MOSCOW, Aug 26 (PRIME) — Modernization of the Russian electric power sector requires 11.1 trillion rubles of investments until 2020, the Energy Ministrys press office said Friday, RIA Novosti reported.
The modernization is to be financed mainly with preferential loans from state banks at interest rates not exceeding 8% annually, the launch of the wholesale power capacity market with the use of tenders for capacity, and funds from selling government stakes in power generating and power grid companies, the ministry said.
The modernization program is aimed mainly at shutting down outdated power facilities and replacing them with newly-built ones, as well as optimizing the location of power generation and power grid facilities, and creating a center for innovative development.
In line with the modernization program, power equipment producers are tasked with ensuring power facilities with reliable, high-technology, and energy efficient equipment.
(28.8825 rubles U.S. $1)