Sechin says most efficient solar power 3-4 times more expensive than Russia-made power

Jun 6, 2019 – Even the most efficient solar power is 3-4 times more expensive than power produced from fossil fuel in Russia, CEO of oil major Rosneft said at the St Petersburg Economic Forum.

“Of course, alternative energy, mainly solar and wind, will expand at the highest rate of over 2% annually, if the current regualtion and fiscal stimulation persists… At the same time, in absolute terms the cost of the most efficient solar power is anyway 3-4 times larger than the price for power on Russia’s domestic market, which is mainly produced from fossil fuel,” he said.

Sechin also said that the problem of energy storage is still to be solved.

“As a result, green energy’s contribution to the global energy balance is still low, and will increase to only 16% in 2040 from the present 12%,” the official added.