In January, 2017, the situation with nonpayments of the Provider of Last Resort, Chuvash Power Sales Company, JSC, for power transmission services delivered by Chuvashenergo, a branch of IDGC of Volga, PJSC (subsidiary of Rosseti, JSC), remained challenging.
As of January 01, 2017, the overdue debt amounts to 834 M rubles. In the beginning of the year, the Provider of Last Resort made no efforts to settle its debt to IDGC of Volga, PJSC, except for a mutual offset in the amount of 60.9 M rubles.
Therefore, overdue debt of Chuvash Power Sales Company as of February 01, 2017 rocketed up to 1,120.7 M rub.
By mid-February, the Provider of Last Resort managed to partially curtail its debt by 317.5 M rub. “due to” its largest debtor, Corporate Management Company Concern Tractor Plants, LLC, that partially settled its past due debt in the amount of 217 M rub. Nevertheless, the situation is still acute.
Chuvashenergo takes all reasonable efforts to prevent further growth of the debt by negotiating debt settlement schemes with its debtors, meeting Heads of municipal units, appealing to the prosecutor’s office and Ministry of Construction of the Chuvash Republic and pursuing a sweeping claim management campaign.