Joint Stock Company Inter RAO UES (Russian: Открытое акционерное общество «ИНТЕР РАО ЕЭС», short form: Inter RAO), traded as (MICEX-RTS: IRAO, is a diversified energy holding company headquartered in Moscow, Russia. Its business includes power and heat generation, electricity supply, international energy trading, engineering, design and development of electric power infrastructure. In addition to Russia it controls several energy companies outside Russia including thermal and hydro power plants, grid operators and energy traders. It holds a monopoly on the export and import of electricity in Russia.

Inter RAO is one of the largest Russian public energy companies by market capitalization which exceeded US$10.5 billion at the end of 2011. In fiscal year 2011 the company reported a revenue of USD 18.24 bn (versus USD 15.28 bn in 2010) and net income of $1.41 billion (vs $614 billion in 2010). At the end of 2011 Inter RAO Group had more than 47,000  employees.

Inter RAO was established in 1997 as a subsidiary of the Russian unified power company RAO UES. Its initial focus was international energy trading.

The Unified Energy System (OAO RAO UES of Russia; Russian: ЕЭС России or Russian: Единая Энергетическая Система) was an electric power holding company in Russia. It controlled about 70% of Russia's installed electric capacity, 96% of its high-voltage grid and over 70% of its transmission lines. In addition to the Russian market, RAO UES exported electricity to Scandinavia and to other members of the CIS. The last head of RAO UES was Anatoly Chubais.

Unified Energy System of Russia was established by Presidential Decree #932, signed on August 15, 1992, as an electric energy holding company. Most of the state-owned electric energy assets, such as thermal and hydroelectric power plants, transmission lines, state-owned shares in power, research & engineering, and construction companies were transferred to RAO UES, with the exception of any assets related to nuclear energy. In total, RAO UES owned more than 70 of the energy companies and more than 40 of the power plants with federal-level importance. It also owned the transmission system operator, Federal Grid Company, (or, RAO FGC, the current successor of RAO UES and the operator of Russia's wide area transmission network) and the system operator of the Centralized Dispatching Administration (OAO SO-CDA). The first head of the company was Anatoly Dyakov, who held the positions of President and Chairman of the Directors Council.