According to press reports, Eurosibenergo CEO Yevgeny Fedorov has made an offer to MRSK Holding CEO Nikolai Shvec to buy MRSK Siberia, in which MRSK Holding has a controlling stake. Irkutsk Grid Company, a Eurosibenergo subsidiary, may be the buyer.
Previously Shvec and Lev Kuznetsov, governor of the Krasnoyarsk region, had asked Deripaska to encourage Rusal's Krasnoyarsk aluminum smelter to sign a contract for electricity distribution with MRSK Siberia. Krasnoyarsk later terminated the contract with MRSK Siberia and switched to Federal Grid Company in order to cut costs. As a result, MRSK Siberia lost about RUB 8.1bn in revenue over 2010-2011. MRSK Siberia is unable to recoup the losses from other customers in the region given that the Russian government is capping electricity tariffs.

If MRSK Siberia is bought by Eurosibenergo, it could be positive for the company as Eurosibenergo sees an opportunity to significantly improve operating and financial efficiency. However, we do not expect the deal to be finalized quickly. A possible near-term solution could be to transfer management of MRSK Siberia to Eurosibenergo, with the company granted an option to buy MRSK Holding's stake after achieving specified KPIs. We expect a short-term positive reaction to the news, but more sustained impact on MRSK Siberia's stock price is likely only after additional information on the deal is forthcoming.

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