Bashkirenergo stake, will control Bashkirenergo's power distribution grid.

The deal is expected to close in the fourth quarter of 2012 or first quarter of 2013. Bashkirenergo's and Sistema's shareholders will vote on the proposed reorganization next month.

(Reuters)

Read more

Russia media is under attack.

At least 10 independent media outlets have been blocked or closed down over their coverage of the war in Ukraine.

The Moscow Times needs your help more than ever as we cover this devastating invasion and its sweeping impacts on Russian society.