Russia approves $29 billion power plant upgrade program

Steam rises from the chimneys of a thermal power plant behind the Ivan the Great Bell Tower in Moscow
Steam rises from the chimneys of a thermal power plant behind the Ivan the Great Bell Tower in Moscow, Russia January 9, 2018. REUTERS/Maxim Shemetov

January 24, 2019

MOSCOW (Reuters) – Russian Energy Minister Alexander Novak said on Thursday that the government has approved the start of a modernization plan for domestic power plants worth about 1.9 trillion rubles ($28.84 billion).

Russia’s power sector is one of the most competitive in the country, including state players, private investors and foreign companies such as Italy’s Enel <ENEI.MI> <ENRU.MM>.

($1 = 65.8875 rubles)

(Reporting by Anastasia Lyrchikova; writing by Katya Golubkova; editing by Jason Neely)

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