Oct 27, 2021
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Electricity prices will skyrocket in Russia

Electricity in Russia could skyrocket in price by 26 percent by 2050 due to the energy transition. The Ministry of Economic Development has prepared the final version of the country’s low-carbon development strategy, writes Forbes.

“A forced energy transition for some economies results in such tangible costs, which, it seems to me, not everyone expected,” said the Minister of Economic Development Maxim Reshetnikov. The strategy describes two scenarios – inertial, if the authorities do not take any special measures, and intensive, taking into account active decarbonization actions.

In the first case, Russia will reduce net emissions (taking into account the absorption of CO2 by the forest) by 460 million tons of CO2 equivalent, in the second – by 1.57 billion tons. By 2050, the ministry predicts a sixfold decrease in carbon intensity under the intensive scenario, and in the second case, by one and a half times.

GDP growth will amount to 195 trillion rubles in the inertial scenario (plus 83 percent) and 264 trillion rubles (by 147 percent) in the intensive scenario. The cost of electricity under the inertial scenario does not change, and under the intensive scenario it will grow by four percent by 2030 and by 26 percent by 2050. The rate of disposable money income of the population under the intensive scenario will grow faster than under the inertial one.

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