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Gold/Mining/Energy : Mosenergo ADR

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To: Copperfield who started this subject11/13/2003 7:20:55 AM
From: Copperfield   of 241
 
AO MOSENERGO advises MinAtom's residential services to use alternative providers of heat in winter

22.10.2003 ã.

As of today, residential organizations of the Ministry for the Nuclear Power (MNP) owe AO MOSENERGO more than 29 mn rubles for consumed heat. These organizations, which operate heat supplies to MNP's residential premises, has not paid regularly or in full for consumed heat for last two years.

AO MOSENERGO has tried many times to resolve the debt problem. However, neither debt-restructuring proposals nor appeals to Minatom's leadership have influenced the debtors. The numerous rulings of the Moscow Arbitration Court on recovering the debts from these organizations remain unfulfilled. In accordance with court rulings the residential organizations have to pay AO MOSENERGO 15 mn rubles.

MNP's residential organizations have refused to cooperate not only with AO MOSENERGO but also with the Moscow government. The Moscow government has suggested many times that debtors should transfer their residential premises to municipal ownership. However, the problem has not been resolved.

As a result, the residents of these building have become hostages to the irresponsible policies of these residential organizations. Not in a position to supply free heat to these customers AO MOSENERGO stopped heat supplies to them after summer maintenance. Soon after they started to accuse AO MOSENERGO of arm-twisting and speculating about the residents' feelings.

Despite the huge debt of MNP's residential organizations, AO MOSENERGO has prepared the heating infrastructure to prepare MNP's buildings for winter. Furthermore, AO MOSENERGO carried out heating trials in these premises to make sure of the reliability of the system. However, due to the failure of these organizations to redeem debts, AO MOSENERGO has to deny heat supplies to them.

Because of the lack of action and responsibility of the management of these organizations, the heating season for hundreds of residents of these buildings may be delayed or fail to start at all. Taking into account their deep desire to dodge payments AO MOSENERGO would recommend that the management of these organizations look for alternative suppliers of heat before the winter starts.
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