Evaluation of the Conditional Cost of the Company "Irkutskenergo" on the Basis of the Hydropower Rent

Abstract

The calculation of the rent differential hydropower, bring by Irkutsk, Bratsk and Ust-Ilimsk hydroelectric stations, members of Irkutskenergo, is implemented and evaluated its distribution. The size of the rent is equal to 107.1 billion rubles a year in the prices of 2016. At the same time 69.9 billion rubles per year (65% of rent) is assigned to the financial and industrial group (FIG), which controls the export of aluminum from the region. In order to close the rent-drinking in his undivided property, this FIG acquiring the 40.29% actions (state block) of Irkutskenergo, previously owning 50.19% of the shares. The deal amounted to 70 billion rubles. However, if we start from the value of the hydropower rents minimal conditional cost of this package is 840 billion rubles. This, and the presence of a huge uncompensated damage done from hydropower building to the environment, economy and the population of Irkutsk region, the Angara and Baikal, requires to issue additional shares of Irkutskenergo and give it main package to the Regional properness.