History of Rosseti Group of Companies
Restructuring was one of the most significant developments in the electric power sector in recent history; it will boost efficiency and significantly enhance the quality and consistency of the power supply.
The electric power industry was reformed to improve efficiency, create conditions for further development, and ensure reliable and uninterrupted power supply to consumers.
The Government of the Russian Federation adopted a programme for reforming the Russian electric power industry.
State registration of Open Joint Stock Company Federal Grid Company of the Unified Energy System (FGC UES).
The reforming of the Russian power industry was accompanied by the consolidation of UNPG power grid facilities under the management of OJSC FGC UES. The main transmission grids of the holding company — OJSC RJSC UES of Russia — were transferred into ownership and under management of the Company. In 2007, 58 transmission grid companies (TGCs) were established as a spinoff from restructured power engineering and electrification joint stock company (JSC Energo) (subsidiaries and affiliates of OJSC RJSC UES of Russia).
On 1 July 2008, 56 TGCs were merged with OJSC FGC UES, with maintenance of transmission grid assets transferred to branches of OJSC FGC UES, and two more TGCs remained subsidiaries.
In 2008, IDGC Holding (the future OJSC Posseti) was established.
In accordance with the directives of the Government of the Russian Federation, an agreement was signed to transfer the sole executive body powers of OJSC IDGC Holding to OJSC FGC UES. At that time, OJSC IDGC Holding united in its structure interregional and regional power distribution grid companies (IDGCs/RGCs), research & design institutes, construction & sales organisations. A total of 97 branches of IDGCs/RGCs were located in 69 constituent entities of the Russian Federation.
By the Decree of the President of the Russian Federation, OJSC FGC UES was added to the list of strategic enterprises.
OJSC IDGC Holding was renamed OJSC Rosseti.
OJSC Rosseti became the major shareholder owning 80.6% of ordinary shares of OJSC FGC UES.
Amendments to the Civil Code of the Russian Federation came into effect, under which the division of joint stock companies into public (PJSC) and non‑public (JSC) companies was introduced, instead of dividing them into open joint stock companies and closed joint stock companies, and the Articles of Association of JSC Rosseti and JSC FGC UES were amended accordingly.
The Company's corporate governance system and practices were brought in line with the main recommendations of the Bank of Russia's Corporate Governance Code and the Listing Rules of PJSC Moscow Exchange, including approval of a new version of the Articles of Association and key internal documents of the Company.
The geographic reach was expanded by adding the facilities in the Republic of Sakha (Yakutia) and the Irkutsk Region.
The powers of the sole executive body of PJSC FGC UES were transferred to the managing organisation — PJSC Rosseti.
The Extraordinary General Meeting of Shareholders of PJSC FGC UES decided to restructure PJSC FGC UES by merging it with PJSC Rosseti, JSC DVEUK — UNPG, OJSC Tomsk Main Power Grids and JSC Kuban Main Power Grids.
Public Joint Stock Company Federal Grid Company of the Unified Energy System (PJSC FGC UES) changed its name to Public Joint Stock Company Federal Grid Company — Rosseti (PJSC Rosseti).
On 9 January 2023, entries were made in the Unified State Register of Legal Entities that Public Joint Stock Company Rosseti, JSC DVEUK — UNPG, OJSC Tomsk Main Power Grids and JSC Kuban Main Power Grids ceased operations as a result of restructuring in the form of a merger with and into Public Joint Stock Company Federal Grid Company — Rosseti (PJSC Rosseti).
Since 9 January 2023, PJSC Rosseti has become the parent company of the Rosseti Group.
On 30 June 2023, the Annual General Meeting of Shareholders of PJSC Rosseti resolved to increase the Company's authorised capital by placing 240,890,189,234 ordinary shares with a par value of 50 kopecks each for a total value of RUB 120,445,094,617.
In accordance with Decree of the President of the Russian Federation No. 337 dated 10 May 2023, the shares of the additional issue are offered privately in favour of the Russian Federation, and UNPG facilities, as well as shares of JSC RES, JSC Electromagistral and JSC Energetik were transferred as payment for them.
Today, the Rosseti Group comprises 45 subsidiaries and affiliates, including 19 power grid companies.