OGK-3
OGK-3 was a Russian electricity-generation company formed during the restructuring of RAO UES and later merged into Inter RAO.
Last updated August 31, 2026
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Overview
OGK-3, also known as the Third Generation Company of the Wholesale Electricity Market or WGC-3, was a Russian power-generation company created during the restructuring of the state-controlled RAO UES electricity holding. Established in 2004 through the consolidation of six generating companies, it was part of a broader effort to separate electricity generation, transmission, distribution, and other functions within Russia's wholesale power market. The company operated a portfolio of large thermal power stations distributed across several Russian regions. Its assets included the Kostroma State District Power Station, the Pechora State District Power Station, the Cherepetsk State District Power Station, the Kharanorsk State District Power Station, the Gusinoozersk State District Power Station, and the Yuzhnouralsk State District Power Station. Together, these facilities represented several gigawatts of installed generating capacity and supplied electricity to Russia's wholesale market. OGK-3's registered office was in Ulan Ude, in the Republic of Buryatia, while its headquarters were located in Moscow. OGK-3 became an important corporate vehicle in Russia's electricity-sector liberalization and privatization process. In 2007, the company issued new shares, after which Norilsk Nickel became its largest shareholder. This change linked the power producer to one of Russia's major industrial groups and gave OGK-3 a shareholder structure distinct from its original RAO UES formation. The company also expanded beyond conventional power generation. In 2008, OGK-3 acquired a 24.99 percent interest in Rusia Petroleum, the operator of the Kovykta gas field. The investment was strategically related to access to natural-gas resources, but Rusia Petroleum later entered bankruptcy in 2010, weakening the value and prospects of that asset. OGK-3 was ultimately absorbed into the Inter RAO group. In December 2010, Inter RAO announced an agreement to acquire Norilsk Nickel's stake, which would raise Inter RAO's ownership to approximately 85 percent. The corporate integration was completed in 2012, when OGK-3 was merged into Inter RAO. As a result, OGK-3 ceased to exist as an independent power company and brand. Its history is therefore closely connected with the restructuring of RAO UES, the development of Russia's wholesale electricity market, Norilsk Nickel's diversification into power generation, and Inter RAO's consolidation of generating assets.
History
OGK-3 was created in 2004 as one of the generation companies established during the restructuring of RAO UES, Russia's state-controlled electricity holding. The restructuring sought to reorganize the electricity industry by separating generation from other parts of the former vertically integrated utility structure and by creating companies oriented toward the wholesale electricity market. OGK-3 was formed through the merger of six electricity-generation companies and inherited a substantial portfolio of thermal power assets. The company's registered office was in Ulan Ude, in Buryatia, and its headquarters were in Moscow. Its operating portfolio comprised six major power stations: Kostroma SDPP, Pechora SDPP, Cherepetsk SDPP, Kharanorsk SDPP, Gusinoozersk SDPP, and Yuzhnouralsk SDPP. The stations were located in different regions of Russia and gave OGK-3 a broad geographic footprint in the country's wholesale electricity system. The generating fleet included approximately 8.5 gigawatts of stated installed capacity across the listed stations, although the available reference material does not provide operating-output or utilization figures. A major ownership change occurred in 2007. After OGK-3 issued new shares, Norilsk Nickel became the company's largest shareholder. The transaction altered the company's ownership profile and connected its power-generation business with a large Russian metals and mining group. OGK-3 remained publicly traded on the MICEX-RTS stock exchange during this period, but the available material does not specify its ticker, market capitalization, or financial performance. OGK-3 also pursued an investment outside its core generating business. In 2008, it acquired a 24.99 percent stake in Rusia Petroleum, the operator of the Kovykta gas field. The transaction offered a potential link between power generation and upstream gas resources. However, Rusia Petroleum entered bankruptcy in 2010, creating a significant negative development for the investment and illustrating the risks associated with the company's diversification beyond electricity generation. The next major phase was consolidation under Inter RAO. In December 2010, Inter RAO announced that it would acquire Norilsk Nickel's stake in OGK-3. The transaction was expected to increase Inter RAO's ownership to approximately 85 percent. This acquisition formed part of the continuing consolidation of Russian power-generation assets following the RAO UES restructuring. In 2012, OGK-3 was merged into Inter RAO. The merger ended OGK-3's independent corporate existence, and the company is consequently treated as defunct rather than as an active standalone brand. OGK-3's historical importance lies primarily in its role as a product of Russia's electricity-market reform. It combined a large thermal-generation portfolio with a period of changing ownership, public-market trading, industrial-group control, and eventual integration into a larger power company. Its principal identity was that of a wholesale electricity generator rather than a consumer-facing brand.
- 2012
Merger into Inter RAO
[1]OGK-3 was merged into Inter RAO and ceased operating as an independent company.
- 2010
Rusia Petroleum bankruptcy
[1]Rusia Petroleum entered bankruptcy after OGK-3 had acquired its minority interest.
- 2010
Inter RAO announces control transaction
[1]Inter RAO announced plans to acquire Norilsk Nickel's stake and raise its ownership of OGK-3 to about 85 percent.
- 2008
Investment in Rusia Petroleum
[1]OGK-3 acquired a 24.99 percent interest in Rusia Petroleum, operator of the Kovykta gas field.
- 2007
Norilsk Nickel becomes the largest shareholder
[1]A new share issue resulted in Norilsk Nickel becoming OGK-3's largest shareholder.
- 2004
Formation through RAO UES restructuring
[1]OGK-3 was formed by merging six electricity-generation companies during the restructuring of RAO UES.
Products and positioning
A Russian wholesale electricity-generation company created as part of the restructuring of RAO UES, with a geographically distributed portfolio of large thermal power stations.
Electricity generation · 2004
Wholesale electricity generation
OGK-3's core activity was the generation and sale of electricity into Russia's wholesale electricity market. The company operated a geographically distributed portfolio of large thermal power stations rather than selling a consumer-facing branded product. Its generation assets supplied electricity and associated market capacity to the Russian power system.
Power infrastructure · 2004
Thermal power-station portfolio
The company's principal operating assets were Kostroma SDPP, Pechora SDPP, Cherepetsk SDPP, Kharanorsk SDPP, Gusinoozersk SDPP, and Yuzhnouralsk SDPP. These facilities formed the industrial base of OGK-3 and provided generation capacity across multiple Russian regions.
Brand decisions
2012
Merger into Inter RAOM&ABackground
After Inter RAO had become the controlling shareholder, the companies proceeded with corporate integration.
Action taken
OGK-3 was merged into Inter RAO.
Aftermath
OGK-3 ceased to exist as an independent company and became part of Inter RAO's consolidated business.
2010
Inter RAO's acquisition of Norilsk Nickel's stakeM&ABackground
Following changes in the Russian power sector and OGK-3's ownership, Inter RAO moved to consolidate the generating company.
Action taken
Inter RAO announced the acquisition of Norilsk Nickel's OGK-3 stake, which would increase its ownership to approximately 85 percent.
Aftermath
The transaction preceded OGK-3's eventual merger into Inter RAO in 2012.
2008
Acquisition of a minority stake in Rusia PetroleumM&ABackground
OGK-3 sought to diversify beyond electricity generation by obtaining exposure to the Kovykta gas field through Rusia Petroleum.
Action taken
The company acquired a 24.99 percent interest in Rusia Petroleum, the field's operating company.
Aftermath
Rusia Petroleum entered bankruptcy in 2010, leaving the investment associated with a distressed upstream gas asset.
Recent events
- 2012
OGK-3 is merged into Inter RAO[1]
M&A
OGK-3 was merged into Inter RAO, ending its existence as an independent company.
- 2012
OGK-3 merged into Inter RAO[1]
M&A · Leadership change
OGK-3 was merged into Inter RAO and ceased operating as a separate company.
- 2010
Rusia Petroleum enters bankruptcy[1]
Bankruptcy
Rusia Petroleum, in which OGK-3 held a minority stake, entered bankruptcy, affecting the company's gas-sector investment.
- 2010
Inter RAO announces acquisition of Norilsk Nickel's OGK-3 stake[1]
M&A
Inter RAO announced that it would acquire Norilsk Nickel's interest in OGK-3, increasing its ownership to approximately 85 percent.
- 2010
Rusia Petroleum entered bankruptcy[1]
Bankruptcy
The gas-field operator in which OGK-3 held a minority interest entered bankruptcy.
- 2010
Inter RAO announced acquisition of Norilsk Nickel's OGK-3 stake[1]
M&A
Inter RAO announced that it would acquire Norilsk Nickel's holding in OGK-3, increasing its ownership to approximately 85 percent.
- 2008
OGK-3 acquires a stake in Rusia Petroleum[1]
M&A
OGK-3 purchased a 24.99 percent interest in Rusia Petroleum, the operator of the Kovykta gas field.
- 2008
OGK-3 acquired a stake in Rusia Petroleum[1]
M&A
OGK-3 acquired 24.99 percent of Rusia Petroleum, which operated the Kovykta gas field.
- 2007
Norilsk Nickel becomes OGK-3's largest shareholder after a new share issue[1]
Other
Following the issuance of new OGK-3 shares, Norilsk Nickel became the company's largest shareholder.
- 2007
Norilsk Nickel became OGK-3's largest shareholder[1]
M&A · Other
After OGK-3 issued additional shares, Norilsk Nickel became the company's largest shareholder.
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