Russia’s Inter Rao, Italy’s Enel sign memorandum on power co-operation

7 November 2008 – Russian electricity importer/exporter Inter RAO UES and Italy’s Enel have signed a memorandum on the development of cooperation in the Russian power industry as well as in other countries.

Under the memorandum, a working group will be set up that will handle appraisals of the prospects of commercial and investment cooperation in the production of nuclear and traditional types of energy between Enel and Inter RAO in Russia and in other countries.

Inter RAO is participating in a project to build the Baltic Nuclear Power Plant as concerns the search for a foreign investor and the forming of schematics for electricity exports. Enel is also interesting in taking part in the project. The companies could also cooperate in nuclear energy production in Slovenia.

The two companies will also exchange progressive technologies in the areas of energy efficiency and innovation as well as exchange information and practical knowledge in issues related to reliable fuel supplies to energy facilities in Russia and the CIS, the press release says.

Inter RAO chief Yevgeny Dod said earlier that there would be “interesting transactions” in the memorandum with Enel.

Inter RAO’s main European partner is France’s EdF, which is interested in buying a minority stake in the energy company.

Inter RAO handles the export and import of electricity in Russia. The company owns overseas power assets, primarily in the CIS, and manages several electricity stations in Russia. The company controls 8 GW of capacity and plans to increase this figure almost four-fold to 30 GW by 2015.

The Rosatom state corporation is the controlling shareholder in Inter RAO with a stake of 57.3 per cent.