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22 August 2006 - At a meeting last Saturday between Russian president Vladimir Putin and head of RAO Unified Energy Systems Anatoly Chubais, plans for developing Russia's power sector during the coming years were outlined.
The meeting, staged in the Bocharov Ruchey Residence in Sochi, addressed the current state of and development prospects for the Russian electricity industry. In particular, the Russian President and RAO UES Chairman discussed the issue of ensuring reliable and uninterrupted power supply to residential and industrial consumers given the background of increasing energy use and changing patterns of consumption.
Additionally the parties discussed the key points in the programme of investment for the electricity sector for 2006-2010, as well as the mechanisms for its implementation. According to this schedule, the new energy sector companies, WGCs and TGCs, will raise significant private investment through additional share issues to finance development projects for generating thermal energy. Additional sources of funds will include tariff revenues, connection fees and budgetary allocations.
The Government gave the programme its approval at a meeting several weeks ago, and the UES board of directors has also approved it. Investment in the sector is expected to reach 2.1 trillion roubles ($78.7bn) over 2006-2010. Chubais said that the programme's implementation will make it possible to resolve the serious electricity shortage problems a number of the country's regions have been facing.
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