OREANDA-NEWS. March 27, 2008. It is exactly five years since the official launch of the electricity reform in Russia. On 26 March 2003, Russia's President Vladimir Putin signed the legislative package to reform the sector, including the Federal Law On the Electric Power Industry.

To date, the sector restructuring has been largely completed: the companies of the post-reform sector structure —WGCs, TGCs, FGC, System Operator, etc.—have been created, and a competitive electricity market has been launched. During the current phase of the reform, RAO UES entities are implementing a massive investment programme. By 2010, it is planned to build as many as 160 power units with an aggregate capacity of nearly 30,000 MW, as well as 70,000 km of power transmission lines of different voltage levels. Last year alone, RAO "UES of Russia" raised nearly RUB740 billion in direct private investments for the programme. These proceeds came from additional share offerings conducted by the WGCs and TGCs, and the sale of the "government" stakes in generation companies held by RAO "UES of Russia".

The electricity restructuring is scheduled to be completed on 1 July 2008 after the parent company, RAO "UES of Russia", will be reorganized and cease to exist as a legal entity.