OREANDA-NEWS. RAO "UES of Russia" had had a public auction to sell its 49% stake in OAO "Kurgan Energy Retail Company", the Company's press-service reports. The auction winner - OJC "ANTAL Trading Firm" - purchased the shares at the reserve price of RUR80 million.

The reserve price of the Kurgan Energy Retail Company shareholding equal to the market value was determined based on the report prepared by a consortium of independent appraisers. The public auction was arranged by the Company's Accredited Agent, OAO "Urals Energy Management Company". Bids were accepted from September 3 through September 14, 2007. After the auction, RAO "UES of Russia" and the auction winner signed the Auction Protocol and the Agreement for the Purchase of shares in the energy retail company.

ERCs sales will significantly increase the number of independent energy retailers employing advanced methods of retailing, expand the range and improve the quality of services provided by them owing to the growing market competition among the retailers.