Deputy chief executive Vyacheslav Sinyugin said: "The scheme we are now looking at in our draft reform strategy assumes that, as a first step, UES shareholders have the opportunity to receive the same percentage of shares in wholesale generating companies for their shares in UES. During the second phase, whatever was not exchanged would be put up for auction." State-controlled UES will be split into competing private power generating companies, including 10 large wholesale generators, which will form the core of a future free power market.
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