The generation company, also known as OGK-5, has four thermal power plants in Russia, with a total capacity of approximately 8,700MW. Enel will pay just over $1.5 million for the stake, which it acquired at an auction in Moscow.
OGK-5 was established in 2004, as part of the industry reform in Russia. It is one of six thermal wholesale generation companies in the region, with assets strategically located in some of the most developed and fastest growing regions of the country, Enel said.
According to Enel, this is the first time that an Italian utility has entered into one of Russia’s leading power generators as a strategic partner. Enel’s CEO, Fulvio Conti, said: With OGK-5 acquisition we delivered on our strategy to develop a strong, balanced, integrated position in the energy sector in Russia.
After successfully managing and doubling the capacity of the St Petersburg Northwest thermal power plant, a combined cycle gas turbine power plant, over the past three years, and introducing a pilot electronic metering system in the Belgorod region, we now look forward to continue contributing our experience, technology and people to the power generation sector, and to the social, economic and industrial development of Russia, Mr Conti concluded.
At present, Enel holds 49.5% of Russia’s largest independent electricity supply company Rusenergosbyt, and operates the Northwest power station.
