Reports of Gazprom cancelling power sales disputed

* Share sale in electricity units cancelled, agency reports

* Reuters source in Gazprom says sales could still go ahead

* Depends on final growth plans of the firms, being decided

MOSCOW, Dec 4 (Reuters) - Media reports on Thursday claimed Russia's Gazprom (GAZP.MM) was set to cancel share sales of its electricity companies, though a source in the firm told Reuters no firm decision has yet been taken.

Interfax news agency sited a source in Gazprom's management as saying shares sales of its three power generating companies next year would be called off.

"We decided against the secondary offerings," Interfax quoted the source in Gazprom's management as saying.

But a Gazprom source told Reuters that no clear decision has been taken on the matter. He added that it was still possible for Gazprom's three power firms to hold share sales in the second half of 2009 as planned.

Markets have waited for a clear signal from Gazprom, the natural gas export monopoly, about its plans.

State-controlled Gazprom controls large electricity producers OGK-2 (OGK2.MM), OGK-6 (OGK6.MM) and TGK-1 (TGKA.MM), each of which needs at least an additional $1 billion in funding to complete its investment programme.

And the gas major, which has called electricity production part of its core business, has said that it would be prepared to spend up to $4.3 billion by 2010 buying up the new shares of these power companies if no other investors showed interest.

The firms need the money for planned turbine constructions. The decision to raise capital by selling new shares came after the global financial crisis cut off access to other types of long-term financing.

"The question of whether or not to build new turbines is a political one. If such a decision will be taken, Gazprom will spend the money (on buying up the new shares)," the Reuters source inside Gazprom said.

"But there is no point giving the final go-ahead for the new share sales before we know the exact size and schedule for the investment programmes (of the three firms)," the source said.

Gazprom is in the process of trying to cut or delay the growth plans of these firms, citing a decline in demand that could make some of the new constructions superfluous.

Until the revised growth plans are approved by the companies and by state regulators, the question of whether or not to hold secondary share sales will remain undecided, the Reuters source said. (Reporting by Olga Popova, writing by Simon Shuster; Editing by Hans Peters)