Putin wants electricity sector probe

The Russian prime minister called for an investigation into national utility companies to raise the bar for transparency in the energy sector. Russian Prime Minister Vladimir Putin said during a meeting at the Sayano-Shushenskaya hydroelectric station in Siberia that corruption investigations at utility companies are forthcoming. "We must have absolute clarity and understanding on the ownership structure, real shareholders and beneficiaries," he said. "There are examples when real shareholders of sales companies aren't known -- everything is hidden in offshore companies." Putin said reforms were needed in the country's electricity sector, noting tighter control was needed over the management at state utility companies. He said that while Russian consumers should pay a fair price of energy, there is no justification for what he described as exorbitant prices. Russia's Federal Anti-monopoly Service announced last year it was considering a series of measures against domestic oil companies for manipulating prices on the domestic market. FAS officials said they wouldn't tolerate "unjustified" increases in price.