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Gold/Mining/Energy : Mosenergo ADR

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To: Copperfield who started this subject	10/1/2003 12:09:16 PM
From: Copperfield	of 241

Some AO MOSENERGO consumers are not prepared for winter 23.09.2003 ã. AO MOSENERGO has completed preparations for the heating season. The Company invested substantial sums to get prepared for winter. On maintenance works in Heating Grids alone it spent more than 3.5 billion rubles to eliminate possible problems for consumers during the winter. On September 22, AO MOSENERGO started trial heating at social-purpose facilities in Moscow. After the Moscow government decides to open the heating season, the heat will be supplied to all AO MOSENERGO consumers. However, around 270 AO MOSENERGO consumers (469 contracts) are not prepared for the next heating season. Up to this time they have not paid debts inherited from last heating season. The total debt totals 280 million rubles. Many consumers have applied little to no effort to resolve the debt problem. AO MOSENERGO is worried that its efforts to ensure smooth heating operations during the winter will be marred by the irresponsible actions of some consumers not willing to meet their contractual obligations. Major AO MOSENERGO debtors will be drawn up in a list of consumers incurring debts for consumed heat as of September 1, 2003.

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