Kyiv recognizes UAH 1.24 bln debt to Kyivenergo

The Kyiv City Administration and Kyivenergo (KIEN) signed documents wherein the city recognized that it owed UAH 1.239 bln to the utility company to cover the difference between existing heating tariffs and the company’s expenses for heating generation from 2000 to 1H09. Yegor Samusenko: Negotiations on how much the city of Kyiv owes Kyivenergo usually become active in autumn each year. While we doubt that these new documents have any legal ramifications for Kyiv, they could ease the city’s process for recompensating Kyivenergo for heating losses this year. Just the same, we do not think this news will have an impact on the stock.