The energy Ministry and Russian grids are working on two options of the consolidation of power sales companies “TNS Energo” due to its debts to the grid. Stocks will either redeem themselves “rosseti”, or the state Bank VTB, which will increase its stake in TNS Energo up to 50%. But if the purchase of shares will take place, sources say “b”, then for a symbolic 1 ruble. According to analysts, the deal means the nationalization of the largest independent marketing, which will lead to further monopolization of the market.The energy Ministry and Russian grids have identified the two most likely scenarios of the consolidation of power sales companies “TNS Energo” in the context of the problem of its growing debts to the network monopoly, told Kommersant’s sources. In one scenario, the shares of the company will buy “Yantarenergosbyt” (part of “Russian grids”), which in ten years will return debts to creditors and then can sell the share to another player. The second scheme involves a joint participation of VTB and “Russian grids”: in this case, the Bank becomes majority shareholder, increasing its stake in the company from 19.9% to 50% minus one share, and the state holding “Russian grids” will become the owner of 19.9%.”TNS energy” — the largest independent energy retail holding, manages ten guaranteeing suppliers (GP), serves more than 20 million consumers in 11 regions. According to SPARK, the main shareholders of the company: Sunflake Limited Cyprus (the beneficiary is Dmitry Arzhanov) — 28,26%, IR “Tekhnopromexport” Evgeny Giner — 25%, VTB — 19,9%. Revenue for 2019 according to IFRS amounted 231,7 billion rubles., net profit — RUB 1.5 billion capitalization of the company of 13.39 billion rubles, according to Moscow exchange.As reported by “Kommersant” a source familiar with the negotiations, the current market value “TNS energy” — “negative”, so if the purchase takes place and, for a nominal of 1 ruble. the Final agreements on the purchase or debt restructuring, he said, nor with Eugene Giner, neither VTB yet. The least desirable option for all parties is deprivation of the TNS Energo status GP, because it would have excessive pressure on the tariff, will reduce the investment program of “Rosseti” and will hit dividend payout monopoly.The consolidation of the TNS Energo on the basis of “Yantarenergosbyt” is the most attractive variant for “Russian grids”, to the letter of the head of the state holding Pavel Livinsky Minister of energy Alexander Novak (document dated 18 June, published in the telegram-channel “Svetasreni”, Kommersant sources have confirmed its authenticity). But the law in the same price area prohibited to combine transmission of electricity and its marketing. Such restrictions do not in consolidation on the basis of VTB, with the participation of “Russian grids”, the issues of debt restructuring and the payment control can be addressed together, writes Mr Livinsky. Debt “TNS Energo” before VTB is 20 billion roubles, including 6 billion rubles for the forward contract and accounts receivable sales to “Russian grids” — 34,4 billion rubles, the document says.The General Director of “TNS Energo” Sergey Afanasev has informed “Kommersant” that the company is negotiating with the “Russian grids” on the restructuring, discussing installments for payment of the debt within seven years. According to him, the outstanding debt before the “Russian grids” — about 23 billion rubles, excluding advance payments of 18 billion rubles. “there can be no question of bankruptcy or withdrawal of status GP,” said Sergey Afanasiev. The energy Ministry, the “Russian grids”, VTB and the FAS reviews not given.The head of the Agency energy analysis Alexey Presnov believes that the consolidation of the TNS Energo on the basis of VTB and “Russian grids”, in fact, will turn independent sales at state companies. This will lead to further stagnation of the market, the expert emphasizes, but it looks natural “in the model of electricity, where the policy of monopolization of the supply business turned out to be the trunk”.Pauline Smertin, Tatiana Woodpecker; Roman Kryazhev, Nizhniy Novgorod
