He Government Of President Vladimir Putin has, many critics say, put economic reform on hold in recent years and sought to strengthen the Russian state's control over so-called strategic industries. If that's the case, somebody forgot to tell Anatoly Chubais.
俄罗斯大众私有化在20世纪90年代初和后来的第一届副总理1998年被当时致电罗瑞斯·谢尔斯汀致电，负责俄罗斯统一能源体系。他的任务是瓦上园：大修世界上最大的电力效用，一个跨越11个时间区的吱吱作响的系统，并为私有化做好准备。他已经将公司的发电能力分成了20个可以销往投资者的实体，同时将国家传输网格处于州的手中。
经过九年的艰苦努力，包括与米克尔·弗拉德科夫和什锦官僚的战斗，尽管2005年暗杀涉及路边炸弹的暗杀试图，但雪茄不可能接近成功。最后秋天占据了UES董事会的内阁官员，由发电公司批准了一系列初级公开发行，将使国家持有少数民族，并在私人资本吸引数十亿美元。与此同时，政府批准了一个五年的公开电力和天然气价格计划，这是吸引私人投资者的重要条件。
首次分拆，去年10月的首次公开发售的叶卡捷琳堡的一家发电公司ogk-5的14.4％，是超额认购的十次，筹集了4.6亿美元。上个月的金属巨头挪威斯克镍为38％的ogk-3支付了31亿美元，其发电厂集中在俄罗斯西北部。
投资者appear to be enthusiastic. UES shares have doubled over the past year, to $1.35, outpacing the 33 percent rise in Moscow's RTS share index. European utilities, including Germany's E.ON, Finland's Fortum, Italy's Enel and Gaz de France -- not to mention Russian oligarchs keen to secure power for their aluminum smelters or oil installations -- have expressed interest in controlling some of the 18 remaining generating companies.
Chubais仍然面临潜在的障碍，尤其是2008年总统大选。接下来的克里姆林宫老板完全拒绝能源改革不太可能，特别是如果普京设法挑选自己的继任者。但俄罗斯企业，随着富含烟草的估计，价格将增加六倍的电力成本六倍，可能会更新努力破坏造成破坏价格自由化。
虽然楚拜院仍然决心完成工作。他最近遇到了机构投资者在莫斯科的南部郊区的亚博赞助欧冠UES总部的贡献编辑克雷格醇厚。
亚博赞助欧冠机构投资者：每个人都说俄罗斯正在从市场经济撤退，但你似乎在推动能源改革方面取得了成功。如何？
Chubais：我不会评论俄罗斯整体，但你对能源改革绝对正确。所有更复杂和政治敏感的问题都已决定：从传输，发电能力和价格自由化的私有化的一代。
对我们来说同样重要的是市场的看法，反映在我们公司的估值中。自2005年9月以来，UE的资本化从130亿美元上升到490亿美元。这表明我们迁至市场原则是价值的司机。
您已表示，您希望今年为大多数UE子公司进行IPO，筹集高达100亿美元。鉴于其他俄罗斯问题的管道是现实的吗？
在堕落中，我们开展了EAGK-5的IPO，并表明了我们逻辑的实用性。IPO超额认购了十次，公司的资本化从那时起升起了40％。
For the next stage we are looking at about 17 IPOs, raising closer to $15 billion than $10 billion. If market demand begins to fall off, naturally we will delay to some extent. Some of the IPOs will end with investors owning more than 50 percent; some will require a capital increase later.
What will be the impact of price liberalization?
到2011年1月1日，俄罗斯的能源价格将100％自由化。今天的平均价格为市场水平的15％至16％。除零售客户外，政府已发布每半年的一步一步增加计划。一般人口仍将补贴。
Who do you think will be the final owners of these assets: foreign companies or Russian oligarchs?
我认为业主是战略和金融投资者，以及两个群体中应该有俄罗斯人和外国人。我刚刚与我们的战略投资者弗拉基米尔马铃薯（Norilsk Nickel和Rosbank的亿万富翁所有者）留下了会议，他们拥有2％至3％的UE和我们未来剥离公司的分享数据包。有些人在UE中拥有股票，并表示他们打算竞标新的分拆：西伯利亚煤炭和能源有限公司，由[弗拉基米尔]拉什耶夫斯基领导;Gazprom，我们的支持将成为Mosenergo的战略投资者[莫斯科实用程序];[铝生产者] SUAL;卢布油。
Gazprom的角色可以代表投资者的风险吗？
It will be the major provider of fuel for the power sector but also a competitor.
The market will be structured in such a way that no single generating company can become a monopolist in any region. Just for this reason we created 14 territorial generating companies and six wholesale generating companies [whose assets overlap the territorial companies]. At the same time, the emerging market in electric power will demand a very serious deepening and strengthening of antimonopoly regulation, and this will certainly happen.
如果您正在谈论Gazprom的销售天然气，并以一个价格和其他电力公司销售天然气，那么我认为政府的11月30日关于天然气价格的决定将具有非常健康的效果。这是第一次，在未来五年内设定开放，透明的天然气价格。这是市场的全球改善。
So what delayed these sensible decisions for so long? Why are they being adopted now?
Our best argument has been the growing deficit in Russia's energy complex. [Utilities, which generate both heat and power, have had to curtail electricity supplies to industry during winter cold snaps.] This is a new factor, and it forced the government over to our side at last.
Can liberalization proceed fast enough to cover that energy deficit?
No, it won't go fast enough. Today we already have a deficit in a number of regions: [oil production center] Tyumen, Moscow, [metals-producing region] Sverdlovsk. We won't make up for it tomorrow. But we already have investment programs over the next three to four years, and they are quite large -- $18 billion in Moscow alone. Of course, it would have been better if we had started investing earlier, but for that we needed to complete reform.
Where will the money come from to finance this investment?
From the market. Our five-year cap-ex program for 2006 to 2010 in the whole power system of Russia comes to $118 billion: $50 billion in the transmission network and $68 billion in generation. As we said, IPOs of the generating companies will raise at least $10 billion and probably closer to $15 billion. Then there is leverage.
We have solved the problem of attracting capital into the energy sector. We will get as much investment as we need. Our main problem is creating a contemporary, civilized infrastructure for using the investment: production of machinery, construction, project design, engineering. We need to create all those sectors with that $15 billion.
Will the elections for the Duma this December and the presidency in March 2008 affect privatization?
Whatever new political cycle comes in 20072008, and whoever becomes president, the country will still need light and heat. The new leader would have to be a complete lunatic to wreck this process of investment. Besides, I don't anticipate any big political disturbances connected with the coming presidential elections.
Many observers in the West believe Russia is retreating from democracy. What do you think about this?
俄罗斯的民主当然是比其他发达国家更年轻，更容易受到伤害。但我不能同意那些说俄罗斯没有民主的人。尽管我们所有的并发症和缺点，但当代文明文化的最基本要素存在：实际宪法流程，独立的新闻，私人财产和市场经济。亚慱体育app怎么下载
If and when energy reform is completed, UES will no longer exist. What are your plans?
我不知道，但我当然不会回到政治。