IDGC of Centre for the first months of 2016 reduced outstanding receivables by more than one billion rubles

IDGC of Centre continues systematic work to reduce accounts receivable. The company implements a set of measures for the return of debts, both in cooperation with the leadership of regions of its service area, use of potential of created on the initiative of PJSC "Rosseti" commissions to monitor payments to electric utilities, and in the framework of consistently pursued claim-related work.

The measures bring results. At the end of 4 months of 2016 IDGC of Centre managed to reduce outstanding receivables by 1.01 billion rubles. The amount of the claims of the company, satisfied since the beginning of the year by a court or a settlement agreement, is 245.19 million rubles, including 225.06 million rubles - on arrears.

However, despite all efforts, the volume of receivables of IDGC of Centre continues to be significant. As of early May, its size was 21.2 billion rubles, including 14.5 billion rubles (68.4%) - arrears. The bulk of the arrears, 12.8 billion rubles (88.3%), is attributable to electricity suppliers of last resort in the regions. The largest debtors of the number of operating suppliers of last resort are LLC GC "TNS energo" (the debt of 1.8 billion rubles) and OJSC "Oboronenergosbyt" (the debt of 0.4 billion rubles).

This situation jeopardizes the reliability of electricity supply in all 11 subjects of the Central Federal District, where IDGC of Centre operates, as the funds levied from the defaulters, the company uses primarily for financing the core production activities, which is especially important due to the reduction in recent years of investment sources because of the crisis. Debts halt implementation of strategic energy projects as well. Thus, the presence of large amounts of debt at the end of 2015 led to delays in the payment of IDGC of Centre for services of PJSC "FGC UES", whose experts were involved in ensuring the functioning of the energy bridge to the Crimea in the conditions of the arranged by Ukrainian radicals blackout in the peninsula.

IDGC of Centre is going to continue to work consistently to collect receivables. At the beginning of May, in the courts of various instances 129 cases were being considered as initiated by the legal department of the company in the recovery of debts totalling 1.039 billion rubles, including overdue accounts receivable - 821.19 billion rubles.

At the same time, IDGC of Centre remains open to constructive dialogue with regard to developing effective mechanisms for debt repayment in view of the current macroeconomic situation, and in some cases, the real financial capacity of its counterparties.