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Price Targets
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BRIC
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Russia
>> Unified Energy System
Merrill Lynch downgrades UES target price 6% 7 September 2007
Meanwhile, the “Buy” recommendation on the stock was left unchanged. Unified Energy System is the largest power holding in Russian Federation, that generates 69.4% of general electricity output, 32.4% of general heat production; capacity of which makes up 72.4% of the installed capacity in Russia. The Group owns and operates high voltage transmission network that connects all but a few regions of the Russian Federation and forms the Unified Power System of Russia. UES is a holding company that owns controlling stakes (49%-100%) in 73 regional vertically integrated energy companies and 44 Federal power plants (of which 8 are under construction), 100% in OAO “FGC” ( OAO “Federal Grid Company”) and 100% in OAO “SO-CDA” (OAO “System Operator - Centralized Dispatching Administration”). From the beginning of 2002 the Company is in the process of reforming. |
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