UES Places $1.75 Billion Turbine Order

United Energy System, Russia's national power utility, ordered as much as $1.75 billion of turbines from Leningradsky Metallichesky Zavod over the next decade, the generator producer said.

Russia's largest maker of turbines for power stations will provide as many as seventy turbines to UES in the next decade at a cost of about twenty five million dollars each, said LMZ, which is controlled by Vladimir Potanin's Interros Holding Company. The first turbine should be delivered in 2004 or 2005.

Russian and foreign engineering companies are hoping to profit from UES's plans to invest billions of dollars in the next decade to modernize its mostly Soviet era generators and electricity grid.

“This will be a very big order for LMZ, and one which will be done over many, many years as Russian power stations modernize,” said Mariya Aleyeva, an LMZ spokeswoman. “These will be the most modern and efficient turbines in Russia.”

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