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- Distribution Grid Companies
- Heat Distribution and Supplies
- Service Providers in the Electricity Market
- Tariffs Wholesale Electricity Tariffs
- Retail Electricity Tariffs
- Tariffs for transmission of electricity over the trunk grids
- Tariffs, connection fees and introduction of return on RAB
- Heat Distribution Tariffs
TGK-1 . . . . . . . . . . . . . . . . . .
TGK-2 . . . . . . . . . . . . . . . . . .
Mosenergo . . . . . . . . . . . . . .
TGK-4 . . . . . . . . . . . . . . . . . .
TGK-5 . . . . . . . . . . . . . . . . . .
TGK-6 . . . . . . . . . . . . . . . . . .
Volzhskaya TGK . . . . . . . . .
SGK TGK-8 . . . . . . . . . . . . .
TGK-9 . . . . . . . . . . . . . . . . . .
TGK-10 . . . . . . . . . . . . . . . . .
TGK-11 . . . . . . . . . . . . . . . . .
Kuzbassenergo . . . . . . . . . . .
Eniseyskaya TGK . . . . . . . .
TGK-14 . . . . . . . . . . . . . . . . .
Source: RAO UES.
Rosenergoatom is the sole authorized owner and operator of nuclear power plants in Russia. It was
established in 1992 and is 100% owned by the Russian Federation. Rosenergoatom currently operates ten
nuclear plants with a total installed electric capacity of approximately 23.2 GW. In 2006, Rosenergoatom
produced approximately 156.5 bln kW/h of electricity.
Other Power Generators
Other key power generators include independent Energos (Irkutskenergo, Tatenergo, Bashkirenergo and
Novosibirskenergo) and Energos, which were not reorganized (e.g., Energos in isolated areas such as the
Far East), and other types of power plants using alternative sources of energy (such as geothermal plants
and wind power plants).
The FSK, 87.56% of shares of which are owned by RAO UES and 12.44% by the Russian Federation,
currently controls the operation of UNEG. Pending the restructuring of RAO UES, the FSK is also
responsible for managing the shares of the MRSKs owned by RAO UES. Under the rules applicable to
the restructuring of the sector, following the completion of the restructuring of RAO UES, the Russian
Federation will be required to retain at least a 75% (plus one share) majority in the FSK.
The electricity transmission sector is made up of the FSK and 56 high-voltage trunk grid companies
(MSKs). The MSKs were spun off from the Energos and transferred their transmission assets into lease
to the FSK. The initial reform plan envisaged the creation of seven interregional trunk grid companies
into which the MSKs were to be merged. This plan was modiﬁed, however, and the target structure of
these seven interregional trunk grid companies has not been completed. The current plan provides that
these companies (most of which are effectively empty) will be merged, together with the MSKs, into the
Distribution Grid Companies
The separation of distribution grids assets in the course of reorganization of Energos by type of activity
(generation, supply, power transmission and electricity dispatch management) in 2004-2006 resulted in the
creation of 58 distribution grid companies (RSKs). Therefore, by 2007 over 90% of all RSKs to be created
in the process of sector reforms were established. RSKs provide electricity distribution and transmission
services through electricity transmission grids of 110 kV or less within Russia. The structure and
composition of the RSKs which are managed by the relevant MRSKs was approved by the Board of
Directors of RAO UES in April 2007.
Russian retail customers currently purchase electricity from 65 electricity supply companies, which have
been spun off from the Energos. By March 31, 2007, all these supply companies had been appointed as
‘‘guaranteeing suppliers’’ in their respective regions. A ‘‘guaranteeing supplier’’ is obliged to enter into a
contract with any end retail consumer at the demand of that end retail consumer located in the territory
of that ‘‘guaranteeing supplier’’. See ‘‘— Tariffs — Retail Electricity Tariffs’’. At the end of 2006, the
Board of Directors of RAO UES decided that the shares of the electricity supply companies would be
sold in the course of 2007 and 2008 in public auctions.
Heat Distribution and Supplies
Heat is transmitted and distributed through the local grids that are owned and operated by the heat
producers, wholesale retailers and municipalities. Heat producers sell heat either directly to end-
consumers that are connected to the heat grids that such producers own or lease from municipalities or
to wholesale resellers that own heat grids to which other customers are connected.
Repair and Servicing
Approximately 194 power equipment repair and servicing companies were created during the Energos
reform. The majority are wholly owned by corresponding TGKs and RSKs. However, 12 repair and
servicing companies were created via the spin-off from the Energos. Currently, it is planned that shares
in these entities will also be sold in public auctions by the end of 2007. See ‘‘— Electricity Sector Reform
— Attracting Private Investors and Capital’’.
Service Providers in the Electricity Market
The System Operator
In 2004 all control functions over technological operation modes of electricity facilities and electricity
receiving equipment of power consumers were transferred from the Energos to the System Operator. The
System Operator is a specialized company which provides operational dispatch control services to all
market participants and is authorized to give mandatory instructions and directives in respect of dispatch
of electricity to all entities subject to operational dispatch control, electricity industry facilities and
load-controlled electric power consumers.
The Trade System Administrator
The Trade System Administrator manages the organization of the trading system of the wholesale
electricity market and clears payments for the supply of electricity and for other services provided by the
participants of the wholesale electricity market. It also participates in the preparation of the rules of the
wholesale market and monitors compliance with the rules, registers bilateral agreements between
suppliers and customers on the wholesale electricity market, maintains the Register of the Wholesale
Market Participants, organizes pre-trial dispute resolutions in the wholesale market and controls the
activities of the System Operator. The Trade System Administrator is a non-proﬁt partnership whose
members are participants in the electricity wholesale market.
Wholesale Electricity Tariffs
A major part of the reform of the Russian electricity sector is the introduction of a gradually liberalized
pricing structure for the supply of electricity. The Electric Power Industry Law establishes the framework
for the regulation of the electricity and capacity wholesale market. According to this Law, the participants
in the wholesale market are electricity generation companies, electricity supply companies that both buy
and re-sell in the market electricity and capacity from and to other market participants, large consumers
of power, guaranteeing suppliers, with the market infrastructure being provided by the Trade System
Administrator (including its wholly-owned subsidiary for clearance and settlements), the System
Operator and the FSK.
Pre-reform Wholesale Electricity Market
Historically, the wholesale electricity market operated across the entire territory of the Russian
Federation, providing a framework for large-scale, often interregional, trading of electricity, in the
following three segments:
• Regulated sector:
electricity was traded at regulated tariffs set by the Federal Service on Tariffs (FST),
using a ‘‘cost plus’’ methodology approach based on generation cost estimates (the annual forecasts of
electricity volumes to be generated or consumed by each market participant).
• Electricity tariffs for generators were two-tiered and included a capacity payment and an electricity
payment. Payments for maintaining a certain level of capacity covered 85% of ﬁxed costs of power
generation and payments for generated electricity covered fuel and other variable costs. Power tariffs
for consumers depended on the annual electricity consumption.
• Free trade sector (spot market):
this represented a spot market on which generators contracted the
electricity output of up to 15% (in the primary pricing zone) or 2-5% (in the secondary pricing zone) of
their installed electric capacity while purchasers submitted price bids for each hour of the next trading
day for up to 30% (in the primary pricing zone) or 2-5% (in the secondary pricing zone) of their planned
electricity consumption volumes.
• The Trade System Administrator matched these bids and offers using certain minimum price criterion,
thus determining free sector electricity trade volumes and prices for each hour of the day. The
electricity volumes traded on the spot market were limited. Historically, the free trade sector
represented only 7% to 8% of the total Russian annual electricity consumption, as purchasers had no
obligation to trade in this segment. Generation companies, on the other hand, were induced to trade
on the spot market as the relevant percentage of their ﬁxed costs were not covered by the capacity
payments in the two-tiered tariffs that applied to trades on the regulated sector.
• Balancing sector:
this was designed to eliminate any ‘‘real time’’ discrepancies in the supply and
demand of electricity caused by deviations of actual consumption volumes from planned volumes of
generation. The System Operator and the Trade System Administrator attempted to balance supply
and demand in real time based on price offers from generators and bids from consumers.
New Wholesale Electricity Market
A company that intends to participate in the sale or purchase of electricity in the Russian wholesale
electricity market must register with the Trade System Administrator as a participant in the wholesale
market. The Trade System Administrator registers a company in the Register of Wholesale Market
Participants if the company meets the following requirements:
• in the case of a supplier of electricity, it owns generation facilities with a total installed electric capacity
of at least 25 MW and at least 5 MW in each part of the system which were used for the determination
of generated (consumed) electricity volume (the ‘‘Supply Places’’) or it has a right to sell electricity
generated by such facilities;
• in the case of a purchaser of electricity being the electricity supply company duly owns electricity
receiving equipment with a total capacity of at least 20 MV/A and a capacity of at least 1 MV/A
(750 kV/A from March 1, 2008) at each Supply Place and complies with certain other technical
• it collects, processes and transfers commercial accounting data to the Trade System Administrator
regarding the generated (consumed) electricity at each of its Supply Places;
• it has entered into an agreement on accession to the wholesale market trading system;
• it has entered into an electricity transmission agreement; and
• it has entered into an agreement relating to dispatching services.
Companies that violate the rules of the wholesale electricity market may be removed from the Register
of Wholesale Market Participants.
In addition, participants in the electricity wholesale market must enter into agreements with the Trade
System Administrator in connection with the sale and purchase of electricity.
The New Wholesale Market Rules introduced signiﬁcant changes to the wholesale electricity market. As
a result of these Rules, electricity is traded on the basis of the following trading mechanisms:
• Regulated Contracts:
Regulated Contracts are registered with the Trade System Administrator, and
represent an interim step in the transition from a regulated environment to a competitive pricing
environment. Under Regulated Contracts electricity producers are required to sell a certain volume of
its planned 2007 output at regulated tariffs. The volumes to be sold under regulated tariffs are expected
to reduce every 6 months in accordance with the schedule approved by the Government of the Russian
Federation. See ‘‘— Reform of the Wholesale Electricity Market’’. A supplier and purchaser may, by
mutual agreement, reduce the regulated electricity supply volumes below the established limits (such
reduction must not be more than 5% of the purchase/supply under Regulated Contracts). The parties
to Regulated Contracts are determined by the Trade System Administrator.
For 2007, the prices for electricity and capacity sold under Regulated Contracts have been established by
the FST based on the ‘‘cost-plus’’ principle. From 2008, the prices are expected to be calculated in
accordance with tariff indexation formulas approved by the FST. Such formulas are expected to be
prepared in accordance with, for example, the forecasted level of inﬂation, growth of fuel prices and tax
• Unregulated bilateral agreements:
Participants in the wholesale market may sell electricity at
unregulated prices, pursuant to unregulated bilateral agreements. Electricity supply prices and volumes
sold under unregulated bilateral agreements are negotiated between the supplier and the purchaser.
• ‘‘One-day-ahead’’ market: Participants in the wholesale market may submit price bids for buying or
selling electricity at unregulated prices for a certain volume for each hour of the next day. The Trade
System Administrator selects the winning bids based on the principle of minimizing the cost of
electricity on the market, and thus determines electricity trade volumes and equilibrium prices (i.e. the
price which balances supply and demand) for each hour of the following day. The equilibrium prices are
determined taking into account the following factors:
• equilibrium prices must be the same for all electricity trade volumes within the same calculation
• an equilibrium price for a supplier should not be lower than the price speciﬁed in its bid;
• an equilibrium price for a purchaser should not be higher than the price speciﬁed in its bid; and
• equilibrium prices should reﬂect the system’s technical limitations and electricity losses.
From January 1, 2008, all electricity generated by generation facilities or required by newly commissioned
receiving equipment after January 1, 2008, will be sold and purchased at unregulated prices.
• Balancing Sector:
The balancing sector functions as a market for the purchase and sale of volumes of
electricity to cover the deviations of actual generated or consumed volumes from planned power
volumes in the ‘‘one-day-ahead’’ market.
• Non-Regulated Contracts for Sale and Purchase of Fluctuations:
Instead of selling or buying electricity
representing ﬂuctuations from planned power volumes in the balancing market, market participants can
enter into non-Regulated Contracts for sale and purchase of ﬂuctuations.
Capacity is currently sold according to regulated prices (tariffs) pursuant to Regulated Contracts.
Following adoption of regulations for the capacity market, capacity suppliers chosen by the System
Operator in the competitive bid process may choose either the free market or capacity tariff mechanism
of capacity supply once per year and can switch mechanisms each year if they so wish. Those capacity
suppliers who did not win the competitive bid process may only sell under free bilateral contracts. In the
free market mechanism, the supplier may sell capacity and electricity under free bilateral contracts at
unregulated market prices and is not held to the price speciﬁed in its bid. Conversely, suppliers who
choose the capacity tariff mechanism must sell capacity at the prices speciﬁed in their bid, and must sell
electricity at or below the FST-calculated tariff in the day ahead and balancing markets. The tariff-based
system is designed to allow suppliers to cover their costs for electricity (capacity) generation when they
did not manage to enter into free bilateral contracts.
Capacity for each power ﬂow area is calculated by the System Operator, who prepares long-, middle-, and
short-term consumption forecasts for RAO UES and uses this forecast to determine the borders and peak
consumptions of the free power ﬂow areas. The forecasts are based on the claimed consumption volumes
of industrial consumers, who independently plan their consumption; consumption increase forecasts
submitted by ‘‘suppliers of last resort’’; data from regional authorities (e.g., regional energy commissions);
requests for connection; and network development plans. To determine capacity demand in each free
power ﬂow area, the System Operator multiplies peak consumption in the area by the forecasted reserve
ratio. However, if the peak amount exceeds the forecasted amount, the customer is obliged to purchase
the remaining capacity. For consumers who do not independently plan their peak consumption, the
System Operator determines their long-term capacity by multiplying their actual maximum consumption
in peak areas in a given free power ﬂow area by the actual reserve ratio.
Under the New Wholesale Market Rules, capacity is traded separately from electricity. When selling
capacity, generation companies are obliged to maintain their generating equipment in good condition so
that they are able to produce at any time electricity in the required volume and to the required
speciﬁcation. If the obligation to maintain generating equipment in good working order is not fulﬁlled by
a generating company, the price of its capacity under each Regulated Contract will be reduced.
From 2008, capacity volumes bought and sold under Regulated Contracts are expected to be gradually
reduced as determined by the Russian government. Liberalization of the capacity and electricity markets
will take place, as capacity and electricity sold under regulated prices or contracts will both be reduced
by the same percentages. Excess capacity (not covered by Regulated Contracts) and capacity of all newly
built power plants (commissioned from 2008) are expected to be sold at competitive prices.
Retail Electricity Tariffs
As a result of the structural transformations in the electricity industry, the retail electricity markets
currently include supply companies that, unlike the former Energos, do not generate electricity, but
purchase it from generation companies on the wholesale and retail electricity markets. To support this
transformation, new retail electricity market rules have been introduced in 2006 that govern the
interaction between wholesale and retail market participants during the transition period. These rules are
intended to transition the wholesale electricity market from a system of Regulated Contracts into a system
of fully liberalized electricity (capacity) trading.
The main features of the new retail electricity markets are as follows:
• end consumers have the right to decide from which supply company they buy electricity at unregulated
• ‘‘guaranteeing suppliers’’ are obliged to enter into a contract at the request of any end consumer;
• electricity supply companies that do not serve the general public are permitted to sell electricity to their
customers at contracted prices. Because a customer considering a draft contract of a supply company
on a competitive basis can always turn to a guaranteeing supplier, the terms of such contracts will be
similar to those offered by guaranteeing suppliers;
• retail prices, just as wholesale, will be partially regulated, partially free market (competitive); and
• the electricity generators will compete in selling in the retail market.
The new retail market rules give consumers an opportunity to choose their electricity suppliers. However,
not all electricity suppliers are obliged to enter into contracts with requesting consumers; only
‘‘guaranteeing suppliers’’ have this obligation.
‘‘Guaranteeing suppliers’’ will be appointed pursuant to public tender procedures, and pending the
tenders, electricity supply companies that have been spun off from the Energos have been appointed
‘‘guaranteeing suppliers’’. ‘‘Guaranteeing suppliers’’ will be in existence throughout the entire territory of
the Russian Federation. In each region, their individual areas of operation will be deﬁned individually by
regional authorities. Regional authorities will be monitoring, on an on-going basis, the activities
performed by guaranteeing suppliers, as well as their ﬁnancial condition.
The new retail electricity market rules also establish a system of pricing within the retail market. Tariffs
for each region are to be set by the relevant regional tariff authority and are subject to certain minimum
and maximum levels established by the FST.
The new retail pricing regime has been altered in conjunction with the liberalization of wholesale prices.
This means that part of the electricity volumes supplied in the retail electricity market will be supplied at
regulated prices, while the other part will be supplied at prices that reﬂect the cost of the electricity in the
competitive wholesale electricity market within the maximum unregulated prices calculated according to
a speciﬁc formula based on the average weighted price of one unit of electric power (1 kW/h) in the
wholesale market (published monthly be the Trade System Administrator) in the previous month. It also
takes into account Government-regulated tariffs for power transmission services, tariffs for services
provided by the Trade System Administrator and RAO UES, and the retail supply mark-up.
During the transition period, the general public and equivalent consumers must be supplied electricity
only at regulated tariffs.
Supply companies will only be able to sell electricity at unregulated prices if they do not have any
customers who are natural persons, or if they still have excess electricity after supplying those of their
customers who are natural persons and such electricity was purchased at unregulated prices.
Under the current retail pricing regime, domestic consumers are in effect subsidized by industrial and
commercial consumers of electricity because tariffs for domestic consumers are set by the FST at less than
commercially viable levels at the expense of higher tariffs for industrial and commercial consumers. The
removal of such cross-subsidies, (the method of which is currently in early-stage discussions) would be
expected to cause, on average, a doubling of electricity prices for domestic consumers.
In contrast to electricity, heat is characterized by exponentially growing losses during transportation as
distance is increased. As a result, heat supply is generally restricted to areas located near to its generators.
Accordingly, heat markets are regional retail markets. Heat tariffs are regulated and set within general
guidelines provided by the FST. Prices of heat are regulated in Russia by the Federal Law ‘‘On State
Regulation of Tariffs for Electric and Heat Energy in the Russian Federation’’ No. 41-FZ, dated
14 April 1995 and the Government Resolution ‘‘On Pricing with respect to Electricity and Heat Energy
in the Russian Federation’’ No. 109 dated February 26, 2004 (‘‘Resolution No. 109’’). The FST is
responsible for setting the minimum and maximum tariffs with respect to heat energy sold on retail
markets, which are established for a period of at least one year. There are separate tariff ranges for each
The heat tariffs are set for each heat generating unit by the regional authorities for their respective
territories within the minimum and maximum limits approved by the FST. The tariffs are determined on
the ‘‘cost plus’’ basis.
Tariffs for transmission of electricity over the trunk grids
Tariffs for transmission of electricity over the trunk grids are established by the FST.
Electricity Distribution Tariffs
Structure and Fees
Electricity distribution services are provided by the RSKs that are managed by the MRSKs. Pending the
completion of the sector reform, the shares of the existing MRSKs were transferred by RAO UES to be
held in trust by the FSK for the beneﬁt of RAO UES. See ‘‘— Current Market Structure— Distribution
Fees received for distribution services include tariffs for electricity distribution and connection fees.
Tariffs, connection fees and introduction of return on RAB
Currently, electricity distribution tariffs and connection fees for distribution companies are determined by
regional tariff authorities on a ‘‘cost plus’’ basis, which means that the tariffs comprise a company’s cost
plus a certain proﬁt margin. In recent years, this tariff-setting method has not encouraged cost efﬁciency,
nor has it supported the implementation of extensive investment projects because certain capital
expenditures are not deemed a ‘‘cost’’ under the regulatory guidelines.
RAO UES has introduced a new development strategy, which provides for the transition to a new tariff
regulation system based on a regulated asset base (RAB) method of setting tariffs. As opposed to the
current ‘‘cost plus’’ method, the RAB method would allow electricity distributors to obtain a return on
their investments in electricity distribution infrastructure at the level determined by the state regulator.
It is currently planned that the tariffs set using the RAB method would be applicable for ﬁve years,
instead of the current one-year tariffs, to encourage long-term investments in the modernization and
development of the distribution grids.
Heat Distribution Tariffs
Heat distribution tariffs are determined by regional tariff authorities in accordance with the guidelines
approved by the FST.
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