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  Wednesday, October 16, 2019
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Anatoly Chubais, who headed Russia's electricity monopoly UES until
Anatoly Chubais, who headed Russia's electricity monopoly UES until it was dissolved on Monday, raised $70,000 for a children's home by auctioning his office chair, a source at the auction said on Wednesday.

The source said the buyer, a strategic investor in the reorganization of Unified Energy System, bought the chair for 1.6 million rubles on Monday.

During his last news conference as UES CEO, Chubais said the chair would be sold at a closed auction and that the funds would go to a children's home that had been sponsored by UES.

The company's shareholders voted in late October to reorganize the electricity holding to end its monopoly status. The ongoing liberalization process for Russia's power market is expected to be completed by 2011.

Six offshore wholesale generating companies and 14 regional power generators have been spun off from the monopoly. In addition, all hydro power generators have been integrated into HydroOGK, which was renamed RusHydro earlier this month.

Speaking about his future career, Chubais said that he had already received a job offer from Russian President Dmitry Medvedev. The position will be discussed in September, after Chubais's a vacation.


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