ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of September 20, 2007 No. 424

About approval of the obligatory reporting under indicators of financial and economic activities of the energy companies of the Kyrgyz Republic

The financial condition of the energy companies in recent years did not undergo positive cardinal changes. So, collection of payments for the consumed electric power in 2006 constituted 69 percent. System losses of the electric power in networks exceed the level of 42 percent from which about 25 percent make commercial losses and plunders. As a result quasifiscal deficit (further - KFD) the budget in electric utility sector for the end of 2006 made percent 5,4 from the gross domestic product and exerts negative impact on macroeconomic stability and stability of the budget of the country. Since May 1, 2006 the unified electricity tariff for residential customers in the amount of catfish/kWh 0,62 was entered (or cent/kWh 1,5).

High receivables of the energy companies influence their financial relations with other business entities and accomplishment of the credit and tax liabilities before the budget. The main problem of electric power industry is the continuing growth of receivables for the consumed electrical energy which, as of January 1, 2007, constituted 3354 million som that is 15 percent more, than for the beginning of 2006, the considerable share of receivables is necessary on naseleniye2286 to one million som, or 68 percent from total debt.

For the purpose of implementation of monitoring and carrying out the systematic analysis of financial and economic activities of electric utility companies and for tracking of level of decrease in KFD the Government of the Kyrgyz Republic decides:

1. Approve forms of the obligatory reporting under indicators of financial and economic activities of the energy companies for implementation of monitoring of KFD in power industry according to appendices 1, 2 and 3.

2. Recommend to open joint stock companies "Power Plants", "National Power Grid of Kyrgyzstan", "Severelektro", "Vostokelektro", "Oshelektro", "Zhalalabatelektro" to provide:

- submission of the report according to Item 1 of this Resolution monthly to the 20th following the accounting period, and quarterly to the 20th, following reporting quarter in the Government of the Kyrgyz Republic, the Ministry of Industry, Energy and Fuel Resources of the Kyrgyz Republic, the State committee of the Kyrgyz Republic on management of state-owned property and the Ministry of Finance of the Kyrgyz Republic;

- timely and complete receipt of cash flows from all categories of consumers of electricity on transit accounts of Settlement and Savings Company open joint stock company, according to the order of the Government of the Kyrgyz Republic of May 25, 2002 No. 335 "About procedure of payments in the wholesale market of electrical and heat energy";

- consider at meetings of the boards of directors question of assignment of the personal responsibility on the first heads of the called joint-stock companies for timely representation of reliable information and reporting data.

3. Determine that adjustment of reporting these energy companies after fixed term of submission of the report is not allowed.

4. To the Ministry of Industry, Energy and Fuel Resources of the Kyrgyz Republic together with the State committee of the Kyrgyz Republic on management of state-owned property:

- provide control and strict execution of this resolution;

- to monthly submit the report on accomplishment of the KFD parameters in the Government of the Kyrgyz Republic.

5. Declare invalid the Order of the Government of the Kyrgyz Republic of August 19, 2003 No. 531 "About approval of the Actions plan on stabilization of economic activity of electric power industry and establishment of the obligatory reporting under indicators of financial and economic activities of the energy companies of the Kyrgyz Republic".

6. To impose control over the implementation of this Resolution on department of power and mineral resources of Government office of the Kyrgyz Republic.

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