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Donbasenergo shareholders decide to initiate company's rehabilitation procedure
KYIV. Sept 29 (Interfax-Ukraine) – The shareholders of PJSC Donbasenergo at an extraordinary general meeting decided to initiate the company’s rehabilitation procedure prior to the opening of bankruptcy proceedings.
According to a Tuesday press release from the company, the meeting was held in Kyiv from September 20 to September 23.
The shareholders made a decision to elect PJSC KPMG AUDIT to provide services for the statutory audit of the company’s financial statements for 2021.
As reported, Donbasenergo PJSC in early August lost its default status with NPC Ukrenergo, which it had for several weeks.
The company’s inability to fulfill its financial obligations to Ukrenergo was explained by "the collapse of electricity prices coupled with systematic manipulations in the market and imperfect regulatory norms within which the generation of Ukraine is forced to work."
Donbasenergo in January-June 2021 increased its net loss 9.6 times compared to the same period in 2020, to UAH 226.075 million, and the company’s net income fell by 63%, to UAH 1.145 billion.
The significant drop in income is mainly due to long-term emergency repairs of the seventh unit of the Sloviansk TPP (from January 17 to April 18 and from April 22 to May 12). In addition, Donbasenergo said that due to manipulations in the electricity market, which led to a collapse in prices, the company generates only losses, which led to the assignment of the default status of to it.
Donbasenergo owns Starobesheve TPP (located in the occupied territory since 2014) and Sloviansk TPP with a total installed capacity of 2.88 GW, including the capacity of Sloviansk TPP of 880 MW. In March 2017, the generating company announced the loss of control over the Starobesheve TPP, as well as part of the structural units located in the temporarily uncontrolled territory.
PrJSC Energoinvest Holding owns 60.86% of Donbasenergo shares, and 25% plus one share of the company is owned by the state.
