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JSC "ROSSETI" take additional measures to improve the financial sustainability

JSC "ROSSETI" take additional measures to improve the financial sustainability 07.01.2015

In order to implement the orders of the President of the Russian Federation - V. V. Putin, related to improvement of the efficiency of state-owned companies, JSC "ROSSETI" took a number of additional measures to preserve financial stability of the Group of Companies. The corresponding order was signed by the Director General of the Company - Oleg Budargin.

The document, in particular, provides: preparation, according to approved Programme of Long-Term Development, of proposals to the federal executive authorities to introduce amendments to the regulations, necessary for the stable operation of the power grid sector; increasing investment and operational efficiency; reducing costs; improving management systems.

Subsidiaries are ordered to unconditionally implement (in full) the planned maintenance programme for 2015, to exclude the reduction of production personnel, to got equipped with necessary materials, equipment and appliances.

To optimize the investment program it is ordered to analyse requests for preferential technological connection to monitor the use of such a preference by a consumer not more than once within 3 years, as well as reduction by at least 10% of volume of power declared but not consumed. By Economic means it is necessarily to carry out 25% of technological connection.

It is also ordered to strengthen cooperation with regional authorities, law enforcement agencies, mass media and business leaders, which are consumers of power grid enterprises services in order to raise the collection rate to 100%. In case of need, immediately impose restrictions on power supply for delinquent customers.

Heads of subsidiaries are ordered to analyse loan portfolios of their subsidiaries in order to reduce the risk of interest rates rising, exclusions of inability to attract additional external funding and organization of timely execution of debt.

To reduce the dependence of total cost of purchased equipment from currency fluctuations, it is ordered to speed up the implementation of import substitution programmes.


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