Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Vekselberg to Bid for Volga Generator

Viktor Vekselberg's Integrated Energy Systems will seek control of generating company Volzhskaya TGK as the investor looks to profit from deregulation of the country's electricity prices.

Vekselberg's holding company has built up a 23 percent stake in the power generator, also known as TGK-7, over the past 18 months and will bid for more shares, the company said in an e-mailed statement Friday.

Unified Energy System, the national power utility, wants to attract strategic investors to the industry to help finance $120 billion of investments to upgrade and expand the country's power infrastructure. The government has pledged to deregulate electricity prices for industrial users by 2011.

Integrated Energy Systems already holds 41 percent of TGK-5 and has offered to buy out minority shareholders. The holding company also owns about 20 percent of TGK-6 and 30 percent of TGK-9, which generate power for neighboring regions.