On April 2, the National Energy Regulatory Commission approved the investment program of VAT Volynoblenergo. \nThe investment program of VAT Volynoblenergo is designed for 5 years — from 2004 to 2008 inclusive. The total amount of the investment program is 141 million 490 thousand hryvnias — 28 million 298 thousand hryvnias annually, including 12 million in loans during 2005-2008. \nThe investment program of VAT Volynoblenergo provides for a number of measures to reduce losses during the transportation of electricity, the operation of energy facilities in the region, and the establishment of a more efficient enterprise administration system. In particular, the investment program provides for the additional installation of unloading stations, the replacement of wires on overhead lines with wires of a larger cross-section, the replacement of transformers with high no-load losses, and others. \nOverall, in 2004, as a result of the implementation of the investment program, it is planned to reduce losses by 5.22 million kWh of electricity, which in monetary terms equals 678 thousand hryvnias. \nHowever, as the chief engineer of VAT Volynoblenergo, Volodymyr Perchuk, noted in a conversation with a journalist of "Kontekst-Media," this program is not an investment program in the full sense of the term. According to Volodymyr Perchuk, it would be more accurately called a business plan. After all, investments in the enterprise's infrastructure will be attracted from funds included in the tariff for the supply of electricity to consumers in the region. The attraction of investments from outside the enterprise (other than loans) is not provided for by the program. \nHowever, the management of VAT Volynoblenergo considers it premature to speak of the start of its implementation. Thus, according to the chief engineer of this enterprise, Volodymyr Perchuk, the deferral of the court decision on the collection from VAT Volynoblenergo of 56 million hryvnias in old debts to energy generating companies is soon coming to an end. Therefore, according to Volodymyr Perchuk, if the debt payment is not restructured, then the implementation of the investment program "can be forgotten." \n