Russia’s gas giant Gazprom is set to make electricity a core business, according to comments from chief executive Alexei Miller at the latest company AGM.
Gazprom is set to transfer its power assets to the parent company soon as part of a consolidation move, said Miller. He added: "We are moving power from the category of financial investments to that of core businesses." The number of shares in electricity groups held by Gazprom has not been disclosed, but enhancing the status of electricity within the group is expected to bolster the company against growth in global electricity prices.
As part of the consolidation moves, the group also intends to transfer its significant media assets and exchange them for power holdings.
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