A merger in the electricity sector between two of Russia's biggest companies would control a quarter of the domestic market, an executive said, according to UPI. Gazprom and Renova, controlled by business tycoon Viktor Vekselberg, signed a letter of intent to merge electricity assets. Renova under the deal would get at least a 25-percent-plus-one stake in Gazprom's electric power business. "Thus, it is projected that the merged company will manage the key power generation and power distribution assets owned by both parties," said Gazprom in a statement. Alexei Miller, the top executive at Gazprom, said the new company formed by the merger would control 25 percent of the electricity market in Russia. Igor Artemyev, head of the Russian Federal Anti-monopoly Service, expressed reservations about the venture, Russia's state-run news agency RIA Novosti reports. The FAS accused Gazprom last year of exploiting its dominant market position regarding access to a gas transportation system. Gazprom and Russian oil company Lukoil were fined by the FAS in 2008 for coordinating to fix the price of gasoline and diesel.
