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Unified Energy System

July 31, 2003

RAO "UES of Russia" takes steps to improve energy payments discipline

Moscow, 31 July. Housing sector enterprises remain major debtors of entities of the Holding Company of RAO "UES of Russia". As at 1 July 2003 their debts reached RUB34,319 million (or 44% of the total debts owed to the Holding Company). The debts owed by industrial companies make RUB17,263 million (22%), by agricultural consumers RUB7,868 million (10%), and by households RUB4,671 million (6%).

The total consumer debt owed to the Holding Company's entities was RUB77,777 million as at 1 July 2003. In some regions, despite the insistent calls from energy companies to ensure timely payment for electricity and heat, consumers still fail to make timely payments due for the power consumed. The situation is most critical in Astrakhan Region, Kostroma Region, Smolensk Region, Arkhangelsk Region, Saratov Region, Ulyanovsk Region, Kurgan Region, Kirov Region, and Kamchatskaya Region, and the Republics of Ingushetia, Kabardino-Balkaria, Karachay-Cherkessia, North Ossetia, and Kalmykia.

In the first half of 2003, the entities of the Holding Company of RAO "UES of Russia" sold heat and electricity worth RUB338,238,701 thousand. On the average in RAO "UES of Russia", consumers have paid in full for the electricity and heat supplied.

Advances for the electricity and heat supplied to consumers have increased significantly throughout the energy utility. For instance, as at 1 July 2003, consumers paid RUB5.79 billion for future supplies of power, an increase of RUB 850 million from the same date last year.

Meanwhile, companies of RAO "UES of Russia" are taking steps to ensure that consumers timely pay for their current power consumption and reduce the accumulated arrears. In H1 2003, OAO "Novosibirskenergo", OAO "Mosenergo", OAO "Kalugaenergo", OAO "Ivenergo", OAO "Bryanskenergo", OAO "Dalenergo", OAO "Penzaenergo", OAO "Lipetskenergo", OAO "Dagenergo", OAO "Yarenergo" achieved the most success in reducing their receivables.

RAO "UES of Russia" supports the steps taken by its subsidiaries in strict compliance with the laws in force, which are aimed at fulfilling the requirement of the Russian Government to ensure that no energy is supplied without payment. Full and timely payment for the power consumed and recovery of overdue debts will enable energy companies to ensure more reliable power supply to consumers.




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