OREANDA-NEWS. July 4, 2011. JSC “Yenisei TGC (TGC-13)” has summed up the results of customer supplies of and payment for thermal resources as of May 2011. During the first five months of 2011 the amount of receivables overdue has grown by 60%. The ratings of largest debtors and most conscientious consumers as of June 1 have been posted on the Company Web-site at: http://www.tgk13.ru/clients/rating.

As of June 1 the total amount of Yenisei TGC receivables from subscribes (all the Company branches considered) was equal to 3.544 bln. RUR inclusive of 2.839 bln. RUR of receivables overdue (less regard to current charging).

Thus, since the beginning of the year the sum total of receivables overdue has increased by more than 1 bln. RUR! On the company-wide average, the growth during the 5 months has exceeded 60%, but in some cities its rates are virtually inexcusable: in Abakan – by a factor of 2.5, in Minusinsk – by 80% (nearly twofold increase).

As of June 1, 2011 the sum total of receivables overdue was equal to:

in Abakan – 280.8 mln. RUR,

in Minusinsk – 146.7 mln. RUR,

in Nazarovo – 160.8 mln. RUR,

in Kansk – 289.7 mln. RUR.

Krasnoyarsk, being the largest city within the territory Yenisei TGC is in charge of, ranks top in terms of both consumption and receivables overdue amount equal to nearly 1.9 bln. RUR. Growth since the beginning of the year has been 60%.

Yenisei TGC points out to its consumers that such increase of the amount of receivables overdue is inadmissible and insistently claims that measures be taken for its reduction. Indebtedness for energy resources consumed not only impedes production development but also endangers stability of operation of the company providing for energy supply regionally.

Yenisei TGC intent on collecting from debtors’ compensatory interest for use or detention of money

Apart from other enforcement measures to be taken against defaulters, Yenisei TGC intents on collecting from debtors compensatory interest on the amounts overdue for use or detention of money

Consumers’ default from their obligations not only complicates the energy supply system preparation for the winter season but also deprives energy industry enterprises of the only source of funds required to provide for current production activities.

Yenisei TGC makes use of all the available leverages to deal with notorious defaulters inclusive of collection of debts through court proceedings. Virtually all law courts acknowledge vitality of claims launched by energy industry companies against debtors. Since the beginning of the year 170 actions have been filed with judicial authorities, their total amount equal to 1440.10 mln. RUR. 129 positive judgments on forced collection of indebtedness amounting to 557.34 mln. RUR in total have been passed in favour of the Company.

To intensify the effect of measures taken on notorious defaulters the energy industry company is going to collect from debtors (through judicial proceedings), apart from principal amount, compensatory interest for use or detention of money. Creditors have such right under Article 395 of the Civil Code of the Russian Federation. The interest rate is determined by the refinancing rate of the Russian Federation Central Bank as of actual repayment moment.

“Some of our consumers misuse their position. Instead of transferring the funds collected from the population to the energy resources provider they use them for other purposes virtually free of charge. That is why we have decided to collect from debtors the interest for unwarranted detention of our money. We shall take efforts to make debtors compensate us for the costs our Company incurs through their fault, having to draw on bank loans,” declares Sergey Sibiryakov, Director for Sales of Energy of JSC “Yenisei TGC (TGC-13)”.