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Russia Must Invest $2.5 Trillion in Electric Utilities Over Next 20 Years

Russia's draft energy strategy calls for about $2.5 trillion in investment through 2035, Energy Minister Alexander Novak was quoted by news agency RIA Novosti as saying Wednesday.

Russia's electricity production will increase 28-30 percent over that time as consumption grows 15 percent, news agency Interfax cited Novak as saying.

Electricity exports will also increase significantly thanks to coal mining and the production of electricity from coal, he said.

U.S. and EU sanctions against Russia over the crisis in Ukraine are factored into both scenarios included in the strategy, Novak added.

The draft energy strategy was reviewed at a meeting Wednesday with Prime Minister Dmitry Medvedev. The government plans to review a final version this autumn.

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