The Government will support energy sector

During the turbulence period of the Russian economy, devaluation of the ruble, fall in prices in the fuel market and complication of credit conditions, the Ministry of Energy works out a separate plan to support the energy sector of the economy. The plan includes system-wide measures to stabilize the industry, as well as separate measures for significant companies.

The plan proceeds from the fact that in case of review of the forecast of the social and economic development for 2015 for the worse, the payment discipline in energy companies will become more secure and management costs will be reduced. The mechanism of payment of excess power transmitting facilities and the principle "take or pay" will be introduced. In this case a supplier undertakes to deliver the goods up to the maximum volumes fixed in a contract, and a buyer agrees that he/she will pay a certain part of these volumes in any case, regardless of how much he/she has purchased in fact in the period under review. All state-owned companies of the branch will suffer the fate of reduction of investment programs.

Additionally, the plan provides the support of specific enterprises: in particular, "Rosseti" needs help in obtaining funds for compensation of credit interest rates and shortfall in income, as well as in working out of preferential credit schemes.

It is expected to provide financial assistance for electricity suppliers by increasing sales mark-ups considering interest rate development.

However, there are some questions to the plan: instead of increasing the efficiency of the industry and the use of large reserves of energy companies accumulated in the recent years, the Ministry of Energy offers again to write off all risks and financial problems of energy men in payments of consumers, or to use all possible schemes of government support.