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Russia’s energy outlook discussed at IEA meeting

“Energy policy choices made by the Russian authorities in the coming years will…have major implications for global energy security” – IEA Chief Economist.

21 April 2011

High-level policy makers discussed Russia’s position in the global energy system and the factors that will influence the role of energy in Russia’s national economic development at a meeting organised by the International Energy Agency (IEA) in Moscow on 20 April.

The meeting was opened by Alexey Sukhov, Director for International Cooperation at the Ministry of Energy of Russia, and brought together government officials, senior Russian and international industry representatives and other stakeholders to exchange views on Russian energy perspectives. Keynote speakers were Alexander Medvedev, Deputy CEO of Gazprom, and Jonathan Elkind, Principal Deputy Assistant Secretary at the US Department of Energy.

The results of the meeting will help to shape the key findings and messages of the World Energy Outlook 2011, the IEA’s flagship publication.

“Russia is critical to the global energy balance both as a leading producer and exporter of hydrocarbons and as one of the world’s largest energy consumers of natural gas and electricity,” said Fatih Birol, Chief Economist at the IEA.

“Energy policy choices made by the Russian authorities in the coming years will shape not only the prospects for national economic development in Russia but also have major implications for global energy security.”

The following points were addressed over the course of the meeting:

  • The main drivers of domestic energy demand, including policies and constraints affecting the speed at which Russia can realise its potential for innovation and energy saving in different sectors;
  • The prospects for further development of a competitive electricity market delivering strong incentives for efficient and timely investment, operation and end-use;
  • Oil and gas reserves and resources, the challenges and costs of developing new production areas;
  • The expansion of transportation infrastructure for domestic markets, routes and pricing arrangements for export markets, both existing and new; and
  • Implications of Russian energy developments for global energy supply, security and environmental sustainability.

The World Energy Outlook aims to provide a rigorous analytical framework for energy policy makers and the energy industry, based on robust quantitative analysis. In addition to providing a new set of comprehensive mid- and long-term energy projections by fuel and by sector, the 2011 edition, to be released on 9 November, will include an in-depth analysis of the energy outlook for Russia.

Photo: ©IEA. Alexander Medvedev (left), Deputy Chairman of Gazprom, with Dr. Fatih Birol, Chief Economist at the IEA.

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