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7 Jun, 2008 04:09

Chubais refuses to desert Russia

The head of former RAO UES Anatoly Chubais has revealed he will stay on in Russia’s power sector. He had earlier announced a wish to cool it for two years after the liquidation of his company on June 1.

Experts say Mr. Chubais, who is now considered the world’s foremost authority on national electricity reform, could have accepted lucrative posts advising foreign governments on the privatisation of their energy market.

“He can probably go around the world and teach people how to do things,” Dmytro Konovalov, senior utility analyst at Unicredit ATON told RT. “But if he likes to be part of the action and the action is definitely here in Russia, he should stay and he will be needed,” he added.

Anatoly Chubais has said he has now agreed with Russia’s Energy Ministry to stay on and implement the wholesale system, known as the capacity market. The new market is to start on July 1, according to Chubais. 

Chairman former Russian power giant has put an end to trading in its shares. The former electricity monopoly has been the most popular stock on the Moscow bourse MICEX this century, attracting up to 84% of all trades.

The 23 privatised power generators replacing UES have brought in $US20 billion for reinvestment in Russian infrastructure.

Investors are counting on the new capacity market. They expect they will make gains on their investments.

“After UES is gone is when the real scuffles, buyouts and bibbing wars start,” said  Mikhail Slobodin, head of private generator IES (Integrated Energy Systems).