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Electricity Companies Looking for Government Loans

Electricity companies are to join a number of industries, including carmakers and oil and gas producers, which have already asked for government help

As Russian newspaper The Moscow Times reports, the electricity companies looking for government loans include OGK-5, controlled by Italy's Enel, Viktor Vekselberg's power holding Integrated Energy Systems, Oleg Deripaska-controlled EuroSibEnergo and seven other members of the nonprofit partnership Council of Electricity Producers.

Igor Mironov, director of the partnership, announced the decision in a statement e-mailed by the group's press service.

The sector needs to invest a combined 4 trillion rubles ($154 billion) to expand capacity, an obligation they accepted when buying assets of the former electricity monopoly, Unified Energy System. The government recently created a special commission chaired by Deputy Prime Minister Igor Sechin to oversee their compliance with the investment plans.

Author: Ksenia Kochneva