Gazprom still looking to acquire European gas-fired plants

• 11 years ago (2013-03-22)
• Junior Isles

Europe 1061 North America 998

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Gazprom is continuing to push its interest in acquiring combined cycle electric power plants in Europe, even despite cheap coal from the US supressing European gas-fired generation, the company said.

"At the present time, Gazprom is evaluating the possibility of buying modern combined cycle power plants on several European markets," Gazprom stated.

Moving into power generation in Europe is one of Gazprom’s long term strategies for offsetting fluctuations in the price of gas, since revenues from electricity sales can compensate for losses elsewhere in lean times.

Gazprom has revealed it is in talks with virtually all of its European partners on cooperation in gas fired power generation in Europe.

Negotiations have been complicated by the glut of cheap US coal flooding European markets, with the price of coal in Europe now up to 66 per cent lower than gas.