Russia's FSK to invest $24.4 billion under 5-year plan
MOSCOW (Reuters) - Russian state-run Federal Grid Company (FEES.MM) is to invest 775.5 billion roubles ($24.4 billion) over five years from 2013.
FSK, which operates the country's largest electricity transmission network, will use 581 billion roubles from its own funds and borrow 202 billion to invest an average 155 billion per year, the energy ministry said on Monday.
Earlier this year, a document seen by Reuters suggested FSK should consider an additional share issue for private investors to fund its investment program.
On November 15, FSK reported first-half net profit fell nearly 40 percent to 14 billion roubles after margins were squeezed by rising costs and a government block on price increases.
Earlier this year, acting-deputy Prime Minister Igor Sechin proposed merging power grid firm MRSK (MRKH.MM) (MRKHxq.L) with FSK. Sechin is currently chief executive of Rosneft (ROSN.MM), Russia's largest oil company, and chairs the Kremlin's energy commission.
FSK emerged during the 2007-08 utilities reform when state-controlled power monopoly RAO UES was broken up into three main divisions: wholesale and regional generators, distribution grids and FSK. ($1 = 31.7765 roubles)
(Corrects year in first paragraph to 2013, from 2017.)
(Reporting By Anastasia Lyrchikova; Writing by Alexei Anishchuk; Editing by Dan Lalor)
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