The Energy Regulation and Markets Review - Stikeman Elliott

Chapter 19
Russia
Evgeny Danilov 1
I
OVERVIEW
Russia possesses enormous energy resources, the main being electricity generated by
thermal, hydro and nuclear power plants, gas, oil and coal.
The key programme document currently being implemented in Russia in the
energy sphere is the Energy Strategy for Russia up to 2030. 2 It states the aim of Russia’s
energy policy to be maximum effective use of natural energy resources and the potential
of the energy sector to assist stable economic growth, a better quality of life in the country
and consolidation of its foreign trade positions.
The fuel and energy complex holds a leading position in the Russian economy,
but the task of reducing the economy’s dependence on the energy sector is being
undertaken. The main current developments in the Russian energy sector are innovation,
modernisation and energy efficiency, a change in the structure and scale of production
of energy resources, reduced impact on the environment and climate, creation of a
competitive market environment, differentiation of export directions (with a reduction
in the share of the European countries), elimination of transit risks, further integration
into the global energy system and international energy security.
The electric power industry has been reformed, the electric power market is
being liberalised and the nuclear power industry reformed, more favourable conditions
have been created in the oil and gas complex, the development of oil refineries and
petrochemical plants is being encouraged, exchange trade in energy resources is
developing, and excessive administrative barriers in the activities of energy companies
are being lifted.
1 Evgeny Danilov is a head of group at Goltsblat BLP (the Russian Practice of Berwin Leighton
Paisner).
2 Energy Strategy for Russia up to 2030, approved by resolution of the government of the
Russian Federation, dated 13 November 2009, No. 1715-r.
219