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Rosseti Volga

September 24, 2015

The last resort power supplier for the Saratov Region is not able to guarantee pauments

In September 2015, indebtedness of Saratovenergo, PJSC to IDGC of Volga, PJSC (a member of Rosseti Group of Companies) for provided power supply services reached 945.9 million rubles. In the beginning of this year, a similar situation occurred and IDGC of Volga, PJSC had already made advances to the retail company by giving its consent to debt restructuring. However, the extra time and favorable payment conditions offered to Saratovenergo did no good for the company. Upon the very first month of repayment of the restructured debt amount, the retail company started to increase its debts for current payments again. The debt of the retailer to the power grid company increases again, and Saratovenergo not only violates payment discipline in relation to IDGC of Volga, but also fails to fulfill the resolutions of the Headquarters for Power Supply Security under the Government of the Saratov region. In accordance with the Headquarters' resolution passed on September 09, 2015, management of Saratovenergo, PJSC had to take measures to eliminate its indebtedness and co-ordinate the schedule for its repayment with IDGC of Volga, PJSC by September 18. However, no schedule has been submitted to IDGC of Volga by the moment. Saratovenergo, PJSC is obviously unable to fulfill its obligations. The solvency of the power retail company, effectiveness of its customer management and ability to perform the functions of a last resort supplier for the Saratov region are now open to question.

 

 

 

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