Criminal energy

The Ministry of Energy threatens sanctions for companies that do not implement investment programs

Eighty percent of investors are behind schedule for commissioning new capacities. Moreover, the obligations of some of them will definitely not be fulfilled. This was announced by Energy Minister Sergei Shmatko. He also talked about how some companies refuse to carry out scheduled repairs at their energy facilities in full. For underfunding of investment programs, shareholders will be punished by dilution of their shares in the enterprise, and it is even proposed to introduce criminal liability for saving on repair work. Marketers will also have to answer, who will also face serious sanctions in the event of systematic non-payments.

As Sergei Shmatko recalled, the volume of modernization that, according to the recently approved program, needs to be carried out in the domestic energy sector until 2030, is “very significant.” However, as the Vremya Novostei newspaper previously noted, today modernization processes in the industry are being held back, including due to imperfect tariff regulation. For example, next year, due to a significant imbalance in the growth of the fuel tariff for generators and the selling tariff for electricity, companies will have to compensate for their fuel costs, including by saving on the investment component. New mechanisms designed to attract additional investment in modernization should start working only in 2010, and even then not in full.

However, facts of non-fulfillment of investment programs by companies regarding the renewal of their capacities are already abundant. As the head of the Ministry of Energy noted during the all-Russian meeting “Ensuring the reliability of energy supply in the autumn-winter period of 2009-2010,” in order to determine to what extent the failure to implement investment programs is related to the consequences of the crisis, the Prosecutor General’s Office and the Accounting Board are inspecting generating companies. One way or another, the results of this work, according to Sergei Shmatko, are disappointing - only a fifth of investors are ready to commission the promised capacity on time. “A number of companies are implementing their investment programs very well. For example, Enel strictly fulfills its obligations regarding OGK-5. There are, of course, “losers.” I don’t want to name them, but we have a significant number of them,” said the minister. “Los students,” as previously noted in the Ministry of Energy, will be “assisted.” Since, according to current legislation, it is impossible to seize an object from the owner, in special cases, according to the minister, new investors will be invited to participate in the modernization. Most likely, the additional issue mechanism will be used for these purposes.

However, the ministry is ready to impose even more serious sanctions if companies also refuse to carry out necessary repairs at their facilities. “In times of crisis, the Ministry of Energy is registering a steady trend towards a decrease in the volume of repairs of energy supply facilities. Smart people appeared who developed the theory that instead of a major repair, a medium repair could be carried out, and instead of a minor repair, a simple inspection could be carried out. We are developing amendments to the Criminal Code that will be applied if companies knowingly did not make repairs and deliberately created a threat. We have an article in the Criminal Code that provides for liability for leaving people in danger,” the minister said. Let us recall that Sergei Shmatko announced the need to introduce criminal liability for improper repair work back in August after the accident at the Sayano-Shushenskaya hydroelectric power station. However, not only the generators themselves will be punished, but also the companies that indirectly influenced the fact that their investment program was not fulfilled. Thus, sales companies found to have systematically failed to pay for electricity will have their status as guaranteed suppliers revoked.

However, the Ministry of Energy itself offered investors several possible solutions to modernization problems. For example, as the head of the Ministry of Energy said, in case of a shortage of funds, companies should contact banks that are “ready to consider serious programs for allocating funds, primarily for modernization.” In addition, he noted that the department does not exclude the possibility of revising companies’ investment programs. “The volumes do not change, only the postponement of the timing and location of generation construction is being discussed,” explained Sergei Shmatko. He, however, made a reservation that changes in investment programs must be coordinated with regional authorities.

Petr GELTISHCHEV