Energy


FBK's experts now have over ten years' experience working with companies in the energy sector.

We provide them with services such as financial and management consulting, conduct audits of financial statements, provide valuation services and consult on implementing and applying IFRS, as well as offering the full range of FBK services.

Dozens of major Russian energy corporations have already used our services.

The professional competence and experience of FBK's experts is more than amply demonstrated by their long-standing consulting work to generation and distribution companies.

Our customers since 2008 in particular include RusHydro and the JSC IDGC Holding and its subsidiaries (more than 10 regional distribution companies including JSC IDGC of Volga, JSC IDGC of the North Caucasus, JSC IDGC of North-West, JSC IDGC of Center, JSC IDGC of Urals, JSC IDGC of Siberia, JSC IDGC of Center and Volga Region, JSC IDGC of the South, JSC Moscow United Electric Grid, JSC Kubanenergo, JSC Tomsk Distribution Company and JSC IDGC of the Urals).

Sector regulators also make use of our services, including the Financial Settlements Center and the Market Council Non-Profit Partnership.

Our most recent projects for a major holding involved preparing consolidated IFRS financial statements and testing for asset impairment at dozens of subsidiaries and affiliated companies from the above list.

Since 2004, we have partnered with the Rosatom State Corporation, providing a full range of audit, valuation and consulting services.

FBK projects in the electricity sector include:
  • Preparing methodological recommendations for Rosenergoatom on cost accounting and setting the production costs of labor and services, as well as planning expenditures for the purposes of setting tariffs while taking into account the specifics of the nuclear power industry
  • Updating and revising the methodological recommendations in accordance with changes in the regulatory framework and regulation in the nuclear industry
  • Preparing and harmonizing with Russia’s Ministry of Finance and Federal Tax Service the specifics of the tax base in the nuclear power industry. In cooperation with Rosenergoatom
  • Carrying out a project to analyze the existing management control system at Rosenergoatom and define the main ways to increase the effectiveness of the Group's management.
  • Preparing consolidated IFRS financial statements of the JSC IDGC Holding since 2008 to the present, supporting the audit of the holding, conducted by KPMG. Preparing consolidated financial statements of 8 regional companies within the holding structure
  • Carrying out an actuarial valuation of the pension and social obligations of the JSC IDGC Holding and 9 of its regional companies.
  • Developing procedures for the fast close of accounts and the maximum reduction of RAS and IFRS financial reporting times for a company in the energy sector.
  • Carrying out a project to analyze the financial and economic activity of Novosibirskenergo.
  • Providing services on methodological support in restructuring the accounting function (accounting and taxation) for RusHydro.

In 2012, we implemented or are still in the process of implementing valuation projects for RusHydro and Boguchanskaya HEP station, an audit of Atomenergoprom, financial, accounting and legal consulting for Rosenergoatom, E.ON Russia, INTER RAO UES Group RAO Power Generation, the Financial Settlements Center (the main operator of settling demands and liabilities on the wholesale market for electricity and capacity and the Federal Grid Company and conducting financial settlements between them) and the Market Council Non-Profit Partnership (the regulating and coordinating body for the wholesale and retail sale of electric energy and capacity).

FBK has also implemented projects to provide expert construction reports for subsidiaries of Rosatom, such as JSC Khiagda and JSC Dalur, during which we audited the construction process at these companies.

FBK Legal experts collaborate with the Market Council Non-Profit Partnership and provide consulting services to companies owned by the Rosatom State Corporation FBK Legal has been recommended by the international rating The Legal 500: Europe, Middle East & Africa guide 2013 in the energy and natural resources.


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