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MOSENERGO (TGC-3)

May 18, 2001

In 2000, AO MOSENERGO' sales of heat and electric energy reached 33,167.9 million rubles

In 2000, AO MOSENERGO sales of heat and electric energy reached 33,167.9 million rubles, Aleksandr Remezov, general director of AO MOSENERGO, said at the annual shareholders meeting which is currently being held in the town of Dzerzhinskii (Moscow region). During the period payments for supplied heat and electric energy reached 109.1 percent. According to Remezov, this is a result of moves that were made by the company, including giving up mutual crediting, taking a tough stance on delinquent debtors and switching to budgeting.

In 2000, AO MOSENERGO's receivables went down by 18 percent, from 17.3 billion rubles to 14.2 billion rubles. During the same period accounts payable were cut by 21.7 percent, from 14.5 billion rubles to 11.4 billion rubles.

Accounts receivable continued to shrink in the first quarter of 2001, Remezov said. By the end of the first quarter, payments for supplied heat and electric energy reached 101 percent. In April 2001, payments rose to 104 percent. In 2001, AO MOSENERGO plans to cut receivables by five billion rubles.

The company is keen to restructure accounts receivable. AO MOSENERGO's CEO praised the work done in these areas by Vyacheslav Golovkin, director of Energosbyt, sales division of the company, Ruslan Balikoev, director of Teplovye Syeti, the heating grid division, and Vitaly Kuzmin, deputy general director of AO MOSENERGO.

 

 

 

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