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IDGC of Volga

November 10, 2017

Once again, electricity supplier of last resort in Chuvashia made accrual of debts for electricity transmission services

As of November 01, 2017, the undisputed overdue amount payable by Chuvash Energy Sales Company, JSC, a Supplier of Last Resort, exceeded one billion rubles. Still yet a month ago this amount was 833.7 million rubles.

Debts of ChESC, JSC for electricity transmission services to IDGC of Volga, PJSC (a member of Rosseti Group of Companies) continue to accrue over the past several years. The power grid company makes all possible efforts to reduce its accounts receivable, and the situation stabilized over the first nine months of 2017. Chuvash Energy Sales Company, JSC made payments to cover currently invoiced charges for electricity transmission services, avoiding accumulation of overdue debts. However, ChESC, JSC paid only 30 million rubles in October though its liabilities amounted to 279.5 million rubles.

Other contracting parties local grid operators are in arrears with their payments. For example, debts of Public Utilities Technologies, LLC reached 3.9 million rubles, Elektrotekhmontazhlaboratoriya Plus, LLC 6.8 million rubles, and Energoaktiv, LLC 3.2 million rubles.

Debts of Novocheboksarsk Municipal Electric Networks continue to accumulate, reaching 18.9 million rubles. A campaign to reduce overdue accounts receivable is underway at Chuvashenergo, a branch of IDGC of Volga, PJSC. Specialists of the branch actively carry out debt collection and recovery activities using the complaints procedure, with the result that bad payers have to pay large late payment interest in addition to outstanding amounts. H

owever, such debt collection practice through legal proceedings can be a very time-consuming process, while IDGC of Volga, PJSC has to regularly finance operational expenses to maintain the stability and integrity of the interconnected power grid and to fulfill their own commitments to contractors.




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