MRSK Centre Falls to 6-Week Low on NLMK Victory: Moscow Mover
OAO MRSK Centre fell to the lowest level in six weeks after a court ordered the Russian interregional power distributor to pay 5.1 billion rubles ($165 million) to OAO Novolipetsk Steel, billionaire Vladimir Lisin’s metals company.
The power grid’s shares declined 1.8 percent to 57.96 kopeks by the close in Moscow, the lowest price since Aug. 31. About 5.45 million shares traded, 68 percent of the three-month average, according to data compiled by Bloomberg.
“The tensions between MRSK Centre and NLMK will likely escalate, increasing the anxiety surrounding the former,” Alfa Bank analysts said in a report today, referring to the steelmaker by the abbreviation of its name in Russian.
MRSK Centre, an interregional power distributor, must pay damages for accepting payment for the use of grids that it had been subrenting from Lipetsk Trunk Grids, according to a ruling from the Moscow Arbitration court yesterday, Evgeny Lukashevich, an NLMK spokesman, said in an e-mailed reply to questions.
Federal Grid Co. took over Lipetsk Grids in 2008, ending the rent and subrent agreement, and MRSK refused to return NLMK’s payment for energy transfers, Lukashevich said.
MRSK Centre plans to dispute the court’s decision, according to a statement on the power distributor’s website.
Parent company OAO MRSK Holding’s shares closed down 0.7 percent at 2.158 rubles.
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