OREANDA-NEWS. On May 6 2008 the Government of the Russian Federation decreed to increase the authorized capital of Rosenergoatom Concern, reports the press service of the Cabinet of Ministers.

The budgetary investments in the facilities included in the federal target program for the development of the nuclear industry of Russia in 2007–2010 and -2015 will be transferred into the authorized capital of Rosenergoatom Concern, as the owner and operator of those facilities.

In order to carry out investment in 2008 the Finance Ministry of Russia will have to make a relevant contract with Rosenergoatom Concern and to transfer the money to Roseneegoatom’s account opened in a credit organization.

The Government has not specified the name of the credit organization and the amount of the increase.

The federal target program for the development of the nuclear industry of Russia in 2007–2010 and -2015 needs a total of 1.47trl RUR: 674.8bln RUR to be allocated by the Government and 796.6bln RUR – by the nuclear industry.

Rosenergoatom Concern operates all the nuclear power plants of Russia: a total capacity of 23GW. Presently, the Concern is being reorganized from a federal state unitary enterprise into an open joint stock company. This process is to be finished by this summer. 100% of the company’s shares will be given to Atomenergoprom OJSC, a state-owned holding that is supposed to consolidate all companies of the civil nuclear sector.

In 2007 the electricity production of Rosenergoatom Concern grew by 2.3% to 158.280bln KWh.