Karaganda Regional Electricity Company

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Karaganda Regional Electricity Company (REC) was the main purchaser of power from Karaganda Power Company, which it distributed to over 400,000 customers. National Power purchased from Ormat for US$20 million, a 50% stake in Karaganda Power Company (KPC), and a 35% stake in Karaganda Regional Electricity Company. National Power and Ormat were to invest jointly up to $110-million progressively over the next three years to refurbish and extend the generating plant, district heating and distribution systems. In Nov. 1999, National Power announced the split of its international and domestic operations, and International Power plc was created. In the first half of 2002, International Power plc sold its 50% interest in Karaganda Power Company (KPC) and Karaganda Regional Electricity Company to Ormat, which became the sole owner of the companies. In September 2002, UK-based Independent Power Corporation (IPC), through its subsidiary Integrated Energy Limited, purchased a 100% interest in Karaganda Power Company (KPC) and Karaganda Regional Electricity Company from Ormat. It later sold its interest in 2003. see who is the new sponsor after 2003