VEB and RNC CIGRE ally to proactively search for new energy infrastructure projects

Vnesheconombank and the Russian National Committee of International Council on Large Electric Systems (Conseil International des Grands Réseaux Électriques) Association (RNC CIGRE Association) entered into a cooperation agreement.

The agreement was executed by VEB Chairman Sergey Gorkov on the part of VEB, and by Andrey Murov, Chairman of RNC CIGRE and CEO of the Russian Federal Grid Company of Unified Energy System (FGC UES).

The parties have agreed to cooperate in the search for and selection of investment projects in the energy infrastructure, power plant industry and electrical engineering. They intend to promote the innovative development of the Russian power generation and transmission engineering, including the smart grid technology. Furthermore, VEB and RNC CIGRE will exchange technical and economic information on modern development trends in the global power sector, and will cooperate on the electricity and capacity markets.

“We are now creating an industry analysis function that will enable us to select potential investment niches. In addition to our traditional approach to financing on the customers’ request, we are also proactively searching for potential investment avenues together with our clients. This will help VEB to operate more efficiently as a development bank and to better account for the state priorities in its investment activities. The Bank views power generation and distribution, in particular, the construction and renovation of the respective facilities as its investment priority. Currently, VEB has a number of energy-related projects under consideration, with its commitment exceeding RUB100 billion”, pointed out Sergey Gorkov.

“Being a part of the global network, RNC CIGRE has access to the broadest expertise we can benefit from when selecting and developing projects”, commented Andrey Murov.

VEB and the Association expect that their cooperation will help boost Russia’s economic development and give an impetus towards the diversification of the energy industry and the promotion of Russian equipment abroad.

CIGRE has as its members more than 1,000 entities and 7,000 experts across the electricity industry. As its key organizational principle, CIGRE operates through the national committees bringing together energy companies and institutions of their respective countries or geographical regions. CIGRE global footprint currently covers 95 countries. The Russian National Committee of CIGRE plays a leading role in CIGRE in terms of both membership, energy research efforts, and UES unique operational reliability. RNC CIGRE comprises 69 Russian energy companies, including such giants as FGC UES, Inter RAO UES, Rosseti, Power Machines, SO UPS, NP Market Council, National Research University "Moscow Power Engineering Institute", ENERGOSETPROEKT Institute.

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