Russian ministries willing to consider penalty-free deferrals for generating companies, machine builders

MOSCOW. March 7 (Interfax) - The Russian Industry and Trade Ministry and the Russian Energy Ministry stand ready to offer penalty-free grace periods for power companies and machine builders if necessary, the former ministry said.

"Jointly with the Russian Energy Ministry, the meeting [on the continuous operation of generating facilities] also noted the steady performance of operating generating facilities of thermal power plants and the readiness, if necessary, to elaborate the issue of introducing a penalty-free period for generating companies and machine builders in case of changes in the terms of delivery of required equipment and power supply to the wholesale market," the Ministry of Industry and Trade said in a press release.

The level of domestic manufacturers of turbines, boilers, and electric machines enables them to "produce almost the entire range of equipment for the power industry in their own country," it said. In particular, the ministry expects that innovative gas turbines GTE-65, GTE-170 (Power Machines projects) and GTD-110M, which is produced by the United Engine Corporation, should be put into operation in Russia by the end of 2024.

"We are willing to accelerate the abandonment of imports of these products where it still remains," Minister of Industry and Trade Denis Manturov is quoted as saying in the report.

In general, the Ministry of Industry and Trade stands ready to continue "constructive business relationships with interested and honest foreign companies, as well as to perform all previously assumed obligations. However, if foreign companies leave the market, the ministry does not expect a catastrophe for the industry, "because today Russia has required technologies and expertise, as well as enterprises that specialize in the development and replacement of relevant products."