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Russian minister expects low-cost renewable energy to appear shortly

June 25, 2012, 20:54 UTC+3
Russia has set itself the task of bringing the share of renewable energy in power generation to 4.5 percent by 2020
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ST. PETERSBURG, June 25 (Itar-Tass) —— Russian Energy Minister Alexander Novak expects low-cost renewable energy sources to appear in the years to come.

“Renewable sources of energy are our future, but they are costly right now,” Novak said at a press conference after an APEC energy ministers in St. Petersburg on Monday, June 25.

He expressed confidence that “new technologies regarding renewable energy sources can become available in the near future and they will cut the cost considerably”.

“This will happen literally within the next several years because science does not stand still and evolves rapidly,” the minister said.

Russia has set itself the task of bringing the share of renewable energy in power generation to 4.5 percent by 2020.

Russian legislation has a provision that allows companies to receive subsidies to cover a part of their expenses incurred by connection to sources of energy of up to 25 megawatts.

“The first project has already been evaluated by the Market Council and several other projects are in the pipe,” the minister added.

 

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