Power engineering specialists will have to meet expensive loans on markets and reduce of gross receipt because of fall in electric power supply.

Government of the Russian Federation approves investment programs of major electric power enterprises for the years 2009-2011, the Head of the Ministry of Industry and Energy of RF Sergey Shmatko reported.

According to his words, a general reduction of investment programs in energy sector in 2009 is about 40% from the levels inquired by power engineering specialists in the August 2008. “Nevertheless, the investment program for the year 2009 is balanced enough in spite of its implementation in hard financial conditions,” said Shmatko.

He explained that specialists would have to meet expensive loans on markets and reduce of gross receipt because of a fall in electric power supply. Shmatko also added that they would probably have to change term of several projects.

As it was reported earlier, in 2009 the main financial source of investment programs of the companies with a state share in authorized capital stock are means which are fixed in tariffs (depreciation and special-purpose  capital assets) and amount to RUR 174 billion.

In addition, power engineering specialists will get RUR 134 bn from the budget, RUR 64 bn from payment for technological connection, RUR 54 b from borrowed current assets, RUR 52 bn from sales of assets belonging to JSC RAO “UES of Russia”.

Around RUR 40 bn will be directed to financing of investment programs at the expense of own and involved sources (including profits, VAT refund, funds of private investors and others).