OREANDA-NEWS. On 30 May 2008 was announced, that JSC Irkutskenergo Board of Directors (IRGZ) on 17 June will consider the issue of transformation of the 100 percent affiliated Irkutsk Grid Company Ltd. /IGC/ into a joint-stock company, General Director of EvroSibEnergo Sergey Emdin said on Friday at the press conference.

According to requirements of the legislation, till 1 June 2008 Irkutskenergo is obliged to terminate affiliation with IGK, and by 9 November 2008 - to stop activity on operational and dispatch management. The Irkutskenergo management now considers several variants of networks spin-off. The most acceptable way is transformation of IDC into a joint-stock company. Irkutskenergo Board of Directors on 17 June will most likely give recommendations to shareholders who will make a decision on changing the IGC ownership pattern at the extraordinary meeting. The extraordinary meeting is planned to be held in July; however, later terms are possible, but the meeting should be held not later than a half of the year after the Board of Directors’ giving recommendations. After IGC becomes a joint-stock company, its shareholders will have the right to dispose independently of shares at own discretion; however, according to S.Emdin, in order to preserve the fuel balance in the region, independence of Irkutsk electric networks from FGC is desirable.

As it was reported earlier, one of possible variants of the termination of Irkutskenergo and IGC affiliation is an exchange of assets: Irkutskenergo transfers the IGC electricity transmission networks to the state represented by the Federal Grid Company (FEES)/FGC, and the state in its turn allows EvroSibEnergo/forms a part of En + "Base Element" / to increase the stake in generation of Irkutskenergo.

Within the limits of the program of reforming of electric power industry in 2006, Irkutskenergo founded a 100-percent affiliated Irkutsk Grid Company Ltd. which undertook the functions of transportation of the electric energy through networks, and dispatching management.