RusHydro received RUR 600 mn of overdue receivables from Energostream Group of companies in 2013
JSC RusHydro (ticker symbol: MICEX-RTS, LSE: HYDR; OTCQX: RSHYY) announces that in the 8 months of 2013 power retail companies of now defunct Energostream Group have paid back RUB 600 mn to RusHydro in partial settlement of their overdue receivables. Currently, RusHydro has court orders in respect of RUB 1.431 bn of overdue payments for supplied power. Total payments to RusHydro (including settlement of overdue receivables) in the 8 months from Energostream Group companies totalled more than RUB 2.3 bn.
Some of the Energostream companies have significantly reduced the overdue receivables owed to Rushydro. Volgogradenergosbyt has alone reduced the outstanding debt by RUR 465 mn.
There is also progress in relations with retail companies, disqualified as market participants and stripped of guaranteed supplier status since February 1, 2013, by the Market Council.
Only one company of this list, Omskenergosbyt undertakes no steps to settle its debt of RUB 184 mn, and has not paid anything during the 8 months.
On March 3, 2013, RusHydro has filed suits against Energostream Group and a number of retail companies of Northern Caucasus in connection with overdue receivables. Earlier RusHydro received rulings of Arbitration courts in its favor, covering in total RUR 1 bn of overdue payments.
RusHydro is initiating discussion in the Market Council regarding establishment of efficient mechanism for settlement of debt owed by electricity retail companies, disqualified as wholesale market participants. The Company also intends to continue vigorous legal action aimed at debt recovery.
The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of RusHydro. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially from these statements. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to RusHydro and its operations.
Shares / ADR