Unified Energy Systems
In early 2008 ENR made an investment of USD 26.8 million in the Russian electricity company Unified Energy Systems (“UES”). The investment was made prior to the unbundling of the underlying UES subsidiaries, which took place over the summer 2008. Subsequently ENR received shares in more than 20 UES subsidiaries covering a range of segments in the electricity market. Having considered the positioning of certain companies, ENR has sold off some of the shares received in the UES unbundling.
Over the medium term the liberalisation of the Russian electricity market should develop further, which could be positive for market valuations of electricity company shares held by ENR.
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