By Olga Popova and Gleb Bryanski
MOSCOW (Reuters) - Russia's anti-monopoly regulator said it was closely watching gas export monopoly Gazprom's appetites in the power sector but will allow it to buy regional generator TGC-1 (TGKA.MM: Quote, Profile, Research, Stock Buzz).
TGC-1, one of over a dozen new regional power companies created under sector reforms to create a competitive electricity market, supplies Russia's second largest city of St Petersburg.
The cartel office earlier allowed Gazprom to take control of Moscow's utility Mosenergo, saying the gas giant was the only firm able to manage it.
"We will most likely allow Gazprom to purchase TGC-1 on the same ground that we allowed its purchases in Moscow," Igor Artemyev, head of the Federal Anti-Monopoly Service, told the Reuters Russian Investment Summit.
Gazprom has gradually built up its stake in Mosenergo, a firm supplying electricity to 10 million Muscovites, after an explosion at an ageing substation caused a blackout that brought the capital to a standstill in 2005.
The Anti-Monopoly Service has received substantial powers after legal changes last May. It may now fine firms for up to 15 percent of their revenues for anti-monopoly violations.
Artemyev, a former opposition politician, is walking a tightrope, trying to pursue his anti-monopoly agenda in a business environment dominated by influential state-controlled firms whose boards are packed with top officials.
APPETITE COMES AS YOU EAT Continued...
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