Translated material
Moderately cruel
The state again did not approve a mechanism for monitoring the implementation of energy investment programs
The Board of Directors of RAO UES of Russia has once again failed to approve a mechanism for monitoring the implementation of investment programs of its subsidiaries, which will become the property of private investors. A week ago, the head of RAO Anatoly Chubais spoke with Vladimir Putin about this problem, and the country’s president demanded stricter responsibility for the construction of new energy facilities. Investors, as we know, oppose excessive rigidity , especially if it interferes with common sense. RAO, as they say in the energy holding, takes a position “in the middle” - it is for the state to have the opportunity to control the investment process, but the investor could also change programs in the event of a significant change in macroeconomic indicators in the country. Last Friday, the board of directors of the energy holding instructed management to prepare a clear list of mechanisms for monitoring the expenditure of funds intended for the implementation of investment programs by the next meeting.Following the meeting, Anatoly Chubais told investors that after RAO loses control over energy companies and is then reorganized, it is necessary that the money raised during the placement of additional issues of shares of the companies be spent precisely for the purposes for which it was actually conceived reform - for the construction of new energy facilities. “For these purposes, we have developed a detailed and deeply developed mechanism, including the creation of a special bank account into which funds from the IPO are received, providing for the selection by tender of a contract, the financing of which is carried out from that same account, an agreement with shareholders fixing the obligation of all shareholders vote positively at the board of directors on all issues related to the implementation of the investment program. This entire system must be supported by regulatory documents and an appropriate legal framework. I hope that at the next meeting of the board of directors, all the i's will be dotted on this complex topic. We will ensure control over the expenditure of funds from the IPO for the implementation of these projects. At the same time, as I said earlier, we believe that if investors have found a way to implement the same investment project cheaper, with lower costs, this will be supported by RAO UES. “In the same way, we consider it possible that special circumstances may arise that require a revision of investment programs, such as a significant change in macroeconomic parameters in the country or a significant change in fuel prices.”
However, as Margarita Nagoga, head of RAO's media relations department, says, the energy sector links the issue of control over the expenditure of funds from the placement of additional share issues with the introduction of a capacity market. According to the reform plan, the possibility of concluding long-term contracts for the supply of power should be provided this year. And if a market participant signs a contract for the delivery of power in four years from the power unit, which must be built according to the investment program, then there is no doubt that this unit will be built, Ms. Nagoga believes.
Nevertheless, the ministries adhere to the position of strict control over the implementation of investment programs. As you know, Vladimir Putin a week ago expressed serious concerns about the fact that private investors will ensure the construction of new power units: “We went through this in previous years: companies signed (various obligations on the construction of power facilities - Ed. ) and did nothing.”
However, officials who are afraid of wasting funds for the construction of new power units, as the practice of Moscow power engineers shows, should be more afraid of untimely construction of networks. Last fall, grid companies did not manage to complete the construction of power lines to some power plants on time, where Mosenergo increased power output. As a result, the capacity was idle. And only thanks to the warm winter, the problem was solved quite easily. Now Mosenergo, due to the summer repair campaign of network operators, is underutilizing its capacity by 270 MW, said Sergei Tsarev, deputy head of the company’s electrical and energy regimes service, last Friday; power units at CHPP-20, CHPP-21, and CHPP-2 are not operating at full capacity. 22 and CHPP-26. According to him, the average installed capacity utilization factor at Mosenergo power plants in winter is 80-84%, and in summer - 48-50%. At the same time, the consumption structure has changed greatly in recent years: if 20 years ago the population accounted for about 20% of all energy consumed, now it accounts for more than 56%. This means that it is necessary to modernize, first of all, the network infrastructure, otherwise there will remain a risk of repeating the accident of May 2005, when the Ochakovo substation could not withstand the increase in load when the Chagino substation was turned off.
But the problem is that private investors are not trying to join network companies. The reason, apparently, is the long payback period for investments and high political risks. Politicians, understandably, prefer not to talk about this. The question is why they prefer to say little about monitoring investments in the network economy. Perhaps this is due to the fact that main power lines will be under state control after the reorganization of RAO. But there are low voltage networks that are not part of the Federal Grid Company. On the one hand, they are of no interest to private investors, and on the other hand, the state does not control them. And it is in this segment that the risk that no modernization will take place is greatest.
The amount of RAO UES of Russia's reserve for expenses in connection with the completion of the reorganization will amount to 15.46 billion rubles. , the press service of the energy holding reported following a meeting of the board of directors, which took note of this information. Including 5.6 billion rubles. will be required to complete the current operating activities of RAO and carry out corporate reorganization procedures, and 9.8 billion rubles. included in the reserve under the heading "probable liabilities". The largest item of expenditure should be compensation to RAO employees in connection with the reduction, a source familiar with RAO's plans previously explained to Interfax. At the same time, as Margarita Nagoga, head of RAO’s media relations department, said, no more than 1 billion rubles are allocated from the reserve for payments to personnel. According to her, in the “probable liabilities” clause, RAO included funds for the repurchase of shares from those shareholders who vote against the reorganization, for the payment of dividends for 2008, which the shareholders may require, as well as possible additional tax payments. The sources of the reserve will be funds received from future sales of assets and 2 billion rubles included in the subscription fee, according to the press release. The Management Board is instructed to inform the Council about adjustments in the cost estimates for the completion of operating activities and the reorganization of RAO.