Electricite de France (1024251.FR) will not bid for Russia's wholesale generation company OAO OGK-1 (OGKA.RS), a person familiar with the matter said.
The French energy giant, whose application for OGK-1, has been already approved by Russia's antitrust body, was considered as the most probable strategic investor in the company.
OGK-1 is one of six wholesale generation companies to be spun off from former electricity monopoly RAO Unified Energy System of Russia (EESR.RS).
OKK-1 is the only generating company left which doesn't either already have a strategic investor or have one earmarked for it by the parent company. The new strategic investor is expected to be chosen in March.
The person also said that Finnish power company Fortum OYJ (FUM1V.HE) and Russia's largest independent retail electricity supplier Transneftservice-S LLC are still interested in OGK-1, and that the possibility exists of another Russian company joining the fray.