Inter RAO

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PJSC Inter RAO UES
Native name	ПАО Интер РАО ЕЭС
Type	Public (ПAO)
Traded as	MCX: IRAO
Industry	Electricity
Founded	1997; 29 years ago (1997)
Founder	RAO UES
Headquarters	Moscow , Russia
Key people	Boris Kovalchuk, (CEO) Igor Sechin (Chairman of the Board of Directors)
Products	Electrical power Electric power infrastructure
Services	Electricity generation and distribution International trading
Revenue	$20.7 billion (2025)
Operating income	$1.25 billion (2025)
Net income	$1.57 billion (2025)
Total assets	$18.5 billion (2025)
Total equity	$13.4 billion (2025)
Number of employees	15,879
Website	interrao.ru

Joint Stock Company Inter RAO UES (Russian: Публичное акционерное общество «ИНТЕР РАО ЕЭС», short form: Inter RAO), traded as, is a diversified energy holding company headquartered in Moscow, Russia. Its business includes power and heat generation, electricity supply, international energy trading, engineering, design, and development of electric power infrastructure. In addition to its assets in Russia, it controls several energy companies outside Russia, including thermal and hydropower plants, grid operators, and energy traders. It holds a monopoly on the export and import of electricity in Russia.

Inter RAO is one of the largest Russian public energy companies by market capitalization, which exceeded US$10.5 billion at the end of 2011. In fiscal year 2011, the company reported a revenue of US$18.24 bn (versus US$15.28 bn in 2010) and net income of $1.41 bn (vs $614 million in 2010). At the end of 2011, Inter RAO Group had more than 47,000 employees. In 2021, the company's revenue amounted to 89 billion rubles.

History

Inter RAO was established in 1997 as a subsidiary of the Russian unified power company RAO UES. Its initial focus was international energy trading.

In 2002, Inter RAO started exporting electricity from Russia and generating its own electricity.

In 2005, Inter RAO made several acquisitions:

• 50% stake in Ekibastuz GRES-2 Power Station
• 25% plus 1 shares North-West Thermal Power Plant
• 70% stake in TGR Energy
• 51% stake in the Cuciurgan power station

In early 2008, Inter RAO obtained listings on the Russian stock exchanges Moscow Interbank Currency Exchange (MICEX) and Russian Trading System (RTS). As part of its reorganization, Inter RAO acquired several Russian power generation facilities, including the Sochi Thermal Power Plant, North-West Thermal Power Plant, Ivanovo CCPP, and Kaliningrad CHPP-2. In the same year, Inter RAO purchased the remaining 49% stake in the Cuciurgan power station.

In the following years, the Government of Russia transferred the power companies' shares remaining after the reform of RAO UES to the property of state-owned companies RusHydro, FGC UES, Federal Agency for State Property Management (Rosimushchestvo), and Rosneftegaz to Inter RAO. That included transfer of 41% stake in Irkutskenergo, 65.8% of OGK-1, 3.24% of OGK-4, 26.43% of OGK-5, 24.9% of TGC-6, 34.21% of TGC-7, 30.54% of TGC-11, 20.24% of Kuzbassenergo, 21.27% of Bashkirenergo, 14.48% of Sangtuda 1 Hydroelectric Power Plant (in Tajikistan), and 100% of Hrazdan Thermal Power Plant (in Armenia).

In 2009, Inter RAO shares were included in the MSCI EM Index. At the end of 2009, INTER RAO was ranked fifth in S&P Global Ratings informational transparency rating of the Russian energy companies.

In June 2018, board member Karina Tsurkan was arrested by the Federal Security Service on allegations of spying on behalf of Romania.

On 13 May 2022, Inter RAO subsidiary RAO Nordic announced that it would suspend deliveries of electricity to Finland and stopped them at midnight. The announcement came one day after Finland's president Sauli Niinistö and prime minister Sanna Marin had expressed their support for Finnish membership in the North Atlantic Treaty Organization (NATO). The move fits an ongoing pattern of economic sanctions and counter-sanctions in the wake of the 2022 Russian invasion of Ukraine.

Shareholders

Major shareholders of Inter RAO are Russian state-owned entities. As of August 2018, shareholders of Inter RAO were:

• Rosneftegaz – 27.63%
• FGC UES – 9.24%
• Inter RAO Capital – 29.39%
• Freely traded (minority shareholders) – 33.74%

Boris Kovalchuk was appointed acting chairman in 2009, and was the CEO of Inter RAO from 2010–2024.

Operations

Electricity generation

This section needs to be updated. Please help update this article to reflect recent events or newly available information. (October 2016)

The combined installed capacity of power plants operated by Inter RAO Group is approximately 28 GW. Inter RAO UES controls the following power generation assets.

Russian power generating assets

Asset	Location	Capacity
INTER RAO - Electric Power Plants	Russia	2283 MW
OGK-1	Russia	9861 MW
OGK-3	Russia	8357 MW
TGK-11	Russia	1971 MW
Ivanovo CCPP	Russia	110 MW

Power generation assets in other countries

Asset	Location	Capacity
Hrazdan TPP	Armenia	1110 MW
Mtkvari TPP	Georgia	600 MW
Khrami HPP-1	Georgia	112,8 MW
Khrami HPP-2	Georgia	114,4 MW
Ekibastuz GRES-2 Power Station	Kazakhstan	1000 MW
Cuciurgan power station	Moldova	2520 MW
Vydmantai Wind Park	Lithuania	30 MW
Sangtuda 1 Hydroelectric Power Plant	Tajikistan	670 MW