European Infrastructure Finance Yearbook - Investing In Bonds ...

More documents

Recommendations

Info

Publication Date: osenergoatom (state nuclear monopoly) (16 ) Source S of ussia. © Standard & Poor's 2007. ussia's Power Produ tion Mar et 2006 ther producers (14 ) S (70 )
and its subsidiaries. The majority of the new gencos are still UES subsidiaries but are likely to be privatized in the short term. Some observers refer to UES’ new investment program as ‘GOELRO-2’ (the first GOELRO was the original Soviet plan in 1920 for national economic recovery and development). GOELRO- 2 envisages heavy investment in new generation capacity, which should result in an additional 34 gigawatts (GW)--the equivalent of 16% of the current national generation capacity--by 2011. The investment plan relies heavily on external equity and debt financing, and consequently most gencos are tapping the equity and debt capital markets (see map above and table 1 on next page). The reform plan stipulates that the privatization of all thermal generation will take place during 2007-2008 through IPOs, secondary public offerings, sales of equity stakes owned by UES, and the allocation of the remaining stakes to UES shareholders at the end of UES’ restructuring, scheduled for mid-2008. Between December 2006 and October 2007 generating companies WGC-3, WGC-4, TGC-1, TGC-8, and Mosenergo (AO) (BB/Stable/--; Russia national scale rating ‘ruAA’) completed share issues, and WGC-5 and TGC-5 were spun off, resulting in UES’ equity interest Russian Energy Production STANDARD & POOR’S EUROPEAN INFRASTRUCTURE FINANCE YEARBOOK UTILITIES falling below 50%. Many of the gencos remaining under control of UES already have a strategic minority investor that is looking to acquire a controlling stake through participation in IPOs and stake auctions. Strategic investors include major Russian industrial groups, coal and gas producers, and major <strong>European</strong> utilities and investment funds. The Russian government, however, is likely to remain the largest player in the power sector: It will retain all of Russia’s nuclear generation capacity through Rosenergoatom, most of the hydro generation capacity through Hydro-WGC, and a significant portion of thermal generation capacity through OAO Gazprom (BBB/Stable/--) and <strong>In</strong>terRAO UES (not rated). Gazprom, which controls Russia’s gas reserves and pipelines and is an important fuel supplier to the electricity generators, has recently underscored its investment ambitions in the electricity generation sector by acquiring major stakes in Mosenergo and TGK-1 and negotiating a swap of its 10.5% stake in UES for controlling stakes in OGK-2 and OGK-6. Gazprom is also playing a leading role in the creation of a joint venture with coal producer SUEK, which might receive most of Gazprom’s and SUEK’s generation assets. Standard & Poor’s views the change of the NOVEMBER 2007 ■ 23
Page 1 and 2: November 2007 Infrastructure Financ
Page 3 and 4: CONTENTS Introduction STANDARD & PO
Page 5 and 6: INTRODUCTION 2007: New Challenges A
Page 8 and 9: ject Finance Rating Distribution: I
Page 10 and 11: COMMENTARY Publication Date: Sept.
Page 12 and 13: (Bil. ) 140 120 100 80 60 40 20 0 F
Page 14 and 15: UTILITIES EUROPEAN UTILITIES Once a
Page 16 and 17: UTILITIES approach to ownership unb
Page 18 and 19: UTILITIES 16 ■ NOVEMBER 2007 tran
Page 20 and 21: UTILITIES 18 ■ NOVEMBER 2007 Limi
Page 22 and 23: UTILITIES 20 ■ NOVEMBER 2007 •
Page 26 and 27: UTILITIES 24 ■ NOVEMBER 2007 Tabl
Page 28 and 29: UTILITIES 26 ■ NOVEMBER 2007 supp
Page 30 and 31: UTILITIES 28 ■ NOVEMBER 2007 pres
Page 32 and 33: UTILITIES 30 ■ NOVEMBER 2007 Tabl
Page 34 and 35: UTILITIES 32 ■ NOVEMBER 2007 The
Page 36 and 37: UTILITIES 34 ■ NOVEMBER 2007 thei
Page 40 and 41: UTILITIES 38 ■ NOVEMBER 2007 Evol
Page 42 and 43: UTILITIES Publication Date: Aug. 29
Page 44 and 45: UTILITIES Publication Date: Nov. 12
Page 46 and 47: UTILITIES Publication Date: Sept. 3
Page 48 and 49: UTILITIES Publication Date: Aug. 17
Page 50 and 51: UTILITIES Publication Date: Sept. 3
Page 52 and 53: UTILITIES 50 ■ NOVEMBER 2007 stro
Page 54 and 55: Publication Date:
Page 56 and 57: TRANSPORTATION INFRASTRUCTURE 54
Page 58 and 59: TRANSPORTATION INFRASTRUCTURE Publi
Page 64 and 65: TRANSPORTATION INFRASTRUCTURE BAA L
Page 75:
Termination events under the swap a
Page 78 and 79:
TRANSPORTATION INFRASTRUCTURE 76
Page 80 and 81:
Page 82 and 83:
Page 84 and 85:
Page 86 and 87:
Page 88 and 89:
TRANSPORTATION INFRASTRUCTURE Publi
Page 90 and 91:
Page 92 and 93:
TRANSPORTATION INFRASTRUCTURE Publi
Page 94 and 95:
PROJECT FINANCE/PUBLIC-PRIVATE PART
Page 96 and 97:
Page 98 and 99:
Page 100 and 101:
Page 102 and 103:
Page 104 and 105:
Page 106 and 107:
Page 108 and 109:
Page 110 and 111:
Page 112 and 113:
Page 114 and 115:
Page 116 and 117:
Page 118 and 119:
Page 120 and 121:
Page 122 and 123:
Page 124 and 125:
Page 126 and 127:
Page 128 and 129:
Page 130 and 131:
Page 132 and 133:
Page 134 and 135:
Page 136 and 137:
Page 138 and 139:
Page 140 and 141:
Page 142 and 143:
Page 144 and 145:
Page 146 and 147:
RATINGS LIST RATINGS LIST Utilities
Page 148 and 149:
RATINGS LIST Transportation Infrast
Page 150 and 151:
RATINGS LIST Project Finance Name I
Page 152 and 153:
CONTACTS KEY ANALYTICAL CONTACTS Fr
Page 154:
ARGENTINA AUSTRALIA BRAZIL CANADA C
show all

European Infrastructure Finance Yearbook - Investing In Bonds ...

Create successful ePaper yourself

Delete template?

Save as template?