Russian electricity giant RAO UES has signed a memorandum on cooperation with the European electricity and heat generator VGB PowerTech aimed at developing the market to support bilateral supplies of products, services and technologies for the electricity industry.

The memorandum provides for the creation of a market for mutually beneficial supplies based on the B2B-energo e-trading system, which provides a common information and trading environment and delivers transparency, maximum information availability, non-discriminatory access, and equal competitive opportunities for all market participants.

The parties stated that such a market cannot develop without further efforts to harmonize the Russian technical standards and regulations. The memorandum emphasizes that common standardization principles will help remove trade restrictions and ensure promotion of sector-related products on an equal competitive basis.

In order to implement these objectives, the companies have agreed to set up a coordination council headed by Yakov Urinson, deputy chairman of RAO UES management board, and Karl Theis, executive managing director of VGB.