Banks guarantee distribution

Already in 2012 the wholesale electricity market can be introduced a system of financial guarantees. Buyers of electricity will have to either find a guarantor of generation companies, or to obtain a bank guarantee. It is not excluded that the problematic power sales to pay for a bank guarantee much more than prosperous companies.

On Friday, the Supervisory Board NP "Market Council" (regulated wholesale and retail electricity markets) endorsed the concept of introducing a system of financial guarantees in the wholesale market. As explained by the "Y" head NP Dmitry Ponomarev, "put in place a system ideally would be from January 1, 2012, when the output of new entrants to the wholesale market." Prior to September 1 this year the working group must submit a Draft regulations on fingarantiyah, he added. Financial guarantees to ensure the regularity of payments and reduce the risk of growth of debt purchasers of electricity.

The concept involves two options fingaranty: irrevocable bank guarantee or surety by the generating company that sells electricity on the wholesale market. The last option is intended primarily for Energosbyt affiliated with generators (own sales have almost all the major owners of generation, for example, "Inter RAO UES", "Gazprom", "RusHydro" IES, "Irkutskenergo"). A similar scheme was implemented in the Rostov region, where about 4.2 indebted billion rubles. "Donenergosbyt" and "Energosbyt Rostovenergo" the fall of 2009 could be denied the right to work in the wholesale market. But the company's sales have been saved "Rosenergoatom" (one of the main creditors of those companies), which in early 2010, promised to ensure their regular payments and the gradual repayment of debt.

Bank guarantees, according to the concept of "Market Council" should be on the average amount of electricity purchase of wholesale market. The bank requires a capital of at least $ 5 billion rubles., Rating by international rating agencies, participation in deposit insurance system and the existence of a contract with CFS, providing the payments on the wholesale market. NP offers a "preferential approach," says Dmitry Ponomarev, "If the consumer pays in accordance with the regulations, then it is not necessary to provide fingaranty if he misses a payment, they would require a guarantee." But of the 220 companies that purchase electricity on the wholesale market, in 2011 the arrears was only 40.

Average monthly obligations on the wholesale market in 2012, IBO estimates at 65 billion rubles., A bank guarantee - at 4% per annum. Common charges banks for the year should amount to 2.6 billion rubles .- is about 0.1% in the final price of electricity. It is assumed that the suppliers of last resort (the main regional Energosbyt) payment for a bank guarantee may be included in the regulated margin - sales allowance approved by the FTS and regional energy commissions. According to "Market Council," it's slightly increase the burden on the consumer, for example, bonus "Mosenergosbyt" (owned by "RAO") amounting to 79.52 rubles. 1 megawatt hour in 2011 would grow by 2.16 rubles., the allowance of the Tyumen Energy Retail Company ("Gazprom"), which was set at 58.34 rubles. for 1 MWh, would rise by 2.32 rubles. (4% growth). For large industrial customers, working in the wholesale electricity market, tariff regulation is not provided.

Receivable from buyers in the wholesale market has been growing steadily until the spring of 2010, when she was about 35 billion rubles. Now it stands at 28.6 billion rubles., The majority (over 70%) are in the south of the interconnected systems that is basically the accumulated arrears for several years consumers in the national republics of North Caucasus. At the same time defaults in the retail electricity market is much higher - 132.7 billion rubles. But so far, according to Dmitry Ponomarev, fingaranty system does not apply to retail.

The current version of fingaranty has a higher chance of approval. "The fundamental differences are not available", - says Dmitry Ponomarev. In NP guaranteeing suppliers and retail companies, "b" expressed support for the introduction of a mechanism fingaranty, as it will confirm the financial soundness of participants. In the IES said that the company will arrange any scheme that would lead to wholly pay for electricity.

But the main question will be how the need for fingaranty impact on small retail companies, for which no major cost of the power. Mr. Ponomarev agrees that there could be a risk that small-scale wholesale market participants would be more difficult to negotiate with banks to provide guarantees. The head of the Energy Development Fund Sergey Pikin believes that challenging market participants, delaying payments, it will be difficult to negotiate with the banks from them may require a higher rate or transfer parts of their accounts in these banks. "When taking into account a higher percentage of the fees Energosbyt its influence on the final price of electricity can be greater than believed," Market Council "," - says the expert.

In addition, it is possible that a bank guarantee may delay the introduction of the system. Its launch will extend for two periods, says Mr. Ponomarev, the first step will be to prepare regulatory and technological conditions for starting fingaranty in the wholesale market, the second stage - the negotiation participants with lending institutions. Mr Pikin adds that the long transition period and will need to sign contracts with banks CFR.