LLC Northern Energy Supply Company (''Severnaya Sbytovaya Compania") which is part of Inter RAO Group was granted the status of a guaranteeing supplier in the Volodga Region after competitive auction organized by Russian Ministry of Energy.
The company’s proposal with respect to redeeming the debt to creditors owed by the previous Supplier of last resort, PJSC Vologda Energy Supply Company (''Vologodskaya Sbytovaya Compania"), that acted in the region before, amounted 1.1 bln rubles.
As a result of acquiring the status of a guaranteeing supplier in Vologda Oblast - 14th region of the Russian Federation - Inter RAO Group intends to increase the number of customers and, consequently, its share in retail electricity market. Taking into account the fact that the Group already has experience in building up business in three regions, where the Supplier of last resort status was acquired at auctions, the company is planning to achieve financial growth of the new structure in a short time. Moreover, Volodga Oblast is attractive owing to its proximity to Leningrad Oblast where one of the largest companies of Inter RAO Group operates.
"Increase in performance of the energy supply business segment is one of the key objective for our company", the head of the retail business of Inter RAO Dmitry Orlov said. "Extending the scope of activities, taking into account the replication of the best corporate work standards, will enable Inter RAO Group to provide sustainability of the Vologda energy system on the one hand, and to strengthen the leading position in the country's retail business on the other.
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Inter RAO Group is a diversified energy holding serving various segments of Russian and international electric power industry. The Group is the leading exporter and importer of electricity in Russia actively increasing electricity generation and sales, and developing new lines of business.
The corporate strategy of Inter RAO is focused on making Inter RAO a global energy enterprise, a key player in the global energy market, and Russia's leading electric utility by energy efficiency. Inter RAO Group owns and operates approximately 33.3 GW of installed power generation capacity.