Moscow energy grid reports fall in accounts receivable

Accounts receivable of the Moscow energy grid Mosenergo dropped 21 percent to 6.7bn rubles (about $212m) in the first half of 2002, including electricity sold at the FOREM federal wholesale market of energy and power. A source in the energy utility reported to RBC that the largest payments were conducted by enterprises working in the military and industrial sector, by the Defense Ministry and the Moscow Railroad together with housing and municipal utilities.

The consumption of electricity by the company's clients increased 4.4 percent in the first six months of 2002 versus the corresponding period in 2001 and reached 28bn kWh. At the same time, sales of heat energy dropped 6 percent to 38bn giga-calories. Downtime losses of Mosenergo were reduced by 8 percent in the first half of this year as compared to the corresponding period last year.

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