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. Last Updated: 07/27/2016

UES Could Waive Dividends for 2006

Unified Energy Systems recommended waiving dividends for 2006 in favor of investments in the country's aging power grid and generators after profit slid last year, the utility said Friday.

More than 96 percent of UES's 745 billion rubles ($29 billion) in net income last year was not cash-based because it was generated from asset revaluations, the utility said.

The utility also said in a statement during a meeting of its board on Friday that it would sell the state's shares in some generating units together with new shares, in an effort to attract investors without overloading the market.

UES wants flexibility to offer stakes that are large enough to attract strategic investors, without selling too many new shares, the statement said.

Also Friday, UES said Czech power firm CEZ had expressed interest in becoming a strategic partner of power generation firm TGK-4. UES said CEZ was primarily interested in teaming up with TGK-4 in building up to 420 megawatts of new power generation facilities.

Bloomberg, Reuters