11:33 13.04.2021

Directors of state mines to present business plans for 10 years to make decision on their merger with Centrenergo – SPF

2 min read
Directors of state mines to present business plans for 10 years to make decision on their merger with Centrenergo – SPF

An interdepartmental commission created by the government for auditing state coal mining enterprises will start hearing the business plans of their leaders for 10 years from today, after which it will make a decision on the expediency of joining them to Centrenergo to create a vertically integrated company.

"Today the last stage begins. The directors of state coal enterprises will begin to report to the interdepartmental commission and submit business plans for the next 10 years: how much money needs to be invested, how much coal will be mined and what its cost will be," the deputy head of the State Property Fund of Ukraine (SPF) and the head of the supervisory board of Centrenergo, Denys Kudin, said during a conference on problems of state mines organized by members of the energy committee of the Verkhovna Rada.

At the same time, he stressed that Centrenergo is ready to connect promising mines, "which will show that they can give a normal prime cost." In his opinion, the merger with the mines will correct the economy of the generating company so that the production of 1 kW is not unprofitable.

Kudin predicts that in April the order on the creation of a vertically integrated company will be submitted to the government, after the adoption of which the company can be established within six months.

At the same time, the deputy head of the SPF explained that before the issue is submitted to the government, certain consultations will be held "so that everyone understands the methodology and final decisions."

"As a result, by the end of this year or the beginning of the next year, we will go to an auction to sell the company," Kudin made a forecast.

He expressed the opinion that privatization is the only mechanism to ensure the efficient operation of both the generating company and coal enterprises.

"There is no other way out but to attract an investor who would be engaged in both coal and generation," he said, stressing that the performance of state mines differs unfavorably from those of private mines.

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