Russia is to allow foreign companies to control up to a quarter of its electricity generation industry, in a bid to attract foreign money and technology.
CEO of state-owned power monopoly Unified Energy Systems, Anatoly Chubais says he is overseeing the break-up of UES and the privatisation of 20 wholesale and regional electricity generation companies.
Chubais told the Financial Times newspaper in the UK that he wants to raise more than $15m to build new power stations and upgrade Russia's ageing electricity networks.
About $8bn has already been raised through listings of some of the electricity companies and the sale of stakes to strategic investors, including foreign energy companies such as Fortum of Finland and Enel of Italy, Mr. Chubais says.
The government is expected to retain control of the country's power grid, electricity distribution network and nuclear and hydroelectric generation capacity.
By staff writer
