Energy companies have reported that the MidUral asset owes hundreds of millions of dollars.
One of Pervouralsk's largest companies may stop operating due to its energy resource debt. Energosbyt Plus (part of PJSC T Plus) has reported a significant increase in financial obligations for supplies from Russian Chrome 1915 (controlled by Sergey Gilvarg’s MidUral group of companies). However, the power engineers claim that they are unable to cut off the enterprise because the debtor is considered an unswitched consumer and only pays according to a court order. Now, the power engineers are working to reduce the technological armor level to be able to cut off the enterprise. If successful, Russian Chrome will be forced to stop or pay hundreds of millions of rubles in a lump sum. In 2021, the company managed to make a symbolic profit after facing significant losses. Despite the claims from Energosbyt Plus, representatives of Russian Chrome deny any debt to the supplier, stating that they fulfill all obligations for the supply of energy resources on time.
JSC “Energosbyt Plus” has initiated an examination to determine the technological armor level at JSC “Russian Chrome 1915”. Georgy Kozlov, director of the company’s Sverdlovsk branch, mentioned that the electricity supplier plans to limit supplies to MidUral’s subsidiary through legal action.
“An examination has been ordered, and after the results are reviewed, a judicial order will be issued to revise the emergency armor levels. This is expected to be a long-term process, but it is anticipated to be resolved within a year. The new technological reservation will likely only allow the operation of units that directly impact the environmental and technological safety of the enterprise. As a result, production activities will be excluded from the scope of technological armor, meaning that Russian Chrome will hardly be able to produce products with limited power supply,” said the top manager. The top manager mentioned that technological reservation identifies the minimum equipment required for a completely stopped technological process and the minimum energy supply that cannot be interrupted due to production specifics. Such equipment includes security systems like emergency ventilation, communications, burglar, and fire alarms.
According to Andrey Vagner, CEO of PJSC T Plus, Russian Chrome currently owes 267 million rubles for electricity. He also referred to the enterprise as an ideological non-payer, stating that payments are only received through legal compulsion.
“We have no intention of forgiving the debts of companies like Russian Chrome, as there are always ways to exert influence. Our approach is now strictly focused on the judicial phase. “Russian Chrome” is taking advantage of an imperfect methodology and its position as an unswitched enterprise. They have a very high technological armor level. We are currently working with relevant ministries to change the mechanisms for calculating and justifying technological armor. Once it is reduced to a normal level, the situation will improve.”
“We are not going to write off the debts of such enterprises as Russian Chrome, because in any case there are always mechanisms of influence. We have greatly tightened relations with them, today this is being implemented strictly through the judicial phase. “Russian Chrome” hides behind the imperfection of the methodology and uses the position of an unswitched enterprise. He has a very high value of technological armor. Now, at the level of relevant ministries, we are engaged in changing the mechanisms for calculating and justifying technological armor. After we reduce it to a normal level, the situation will change.”– Andrey Wagner noted during a press conference.
Recall that at the end of 2021, the volume of the plant’s obligations to the energy company was estimated at 132 million. Then, after another threat of shutdown, a debt repayment schedule was drawn up between the parties, however, apparently, it was never executed “chrome”.
Representatives of Russian Chrome itself deny the existence of any debt to Energosbyt Plus JSC. “All obligations to pay for electricity are fulfilled in full. There is no debt,” the company’s press service said.
It should be noted that there have already been precedents for reducing technological armor in relation to large non-payers abusing the non-switchable status.
So, at the end of 2020, Energosbyt Plus JSC proved in the Arbitration Court of the Sverdlovsk Region that the level of energy armor of Vysokogorsky Mining and Processing Plant OJSC in Nizhny Tagil was illegally overestimated.
Last year, its debt was nine months deep and amounted to about 800 million rubles, in the second half of the year the company began to correct the situation, and now its debt is 220 million rubles.
Over the past year, Russian Chrome 1915 JSC has significantly improved its financial performance. According to the Kontur.Focus system, the company’s revenue in 2021 increased from 3.326 to 3.429 billion rubles. At the same time, the company showed a net profit of 1.2 million rubles against a loss of 332 million rubles in 2020.
The editors will continue to monitor developments.
