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Kyivenergo to Receive USD 24.7 mln to Cover Heating Losses

Kyivenergo to Receive USD 24.7 mln to Cover Heating Losses

2 November 2008

The Kyiv City Council announced that it had allocated USD 24.7 mln to cover some of the losses the Kyivenergo (KIEN: BUY) faces from heating the population.  Total expected losses from heating supply are USD 125 mln. The city compensated USD 24.2 mln in 1H07, and decided to compensate an additional USD 8.6 mln in September. With the last compensation, Kyiv city covers 2007 losses only by 46%. We expect further compensation will be approved by Kyiv council in December 2007. The city’s efforts to cover KIEN’s losses has had a positive effect on the stock which is up more than 25% since Monday.

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