Takhiatash TPP to be returned to state control

The Takhiatash Thermal Power Plant (TPP), which was placed under the trust management of Smart Integrity ME LLC two and a half years ago, will be returned to the state within one month. The decision to terminate the management agreement was outlined in a presidential decree issued on February 25, titled "On measures to increase the efficiency of activities of enterprises with state participation and commercial banks."

Following the transfer, the power plant will reintegrate into the structure of Thermal Power Plants JSC. While the decree confirms the transition, no official explanation has been provided regarding the specific reasons for the termination of the trust management contract.

Background and financial performance

Takhiatash TPP stands as one of the largest energy enterprises in the region, serving as the primary electricity provider for the Republic of Karakalpakstan and the Khorezm region. The station was handed over to Smart Integrity ME LLC on September 18, 2023, under a formal trust management agreement.

Financial data indicates a significant downward trend in the plant's net profit over recent years:

2021: UZS 382.9 billion
2022: UZS 56.6 billion
2023: UZS 4.37 billion

Financial reports for the year 2024 have not yet been made public.

Ownership and management context

Open-source data reveals that Smart Integrity ME LLC was registered on January 6, 2023. The company’s sole founder is New Industrial Technologies, an organization that previously acquired the Paynet payment organization and the Humo payment system. Additionally, the group holds a 49% stake in Asian Chemical Group, which manages the Dehkanabad Potash Plant.

The return of Takhiatash TPP follows a similar pattern observed with other major energy assets. In 2023, the Angren and New Angren TPPs were also returned to state control after incurring losses totaling UZS 1.5 trillion over a three-year period under private management.

Currently, the status of the Tashkent and Navoi TPPs, which were also reportedly under the same management structure, remains unclear, as no official updates have been provided regarding their existing ownership or management rights.