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. Last Updated: 07/27/2016

RusHydro Market Debut at $16Bln

RusHydro, the largest power generation unit of national utility Unified Energy System, was valued at about $16.5 billion in its first day of trading Monday.

The generator, also known as Hydro OGK, began trading on the RTS and MICEX exchanges, the company said in an e-mailed statement. RusHydro was the holding company for several of UES's traded hydropower subsidiaries and has now combined those units into one class of share. It plans a foreign listing of Global Depositary Receipts by July.

UES, which owns 78 percent of RusHydro, will be broken up within four months to stimulate competition in electricity production, sales and servicing in Russia. RusHydro will remain under state control and minority investors will be allowed to own about 40 percent of the company, the world's second-largest hydropower producer.