OREANDA-NEWS  On 10 October was announced, that On 29 September, 2008, Tverenergo, an IDGC of Centre, JSC subsidiary, submitted a statement of claim concerning collection of debt from JSC Tver Power Sale Company (TPSC) to IDGC of Centre, JSC represented by Tverenergo. The statement of claim was sent to the arbitration court under Fuel and Energy Complex Law and Economy Fund, that is the assignee of the arbitration court of JSC RAO UES of Russia and is a competent court on settlement of disputes between economic entities.

The court has accepted the statement of claim about collection of a part of debts in the amount of RUR 124m 749K and interest for using another’s money resources in the amount of RUR 11m 380K. This is the debt that Tver Power Sale Company has had before Tverenergo from April to September, 2008. This is a part of all debt that from 1 September, 2008, was over RUR 531m; on 1 October, 2008, with regard of the current payments, the debt increased by RUR 228m. Thus, TPSC debt surpassed RUR 759m.  

In case the court resolves the case in favour of Tverenergo, the resolution being definitive and without appeal, TPSC may be considered financially insolvent.

"During the year we tried to cooperate effectively with Tver Power Sale Company; however, despite all our attempts to regulate this problem, all we have now is the debt increase," said Deputy General Director of IDGC of Centre, JSC for Development and Sale of Grid Services Vadim Fyodorov. "We want to see power sale companies as reliable, long-term strategic partners that will guarantee stable work of the grid complex. We cannot risk power safety of the region, and the consumers should not become victims of the situation created by Tver Power Sale Company."

At the present time, as a result of TPSC's great debt, Tverenergo has problems in preparation for the winter. Tverenergo's investment programme for this year is RUR 500m, i.e. the debt of the power sale company has already increased by RUR 300m. Tverenergo runs the risk of incomplete performance of the repair work. It is necessary to purchase spare parts for automotive equipment and emergency supply of materials and equipment in the warehouses. The company also needs a lot of money to pay taxes and salary to its employees. At the present moment, the repair work is based on the borrowed money, and this becomes excessive due to the interest growth. Thus, the risk of finance resources shortage increases. This may lead to the following: one day, in case emergency occurs in autumn or winter, it will take much more time for the workers to liquidate it.

Besides, JSC Tver Power Sale Company's actions undermine not only Tverenergo's activity, but also activities of other relative grid companies that operate in the region. After all, it is IDGC of Centre that guarantees their timely financing.