Support The Moscow Times!

Gazprom Eyes Power Plants

Gazprom is interested in purchasing combined-cycle electric power plants in Europe, despite the competition from cheap coal, the company said, Interfax reported.

"At the present time, Gazprom is evaluating the possibility of buying modern combined-cycle power plants on several European markets," Gazprom said.  

Being involved in power generation in Europe is an option for protection against possible risks associated with changes in the price of gas, since it will make it possible to offset them with revenues from electricity sales, the gas giant said.

Gazprom said it was talking with virtually all of its European partners on cooperation in gas-fueled power generation in Europe. However, the negotiations have been thwarted by Europe being flooded with cheap U.S. coal. The cost of coal in Europe is up to 66 percent less than the price of gas.

(MT)

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.