22 Apr 2010 10:43

Energy Ministry adjusting power company investment program

MOSCOW. April 22 (Interfax) - The Energy Ministry jointly with the state-controlled electricity companies is considering adjustments to the investment programs in order to boost the investment component, Energy Minister Sergei Shmatko said at a national meeting devoted to the results of the 2009-2010 cold weather season.

"Right now we don't need massive construction of new facilities, to invest all the money in concrete and metal," Shmatko said, adding that the ministry plans to have the boards of the state-controlled power companies consider the matter. The adjustments will be incorporated into the general scheme for locating power generation facilities until 2020 and the outlook to 2030.

Shmatko recalled that the approved investment program for 2010 totals 780 billion rubles. Investment in the state electricity sector will amount to 1.8 trillion rubles through 2012. "Our challenge is to ensure that those funds are spent as effectively as possible," he said.

The updated general scheme for locating power facilities should be approved in the middle of the current year, Shmatko said. It will lay out the obligations of the private power companies to invest in construction. "We must put the finishing touches on that issue in the middle of the year," he said, adding that the adjustments to the timing of construction will not affect the total generating capacity that is added.