UES to auction off Arctic energy company

MOSCOW, December 23 (RIA Novosti) - Russian electricity monopoly Unified Energy System (UES) decided Friday to sell 100% of shares of energy company Taimyrenergo, located in the Russian Arctic, in a public auction.

The company will hold the auction after the government approves the decision. The share block will be offered at a market price assessed by an independent valuator (5.95 billion rubles or about $206 million), UES said.

The company will use the auction proceeds, after necessary taxes and other payments, to finance investment projects.