24.06.2009, 19:50
Resolution of Supreme Court on Dneproenergo to Have Effect
OREANDA-NEWS. June 24, 2009. The Court made a decision on one of local disputes with a minority shareholder (0.0065% of shares) and it will not have a significant effect on the power company. At the latest Meeting of the Shareholders, the holders of the largest stakes – the state represented by Energy Company of Ukraine and DTEK Company – demonstrated their joint interest in development of the company, which turned to be in a difficult position because of the financial crisis. This has been reported by the press-service of DTEK when commenting on the decision of the Supreme Court of Ukraine on Dneproenergo’s case made on June 23, 2009.
Now that the Ukrainian power sector is in decline it is much more important to focus on the issues of survival of generation companies that need their tariffs to be raised and their capacity utilization to be increased. It is necessary to urgently address a declined electricity demand of industrial consumers. This should be a matter of discussion rather than insignificant court decisions.
One should keep in mind and make objective assessment of the current situation at Dneproenergo that successfully managed to avoid bankruptcy. Dneproenergo not only stabilized its financial position, but it is also successfully implementing its investment programmes. In December 2008, a new power unit was commissioned, which increased the capacity of the Ukrainian power system by 300 MW. Due to the aligned position of the main shareholders Dneproenergo, first time over a long period, paid about UAH 60 million of dividends to its shareholders, including the state, employees of the company and other physical persons.
The only party that is interested in destabilization of the situation in the company is Business-Invest Ltd., a company with dubious reputation involved in a number of corporate scandals. DTEK believes that by the moment this tiny shareholder with its 200 shares has lost the last lame excuse to its actions and can no longer disguise its intentions with protection of the interests of the state.
Now that the Ukrainian power sector is in decline it is much more important to focus on the issues of survival of generation companies that need their tariffs to be raised and their capacity utilization to be increased. It is necessary to urgently address a declined electricity demand of industrial consumers. This should be a matter of discussion rather than insignificant court decisions.
One should keep in mind and make objective assessment of the current situation at Dneproenergo that successfully managed to avoid bankruptcy. Dneproenergo not only stabilized its financial position, but it is also successfully implementing its investment programmes. In December 2008, a new power unit was commissioned, which increased the capacity of the Ukrainian power system by 300 MW. Due to the aligned position of the main shareholders Dneproenergo, first time over a long period, paid about UAH 60 million of dividends to its shareholders, including the state, employees of the company and other physical persons.
The only party that is interested in destabilization of the situation in the company is Business-Invest Ltd., a company with dubious reputation involved in a number of corporate scandals. DTEK believes that by the moment this tiny shareholder with its 200 shares has lost the last lame excuse to its actions and can no longer disguise its intentions with protection of the interests of the state.
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