Territorial Generating Company TGK-13 (Yeniseiskaya)

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Yenisei Territorial Generation Company (TGK-13) was one of the largest generating companies created as part of the energy sector reform and restructuring of RAO UES. The company operated power plants in Krasnoyarsk Krai and Republic of Khakassia and included nine branches: Krasnoyarsk CHP-1, 2, and 3; Nazarovskaya district electric station; Minusinskaya, Kanskaya, Sosnoborskaya and Abakanskaya CHPs; and Krasnoyarsk Heat Network. The company had a total installed capacity of 2518 MW for electricity and 7009 Gcal/h for heat generation. At the end of 2007 the main shareholders of TGK-13 were RAO UES (56%) and Siberian coal Energy Company (SUEK) (32%). In April 2008, RAO UES offered for sale the government stake (22.7 billion common shares) in TGK-13 that constituted about 17% of TGK-13 charter capital. The government share was sold for US$202 million. The government shares were sold in parallel with the TGK-13 IPO which involved floating of 30 billion new shares at RUR0.21 per share ($0.0089). The IPO (additional share issue) raised approximately $266.7 million for TGK-13 investment program. The placement price implied a valuation of $456 per kW of installed capacity and constituted a 23% share in the TGK-13 charter capital (before the additional share issue). During the placement of additional shares TGK 13 shareholders, including SUEK, exercised their preemptive right to acquire 10,642 million shares - about 35.2% of the placement. At the end of April 2008, after the sale of the government shares and additional share issue where RAO UES did not exercise its preemptive right as a shareholder to purchase additional share capital, RAO UES stake in the TGK-13 fell from 56.5% to 31.6%. SUEK’s share was 49.9% and other minority shareholders had 18.5% share. On July 1, 2009 SUEK received additional 15% of the share capital in TGK upon dissolution of RAO UES when UES remaining shares were distributed among the existing shareholders thus giving SUEK a controlling stake in TGK-13 of about 65%. Also in 2009, the EBRD signed a senior loan of USD 75 million (EUR 56.6 million) in favor of TGK-13 to finance the completion of coal-fired Combined Heat and Power (CHP) plant No. 3 in the city of Krasnoyarsk. utility website http://www.tgk13.ru/