Russia aims to attract $28 billion investment in power plant upgrades

• 5 years ago (2019-01-25)
• David Flin

Europe 1089 Gas 393

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Alexander Novak, Russia’s Energy Minister, said that the Russian Government has approved a 10-year modernisation programme for Russian power plants, which he expects to attract $28.8 billion in private investments in the sector. The programme includes upgrading nearly 40 GW of installed capacity, which accounts for 16 per cent of Russia’s total installed generation capacity. The programme is set to run from 2022 to 2031.

The first competitive selection will be held for 11 GW in April or May, with power supply expected to start in 2022-2024. Novak said that the key selection criteria for equipment would be low cost per kWh. The modernisation programme will also aim to have as much domestic equipment and engineering as possible.