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Unified Energy System

September 24, 2004

RAO "UES of Russia" and Rosenergoatom to take measures to settle energy debts of RAO UES SDCs to Rosenergoatom

Moscow, 24 September 2004. RAO "UES of Russia" and FGUP Concern "Rosenergoatom" will take all necessary measures to settle the debts owed by the subsidiaries and dependent companies ("SDCs") of RAO "UES of Russia" to Rosenergoatom for the electricity purchased on the FOREM.

An agreement to that effect was reached at the meeting of the Chairman of the Management Board of RAO "UES of Russia" Anatoly Chubais and the head of the Federal Agency for Nuclear Energy Alexander Rumyantsev.

The settlement of the debts owed by RAO UES entities will be carried out in accordance with the mechanism to be agreed by the parties. The core departments of RAO "UES of Russia" and Rosenergoatom will jointly work out a series of measures to address this problem so as to normalize the payments situation and promote the implementation of the reform plans. If a mutually agreed mechanism for debt settlement is created, Rosenergoatom will discontinue its current practice of sending creditor's claims of early repayment of debts to the energy companies of RAO "UES of Russia" that are being reorganized, and withdraw from Arbitration Courts its applications to impose interim injunctions on the energy companies.

Regional energos of RAO "UES of Russia" have started to actively repay their debts to Rosenergoatom entities. Since the beginning of the year, the overall debts owed to Rosenergoatom have declined by RUB200 million to RUB 4.7 billion.

The consumers' indebtedness owed to the regional energos of RAO "UES of Russia" for the electricity and heat is in excess of RUB72 billion. In the course of reorganization of regional energos, their accounts payable and receivable will be distributed among the spin-off companies. In particular, part of the payables will be transferred to the energy retail companies. These debt obligations will be backed by proceeds from the sale of electricity and heat which will be transferred from the reorganized regional energos to energy retail companies.

 

 

 

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