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Gold/Mining/Energy : Mosenergo ADR
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To: Copperfield who started this subject4/1/2003 12:06:48 PM
From: Copperfield   of 241
 
Teploremontnaladka's debt exceeded 194 million rubles

Teploremontnaladka (TRN) has not yet paid its debts to AO MOSENERGO for February. TRN explicitly violated the payment-discipline and power-supply agreement from the start of 2003.

TRN provides heat to the population in the eastern part of Moscow. The enterprise holds on its balance 500 heat distribution stations, which receive heat from AO MOSENERGO.

As AO MOSENERGO has already stated, the payment discipline had substantially worsened after the Unified Settlement Centers (USC) had been set up in Moscow last year. Before, TRN used to collect payments independently from consumers and pay power bills on time. Now the duty of customer settlements has been assumed by USC and payments reach suppliers with lengthy delays. For example, TRN paid AO MOSENERGO for heat in December heat only in mid-February.

AO MOSENERGO has not once negotiated the issue with TRN, urging the company to take immediate measures to address the problem of the debt.

AO MOSENERGO has warned TRN about possible power cut-offs at TRN office. However, these measures have not yielded any effect. As a result, AO MOSENERGO will face difficulties in its own operations. Moreover, similar problems have arisen with other organizations using USC. Every ten days AO MOSENERGO has to pay Gazprom for gas supplies. In addition, in March AO MOSENERGO started to prepare for the next heating season. The payments from customers constitute a considerable share of funds used for preparation of the next heating season. To prevent delays in the preparation schedule, AO MOSENERGO has to receive payments from its customers on time.
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