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Unified Energy System

August 2, 2004

RAO "UES of Russia" announces its sales results for the first 6 months of 2004

Moscow, 2 August 2004. RAO "UES of Russia" is concerned about the decrease in the consumer payments for electricity and heat. In the first six months of 2004, payment of energy bills throughout the Holding Company made only 98%. As a result, since the beginning of 2004, the consumer debt to the Holding Company's entities has grown by over RUB6.8 billion to RUB74.6 billion. This is primarily due to the fact that some regional leaders have not only failed to meet their commitments to repay the debts of previous years, but also do not pay their current energy bills. It primarily concerns the Sakhalin and Ulyanovsk Regions, republics of Kalmykia and Buryatia, and North Caucasian republics (except Dagestan).

The lower level of payment for electricity and heat is typical of enterprises of the residential utilities sector, wholesale resellers, and consumers funded from local budgets. According to data available to RAO "UES of Russia", in January to July this year, the debt owed by the residential utilities increased by RUB1.8 billion to RUB32.9 billion. Wholesale resellers' debt grew RUB2.2 billion to RUB 23.7 billion. The debt owed by agencies funded by local authorities rose RUB1.6 billion to RUB10.6 billion.

Because of the low level of payments in some regions of Russia, the energy companies of RAO "UES of Russia" do not have sufficient funds to purchase fuel and carry out repairs*, most of which falls on the second and third quarters. For instance, because of consumer non-payments, the repairs at energy enterprises in Ulyanovsk Region lag behind the schedule by one and a half months. This means that OAO "Ulyanovskenergo" will not be able to duly prepare for the next heating season. In this connection, the energy enterprises are forced to apply the measures provided by the laws, including limiting energy supply to the amount of electricity paid for. It should be noted that responsibility for the power supply restrictions rests entirely with the municipal authorities.

* Data as of 1 July 2004.

 

 

 

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