Kyiv, Kyivenergo to mutually write off UAH 318 mln in debt

The Kyiv Administration expects to mutually write of UAH 318 mln in debt with Kyivenergo (KIEN), Acting Administration Chairman Anatoly Golubchenko said yesterday, according to Ukrainian news. Golubchenko did not disclose further details of the plans, but said the procedure would go according to a Cabinet of Minister’s order. Yegor Samusenko: If the city’s debt reconciliation plan satisfies all the sides involved, it increases the chances that all of the remaining debt the city owes Kyivenergo for losses incurred from heating energy supplies will be paid off by yearend. Currently, the city’s high debt leads to an increase in Kyivenergo’s payables for gas supplied, which leads to periodical cuts in gas supplies and the use of more costly oil fuel as an input. For now, the news is stock-neutral.