Gov't official on reforming RAO UES

The RAO UES board of directors is not going to consider using cash as legal tender at auctions for the so-called wholesale electricity generating companies, at the board's next meeting on October 31, Russian Senior Deputy Economy Minister Andrey Sharonov told journalists today. He added that this issue would be discussed before the end of this year however.

According to earlier reports, under the RAO UES reforming strategy, RAO UES shares shall be the only legal tender at auctions for selling RAO UES' facilities. A month ago, Economy Minister German Gref argued for changing this scheme in order to let foreign investors in as well as to avoid the emergence of energy monopolies in regions.

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