Enel acquired a 25.03% stake in OGK-5, Russian largest wholesale generating company, at an auction held in Moscow Wednesday. Enel offered 39.2 billion rubles ($1.5 billion) for the asset against the starting price of 24.7 billion rubles ($953 million).
Following a meeting with Conti on the sidelines of the forum, Anatoly Chubais, head of electricity monopoly Unified Energy System of Russia, said: "Enel will be increasing its stake in OGK-5 and is also eyeing other generating companies."
OGK-5 includes four thermal power plants with a total capacity of about 8,700mW and is one of the best assets spun off from the UES. The acquisition made Enel the largest foreign player on the Russian energy market.
As soon as the deal is completed in the third quarter of 2007, the Russian government will control at least 25% plus 1 share in the company's authorized capital.
