Reforming state-owned enterprises can be an extraordinarily complex activity but it is underpinned by a single clear goal.
Rafayil is in charge of energy reforms and corporate restructuring of state-owned enterprises (SOEs) in Uzbekistan and Georgia. He has a decade of experience on SOE reforms and corporate restructuring. Before joining ADB, Rafayil worked for Azerbaijan’s state electricity company AzerEnergy. His expertise covers investment, strategy and restructuring, including assets evaluation, IFRS adoption, performance monitoring and reporting, and corporate ratings.
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State-owned enterprises, including power utilities, in many countries have collected a menagerie of assets unrelated to their core business. And they are selling cheap.
Uzbekistan wants to reform its power utility to change the way it trades energy with its four neighbors.
It’s time for Central Asian power utilities to develop a new corporate strategy based on three areas of action.
SOE reforms in the energy sector should be time-bound, and focus on accountability and performance.