17.11.2010, 21:11
Power Trade Company (DTEK) Appointed Managing Director
OREANDA-NEWS. November 17, 2010. DTEK, Ukraine’s leading fuel and energy company, announces that it has appointed Andrey Favorov as Managing Director of Power Trade Company, trading arm of DTEK. Before joining the Company, Mr. Favorov occupied the position of the Business Development Director of ContourGlobal, the international power supply company.
“It is a great honour for me to join DTEK team and to lead one of the Company's most prospective business divisions. Power Trade has already proved to be an active player in the European power market. Today, we must strengthen our success by creating representative offices in target regions and by getting closer to end consumers. In the future, we plan to expand our presence in Europe and consolidate DTEK's image as a reliable power supplier”, said Mr. Favorov.
“Upon Ukraine's accession to Energy Community, Ukrainian power companies will acquire great opportunities to enter European markets. Last year, DTEK already made significant steps in this direction, by starting electricity exports to EU. The main task for Mr. Favorov is to bring these initiatives to a new level, and build a solid foundation for the further international expansion of DTEK. I’m certain that his experience in business development in power giants like AES and ContourGlobal will help to achieve this ambitious goal quickly and efficiently', said Maxim Timchenko, the CEO of DTEK.
Reference
Andrey Favorov graduated from the State University of Georgia (USA) with a Bachelor of Science degree; later he earned an MBA degree from the Georgetown University (USA). In 1998-2004, he worked in Atlanta, Georgia, in the IT industry (IBM Global Services, Ford and Harrison LLP, Eclipsys Corporation). From 2005 to 2009, Mr. Favorov was the Business Development Director of AES, international energy corporation, in Kazakhstan, Russia, Great Britain, Turkey and Africa.
In 2009-2010, Mr. Favorov worked in international company ContourGlobal, where he was in charge of business development in Europe and CIS.
Power Trade LLC’s core business is development of electricity exports and electricity trading in the target markets of Europe and the CIS. The company has acquired a license of electricity supplier at non-regulated tariff from the National Electricity Regulatory Commission. It also has become a member of the Wholesale Electricity Market, and on 1July 2009, it signed an agreement with Energorynok SE on electricity supplies at non-regulated tariff.
DTEK is the first private vertically-integrated power company in Ukraine. It is part of the financial and industrial group System Capital Management (SCM). The enterprises of DTEK build up an efficient operational chain of coal production and preparation, electricity generation and distribution.
The coal business of DTEK includes Pavlogradugol (consisting of ten coal mines), Komsomolets Donbassa Mine and five preparation plants. According to operational results for 9 months 2010, the Company’s share in the Ukrainian coal mining industry was 25.2%.
The power generation business of DTEK is represented by Vostokenergo (Eastenergo) and the associated Dniproenergo, where DTEK owns 47.55%. According to operational results for 9 months 2010, the combined share of Vostokenergo and Dniproenergo in total power generation of Ukraine was 25.8%.
Service-Invest, PES Energougol and the associated Donetskoblenergo, where DTEK owns 30%, represent the electricity sales and supply business of DTEK. Their combined share of electricity purchase in SE Energorynok in 9 months 2010 made 14.2%.
“It is a great honour for me to join DTEK team and to lead one of the Company's most prospective business divisions. Power Trade has already proved to be an active player in the European power market. Today, we must strengthen our success by creating representative offices in target regions and by getting closer to end consumers. In the future, we plan to expand our presence in Europe and consolidate DTEK's image as a reliable power supplier”, said Mr. Favorov.
“Upon Ukraine's accession to Energy Community, Ukrainian power companies will acquire great opportunities to enter European markets. Last year, DTEK already made significant steps in this direction, by starting electricity exports to EU. The main task for Mr. Favorov is to bring these initiatives to a new level, and build a solid foundation for the further international expansion of DTEK. I’m certain that his experience in business development in power giants like AES and ContourGlobal will help to achieve this ambitious goal quickly and efficiently', said Maxim Timchenko, the CEO of DTEK.
Reference
Andrey Favorov graduated from the State University of Georgia (USA) with a Bachelor of Science degree; later he earned an MBA degree from the Georgetown University (USA). In 1998-2004, he worked in Atlanta, Georgia, in the IT industry (IBM Global Services, Ford and Harrison LLP, Eclipsys Corporation). From 2005 to 2009, Mr. Favorov was the Business Development Director of AES, international energy corporation, in Kazakhstan, Russia, Great Britain, Turkey and Africa.
In 2009-2010, Mr. Favorov worked in international company ContourGlobal, where he was in charge of business development in Europe and CIS.
Power Trade LLC’s core business is development of electricity exports and electricity trading in the target markets of Europe and the CIS. The company has acquired a license of electricity supplier at non-regulated tariff from the National Electricity Regulatory Commission. It also has become a member of the Wholesale Electricity Market, and on 1July 2009, it signed an agreement with Energorynok SE on electricity supplies at non-regulated tariff.
DTEK is the first private vertically-integrated power company in Ukraine. It is part of the financial and industrial group System Capital Management (SCM). The enterprises of DTEK build up an efficient operational chain of coal production and preparation, electricity generation and distribution.
The coal business of DTEK includes Pavlogradugol (consisting of ten coal mines), Komsomolets Donbassa Mine and five preparation plants. According to operational results for 9 months 2010, the Company’s share in the Ukrainian coal mining industry was 25.2%.
The power generation business of DTEK is represented by Vostokenergo (Eastenergo) and the associated Dniproenergo, where DTEK owns 47.55%. According to operational results for 9 months 2010, the combined share of Vostokenergo and Dniproenergo in total power generation of Ukraine was 25.8%.
Service-Invest, PES Energougol and the associated Donetskoblenergo, where DTEK owns 30%, represent the electricity sales and supply business of DTEK. Their combined share of electricity purchase in SE Energorynok in 9 months 2010 made 14.2%.
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