FAS allowed Mosenergo to buy Rusenergosbyt

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AK&M 02 August 2021 13:44

The Federal Antimonopoly Service granted the request of Mosenergo PJSC to acquire a 100% stake in the authorized capital of Rusenergosbyt LLC, issuing an order to the company. This is stated in the message of the service.

Thus, the Mosenergo group of persons is obliged to ensure accurate and high-quality planning of the volume of electricity purchases on the wholesale market with the provision of quarterly reports to the FAS. This requirement is due to the fact that the Mosenergo group of persons carries out activities for the production of electric energy on the wholesale market, and Rusenergosbyt is engaged in its purchase and sale.

The regulation provides that the planning of energy consumption volumes of a group of Mosenergo persons should not differ from the values specified in the regulation. This will help to avoid overestimation of prices on the wholesale market due to an increase in the demand indicator, which is not confirmed by the actual volumes of consumption. We are talking about hourly consumption, formed based on the results of a competitive selection of price applications for the day ahead, in the First price zone.

According to the results of each quarter, the company will be required to report on the fulfillment of these requirements to the FAS of Russia. The behavioral requirements in the regulation neutralize potential strategies caused by the one-time ownership of assets of generating companies and sales organizations and expressed in an overestimation of electricity consumption.

The first price zone includes the territories of the European part of Russia and the Urals (Central, North-Western Federal Districts (with the exception of territories belonging to non - price zones where the purchase and sale of electric energy and power is carried out at free (unregulated) prices. In this zone, a group of persons of PJSC Mosenergo mainly produces electric energy.

Rusenergosbyt LLC was established in 2002 and is one of the largest energy marketing organizations in Russia. The shareholders include the international energy concern ENEL and the Russian UST Group. Today, the company supplies electricity to consumers in 69 regions of Russia-from Kaliningrad to the Far East. The company's structure includes 9 branches and a central office in Moscow. The annual volume of useful output is over 50 billion kWh.

PJSC Mosenergo is the largest territorial generating company in Russia, the company operates 15 thermal power plants with an installed electric capacity of 12.8 thousand tons. MW, as well as district and quarter heating stations. The installed thermal capacity of the company is 43.8 thousand tons. Gcal/h.

The authorized capital of Mosenergo is 39.75 billion rubles and is divided into 39.75 billion ordinary shares with a par value of 1 ruble each. The main shareholders are Gazprom Energoholding LLC (the share in the authorized capital of the company is 53.85%) and the city of Moscow represented by the Moscow City Property Department (26.45%). Owned by other legal entities and individuals – 19.7%.

Mosenergo's RAS net profit for the first half of 2021 increased 1.5 times to RUB 12.87 billion from RUB 8.6 billion a year earlier. Revenue increased by 26.5% to RUB 117.7 billion from RUB 93.05 billion, EBITDA increased by 29.4% to RUB 23.17 billion from RUB 17.9 billion.