According to the official web-site of the company, Norilsk Mining and Metallurgical Combine named after A.P. Zaveniagin (part of the Norilsk Nickel Group) acquired a 100 per cent shareholding in OJSC Taimyrenergo at a price of 7.29 billion roubles at an open auction. There were four participants in the auction, and the proposed price arrived at as a result of the auction exceeded the auction’s opening price by 1.34 billion roubles.

After the close of the auction, a purchase and sale agreement was signed with OJSC Norilsk Mining and Metallurgical Combine named after Zaveniagin for the purchase of a 100 per cent shareholding in OJSC Taimyrenergo. The acquisition of OJSC Taimyrenergo will guarantee energy security to MMC Norilsk Nickel, and the fact that a 100 per cent shareholding in the company has been acquired also means that the Norilsk Nickel Group will be able to meet its own energy needs as well as being able to provide for the heating and energy needs of the Norilsk Industrial Region.

On October 1 2005, the assets of Taimyrenergo and PO Norilskenergo were leased out to OJSC Norilsk – Taimyr Energy Company for a period of 10 years. Forty nine percent of the shares in the company belong to RAO UES Russia, and fifty one pre cent to MMC Norilsk Nickel. The Norilsk region is peculiar in that it is isolated from Russia’s energy supply system. The main consumer of electricity in the region (accounting for more than 90 per cent of demand) is MMC Norilsk Nickel.