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Gold/Mining/Energy : Mosenergo ADR

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From: Copperfield11/26/2004 6:58:35 AM
   of 241
 
JOINT STOCK COMPANY of "Mosenergo - Moscow Regional Administration of
Power System Management" turned to the government RF with the request
to interfere into the situation with the debts of the Ministry of
Defense

26.11.2004 g.
g. Moscow

The debts of Defense Ministry RF before JOINT STOCK COMPANY of
"Mosenergo - Moscow Regional Administration of Power System
Management" for the consumed thermal and electrical energy exceeded
436 million rubles. The management of energy company directed the letter to the chairman
of government RF Mikhail Fradkov with the request to urgently
interfere into the situation and to solve the problem of nonpayments.

In 10 months of 2004 JOINT STOCK COMPANY of "Mosenergo - Moscow
Regional Administration of Power System Management" it placed to
organizations, financed from the means of federal budget, electrical and thermal energy for the sum of 4,7 billion rubles. As of on 1 November federal ministries and departments paid about 4,3
billion rubles or 91,3%. Among the important debtors OF JOINT STOCK COMPANY of "Mosenergo -
Moscow Regional Administration of Power System Management" -
Minobrnauki RF (34,1 million rubles), Justice Department RF (23,5 million. rubles) and MVD RF (14,5 million rubles). However, the organizations of the Ministry of Defense RF are
indisputable leader among the nonpayers - their summary debts before
the energy company is 436,6 million rubles.

Federal ministries and department did not carry out their
responsibilities for the guarantee of total and timely payment, after destroying thus the appropriate decisions of government RF. JOINT STOCK COMPANY of "Mosenergo - Moscow Regional Administration of
Power System Management" repeatedly was turned to the organizations, financed from the federal budget, and also into the Board of Exchequer RF, however, problem so was not regulated.

JOINT STOCK COMPANY of "Mosenergo - Moscow Regional Administration of
Power System Management" cannot "give" its production, since the deficiency of means from the sale of energy substantially
hampers the accomplishment of the most important production objectives
of company, such as: the purchase of fuel, modernization and the repair of equipment. As a result the reliability of the power supply of subscribers is
reduced, including federal users.
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