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En + Group asks the state for privileges in the energy market

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En + Group asks the state for privileges in the energy market
May 28
09:00 2018

The holding owned by Oleg Deripaska has asked the state for a sufficiently voluminous list of loosening. The concern considers itself to be affected by American sanctions and hopes to get compensations. This is reported by the socio-political newspaper Kommersant.

One of the main requested benefits on the part of En + Group is the exemption of the subsidiary company RusAl from payments under power supply contracts and from supplement to energy prices to reduce tariffs in the Far East. The company plans to save from 13 to 19 billion rubles a year. It should be noted that if this initiative is supported, electricity prices in Siberia will grow by about 12% (about 0.34 rubles per 1 kWh). To date, a single-rate electricity tariff in the Siberian part of the Russian Federation is 2.86 rubles per 1 kWh.

The list of benefits also indicates an increase in electricity tariffs for the population of the Irkutsk region, which according to the company, can boast the lowest energy tariffs in the country (about 1.16 rubles per 1 kWh). Thus, En + will save up to 3 billion rubles a year to support the Irkutsk and fraternal plants of the aluminum giant RusAl.

Against the backdrop of the Russian interference in the election of the Рresident of the United States of America in 2016, on April 6 this year, the US Treasury published a sanctions list, which included the Russian billionaire Oleg Deripaska and the companies RusAl and En +, which are under his control too.

On May 18, the Board of Directors of En + Group approved the plan of Lord Gregory Barker, independent chairman of the council  to lift US sanctions from the holding and its subsidiary company RusAl. The goal of the plan is to completely abandon control of En + by billionaire Oleg Deripaska and reduce his stake in the company to 50%.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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