Federal Grid Company was established in June 2002 for the purpose of operating and managing the electricity transmission grid infrastructure of the Unified National Electric Grid (UNEG).
Federal Grid Company was established in the course of the restructuring of the Russian electricity industry. Before the restructuring was launched in 2001, RAO UES of Russia, a natural monopoly and a state-owned electricity holding company was responsible for generation, transmission, distribution and supply of electricity as well as related repair and dispatching operations in Russia.

Federal Grid Company owns, operates or manages the UNEG. The UNEG comprises electricity transmission lines and substations. Federal Grid Company owns the majority of electricity transmission grids constituting the UNEG. As of 31 December 2015, Federal Grid Company operates 139.1 thousand kilometers of electricity transmission lines and 931 substations which are included into the UNEG.

Federal Grid Company is the largest publicly traded electricity transmission company in the world by length of transmission lines and transformer capacity of 110kV or above. Federal Grid Company acts as the natural monopoly operator for the UNEG. Its principal operating activities consist of providing electricity transmission services, providing connection to the electricity grid to participants in the wholesale energy market, maintaining the electricity grid system, technical supervision of grid facilities and investment activities in the development of the UNEG. Federal Grid Company operates electricity grid equipment in 77 regions of the Russian Federation, covering an area of approximately 15.1 million square kilometers and with a total capacity of 334.5 GVA as of 31 December 2015. Federal Grid's main customers are distribution grid companies, certain large commercial end customers and retail electricity supply companies.

On 22 November 2012, the President of the Russian Federation Vladimir Putin signed a decree “On Open Joint Stock Company Russian Grids”. The decree stipulates that MRSK Holding should be renamed into OJSC Russian Grids and that a 79.55% stake in Federal Grid Company currently owned by the Russian Federation should be included in the share capital of OJSC Russian Grids by the way of payment for additional shares to be issued by OJSC Russian Grids by the Russian Federation.