10:33 05.02.2016

Centrenergo moving to bankruptcy, not privatization – ex-member of energy commission

2 min read
Centrenergo moving to bankruptcy, not privatization – ex-member of energy commission

The state of public joint-stock company is worsening, the enterprise is moving to bankruptcy, not privatization, former member of the National Commission for Energy, Housing and Utilities Services Regulation of Ukraine (NCER) Andriy Herus said at a press conference in Kyiv on Thursday.

"Everything is going in the way that the company would not be put up for the privatization, and it is likely that the company will become bankrupt over the debts that are being accumulated and bought by some groups… There are quantitative indicators using which one can clearly judge what was happening with the company in the past two years: if we take a look at the financial performance – net profit in 2013 was UAH 487 million, and in January-September 2015 net loss is UAH 82 million. This is on the regulated market," he said.

Herus added that the Centrenergo's accounts payable expanded by UAH 1.5 billion in two years.

"It’s obvious that one cannot speak about the efficient preparations for the privatization in these conditions," he said.

He said that the value of Centrenergo could be judged by share quotations. The company's shares are listed on the Ukrainian Exchange.

"In summer 2014, the company's capitalization was almost UAH 3 billion or $270 million, and today the company's capitalization fell from $270 million to $60 million," he said.

He said that Energy and Coal Industry Minister of Ukraine Volodymyr Demchyshyn did not execute the decision of the government to transfer shares in Centrenergo to the State Property Fund of Ukraine.

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