Interregional Distribution Grid Company of the North-West Joint Stock Company (IDGC of the North-West) was founded by the resolution of its sole founder JSC RAO UES of Russia (Order No. 153r of JSC RAO UES of Russia dated December 09, 2004) and registered on December 23, 2004. The Company’s authorized capital at the incorporation date was RUB 10 million divided into 100 million ordinary shares.
Initially JSC IDGC of the North-West included the distribution grids of the Northwest unified power system: JSC Arkhenergo, JSC Karelenergo, JSC Kolenergo, JSC AEK Komienergo, JSC Lenenergo, JSC Novgorodenergo, JSC Pskovenergo, and JSC Yantarenergo.
Based on the resolution of the Board of Directors of JSC RAO UES of Russia of April 27, 2007, JSC IDGC of the North-West included JSC Vologdaenergo, which had been earlier a part of IDGC of Centre and Northern Caucasus, but did not include JSC Lenenergo. After reorganization of JSC RAO UES of Russia, the share holding of JSC Yantarenergo recorded in the spin-off balance sheet was transferred to JSC IDGC Holding incorporated on July 01, 2008 as a result of JSC RAO UES of Russia restructuring in the form of a spin-off.
Based on Order No.
On December 25, 2007, the Extraordinary General Shareholders’ of JSC IDGC of the North West passed the resolution to restructure the Company in the form of a merger with JSC Arkhenergo, JSC Vologdaenergo, JSC AEK Komienergo, JSC Karelenergo, JSC Kolenergo, JSC Novgorodenergo, and JSC Pskovenergo. It was also decided to increase IDGC of the North-West authorized capital by RUB 9,568,700,000 by converting the shares of seven distribution grid companies and allotment of 95,687,000,000 additional ordinary registered shares at a par value of RUB 0.1.
Since April 01, 2008, JSC IDGC of the North-West operates as a united company. It includes seven branches: Arkhenergo, Vologdaenergo, Karelenergo, Kolenergo, Komienergo, Novgorodenergo, and Pskovenergo. A collegial executing body of the Company — Management Board of JSC IDGC of the North-West — was set up in April 2008.
On May 27, 2008, the ordinary registered shares of JSC IDGC of the North-West were admitted to trading at the RTS stock exchange and on 29 May 2008 — to trading at the MICEX. In December 2008, JSC IDGC of the North-West passed MICEX listing. The Company’s ordinary registered uncertified shares were included in the B section of the securities quotation list. On May 24, 2011, IDGC of the North-West shares were transferred from the MICEX Quotation List B to the MICEX Quotation List A, Second Level.
On December 19, 2011, the Company’s shares were excluded from the list of securities admitted to trading due to discontinued operation of RTS.
Currently, the Company’s shares are traded on MICEX in the First Level Quotation List. As a result of listing reforms at MICEX on June 09, 2014 the list of securities admitted to trading was updated.
From the Company’s incorporation date and till July 01, 2008, the Company was headed by Veniamin Pinkhasik and from July 01, 2008 through June 30, 2012 by Alexander Kukhmay. Sergey Titov was appointed General Director of JSC IDGC of the North-West on July 01, 2012.
On April 08, 2013, IDGC Holding was renamed Russian Grids Open Joint Stock Company.
From April 25, 2014, Alexander Letyagin was appointed Acting General Director with promotion to the position of the General Director of JSC IDGC of the North-West on July 29, 2014.
The Company’s authorized capital is RUB 9.5786 billion. JSC Russian Grids has a 55.38% participatory interest in JSC IDGC of the North-West.