As of October 9th, 2009, JSC RusHydro (ticker symbol: HYDR; MICEX, RTS and LSE) announces that the debts of enterprises and organizations on the wholesale and retail electric power and electric capacity market, including debts to electric power suppliers integrated into the RusHydro Holding, totaled 6,034.68 million rubles.
Debts on the wholesale electric power market grew by 372,159,560 rubles month-on-month and now stand at 3,918,269,950 rubles. Of the total outstanding debt on the wholesale market, debts in the regulated segment totaled 3,295,316,310 rubles, whereas debts in the unregulated segment equaled 622,953,640 rubles.
RusHydro’s major debtors in the regulated segment of the wholesale power market include:
· JSC Far Eastern Energy Company (DEK) – 1,173,855,670 rubles;
· organizations whose functions of the sole executive body were transferred to the inter-regional distribution grid company JSC MRSK North Caucasus – 369,038,670 rubles;
· JSC Kolskaya Energy Sales Company – 365,656,370 rubles;
· JSC Energosbyt Rostovenergo – 363,049,250 rubles;
· LLC Donenergosbyt – 97,303,642 rubles;
· JSC Nizhnovatomenergosbyt – 54,611,920 rubles;
· JSC Tverskaya Energy Sales Company – 114,915,120 rubles;
· JSC Tyvaenergosbyt – 10,736,780 rubles;
· JSC Independent Energy Supply Company of the Krasnodar Territory – 28,181,540 rubles;
· JSC Novokuznetsk Aluminum Plant – 8,563,680 rubles;
· JSC Sayanogorsk Aluminum Smelter – 15,381,250 rubles;
· JSC Bratsk Aluminum Plant - 3,288,630 rubles.
In the unregulated segment of the wholesale power market, RusHydro’s major debtors are: JSC Krasnoyarsk Aluminum Plant (97,369,680 rubles), JSC Novokuznetsk Aluminum Plant (82,877,300 rubles) and JSC Sayanogorsk Aluminum Smelter (92,395,830 rubles). From August 24th, 2009 to October 9th, 2009, the total debt of aluminum plants dropped by 316,669,120 rubles. However, the enterprises’ debts are still large and currently stand at 272,642,810 rubles. RusHydro believes that this level of debt is unacceptable, particularly due to the fact that the Company has fulfilled its obligations to consumers in full. Moreover, due to the lack of electric power generation at the Company’s Sayano-Shushenskaya HPP (the site of the accident on August 17th, 2009), RusHydro supplies these enterprises with electric power purchased on the wholesale market.
As of October 9th, 2009, debts of enterprises and organizations on the retail electric power market to electric power sales companies that are part of the RusHydro Holding totaled 2,116,414,200 rubles or 306,398,700 rubles more than the previous month (taking into account the calculation of homogeneous counter-claims in relation to the debts of Krasnoyarskenergo, a branch of JSC Inter-regional Distribution Grid Company of Siberia), including debt that stood at 804,171,000 rubles for JSC Chuvashskaya Energy Sales Company, 1,155,401,200 rubles for JSC Krasnoyarskenergosbyt and 156,842,000 rubles for JSC Ryazan Energy Sales Company.
The principal sum of debt to JSC Chuvashskaya Energy Sales Company is owed by enterprises of the Tractor Plants Concern, with a debt bill amounting to 448,125,500 rubles.
RusHydro believes that it is unacceptable that legitimate payment claims for consumed electric power are ignored and insists that its consumers exhibit strict compliance with payment discipline. Currently, claims for the recovery of 145,827,492.56 rubles in 2007 and 2008 debts are being examined in an arbitration tribunal of the first instance. Earlier, during litigation, defendants made partial payments in the amount of 57,622,342.40 rubles.
RusHydro is stepping up its claims activities in courts of law in relation to all non-payers to ensure full and timely payments for electric power supplied by the Company. At the moment, RusHydro is preparing to file 28 lawsuits for a total claim of 111,631,997 rubles. During the process of preparing for these lawsuits, RusHydro has sent debt re-payment claims to debtors as part of an attempt at pre-trial settlement procedures.
Court orders have fully upheld RusHydro’s debt re-payment claims against KT ZAO RTsER & Co. worth 46.9 million rubles, JSC Tyvaenergo worth 37 million rubles, JSC Nizhnovatomenergosbyt worth 138.5 million rubles and JSC Ingushenergo and JSC Sevkazenergo worth a combined total of 90.8 million rubles. After the court judgments come into legal force and writs of execution have been received, these orders will be sent to the appropriate bailiff services for enforcement action.