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Gold/Mining/Energy : Mosenergo ADR
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To: Copperfield who started this subject4/8/2003 3:49:27 AM
From: Copperfield   of 241
 
Debt of state-funded consumers to AO MOSENERGO considerably grew

According to data in the first three months of 2003, state-funded enterprises have paid for only 66% of consumed power. The electricity and heating debts of these organizations have grown from 226 mln rubles (as of January 1, 2003) to 771 mln rubles. As of April 1, 2003, the biggest debts have been accumulated by the Ministries of Defense (371 mln rubles), Interior (29 mln rubles), Education (heating only, owing 67 mln rubles), Health (30 mln rubles), Justice (16 mln rubles) and the Russian Academy of Sciences (37 mln rubles).

Only two ministries—Education and Communications—have paid in full for electricity supplied in the first quarter of 2003.

Insufficient payments by federal entities make it impossible for AO MOSENERGO to guarantee the continuous and reliable power supply for state-funded enterprises.

The responsibility for possible power cut-offs provoked by non-payment is thus laid upon the heads of state-funded entities that choose not to pay for consumed power.
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