“Chechenenergo” JSC paid a fine

The Antimonopoly Service fined the company 350,000 RUB

“Chechenenergo” JSC submitted incorrect data on the average weighted non-regulated price for electric power under the first price category in October 2016 to the Trading System Administrator on the wholesale market of electric power in October 2016. The average non-regulated prices for electric power calculated by the provider of last resort - “Chechenenergo” JSC for October 2016 exceed the average weighted prices for electric power on the wholesale market determined by the commercial operator for the relevant provider of last resort and the accounting period.

Thus, the company failed to execute the requirements set by the Standards in the part of observing the information disclosure procedure.

Earlier, Head of FAS Department for Regulating the Electric Power Industry, Dmitry Vasiliev, pointed out that information about non-regulated prices for electric power (capacity) is an important criteria for calculating the final electric power costs and  forecasting the demand for electric power consumption depends on the timeliness of presenting such information.

“FAS controls on a regular basis how the participants of wholesale and retail electric power markets provide information”, added Dmitry Vasiliev. “Administrative actions allow to promptly suppress such violations and increase accounting consistency of regulated organizations in the future”.

Reference:

*Under Clause 8 of the Information Disclosure Standards for participants of wholesale and retail markets of electric power and capacity, approved by No. 24 Decree of the Government of the Russian Federation of 21.01.2004, participants of wholesale and retail markets are responsible for completeness and reliability of the disclosed information under the law of the Russian Federation.

In accord with Article 9.15 of the Code of the Russian Federation on Administrative Violations, when participants of wholesale markets of eclectic power and capacity or retail market of electric power beach the Information Disclosure Standards in terms of the procedure, methods or timeframe of publishing information in the print media, where official materials of the authorities are published under the federal laws and the laws of the subjects of the Russian Federation, in electronic mass media and the procedure, methods or timeline for providing information upon a written request of stakeholders, it is punishable by an administrative fine:

- for officials – from 20,000 RUB to 30,000 RUB

- for legal entities – from 200,000.