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T Plus transferred second part of illegally earned income to budget

Russia's Federal Antimonopoly Service (FAS Russia) has received confirmation from PJSC T Plus on the transfer of more than RUB 433 million to the federal budget, according to a statement by the press service of the antimonopoly service.

It will be recalled that in December 2014, FAS Russia found T Plus Group comprising OJSC EnergosbyT Plus, CJSC IES - Energosbyt, OJSC Volga TGC, CJSC IES (consolidated into PJSC T Plus in 2015) and CJSC IES-Trading guilty of infringing the competition law.

In 2012-2013, T Plus Group and CJSC IES-Trading entered into an illegal agreement which resulted in a restriction of competition by overstating the target electricity consumption levels in the day-ahead section of the wholesale electricity and capacity market, resulting in a price increase in the first pricing zone (infringement of article 11 section 4 of the Competition Law).

The competition watchdog issued an order for T Plus Group to transfer the income earned by infringing the competition laws which exceeded RUB 860 million to the federal budget. The legality of the competition authority's decision and order was confirmed by courts of all instances.

In summer 2017, FAS Russia and PJSC T Plus concluded an out-of-court settlement agreement. The company admitted guilt and was granted the right to make the payment by installments.

The company transferred the first part of that amount in November 2017, the second part in late December. Therefore, T Plus has completely complied with the requirement of the out-of-court settlement agreement.

PJSC T Plus (previous name: OJSC Volga Territorial Generating Company / Volga TGC (TGC-7), tax number: 6315376946) was established on August 1, 2005 in pursuance of the project of reforming power supply systems of Samara, Saratov, Ulyanovsk and Orenburg regions. The principal profile of the company's activity is the generation of thermal and electric power, sales of electric power in the wholesale market, heat supply of household and industrial consumers. Volga TGC includes generating and heat distribution assets of OJSC Samaraenergo, JSC Saratovenergo and OJSC Ulyanovskenergo; later (on March 9, 2007), 100% of shares of JSC Orenburg EGC were contributed to the company's authorized capital. The company was renamed as PJSC T Plus in May 2015.

In December 2014, IES-Holding, JSC TGC-5, OJSC TGC-6, JSC TGC-9, JSC Orenburg EGC and other companies were merged into OJSC Volga TGC as part of the IES-Holding generating asset consolidation process. The shares of all the companies involved in the merger process (except for those meant to be canceled) were converted into additional shares of Volga TGC. The company was renamed as PJSC T Plus in May 2015.

According to AK&M Information Agency's DataCapital information retrieval system, RAS net profit of PJSC T Plus for 9 months of 2017 increased 12.02 times to RUB 4.807 billion from RUB 399.898 million for the same period in 2016. Revenue increased by 6.79% to RUB 153.998 billion from RUB 144.212 billion, sales profit by 27.21% to RUB 19.939 billion from RUB 15.674 billion, pre-tax profit 8.73 times to RUB 7.351 billion from RUB 841.715 million.

"AK&M", 12.01.2018 13:50


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