Vladimir Rozhankovsky, head of Analytical Department, energy expert of CenterInvest Group

– Nuclear energy is Russia’s strong point

The share of nuclear power plants in total energy production in Russia must be increased to 25%-30% despite the financial crisis, Prime Minister of Russia Vladimir Putin said during a conference on nuclear energy at Kalinin Nuclear Power Plant in Tver region. He said that under the crisis this task needs special attention. Putin also granted Rosatom’s request for additional capitalization worth 50bln RUR.

I think that Rosatom is getting quite big money. We have lots of problematic sectors in our economy. Some investment programs in the classical energy sector are under question. Even though the prices of oil and masout have plummeted as compared with the last year, when the use of nuclear energy was the topic of the day, Rosatom is still receiving substantial support. The key reason is that nuclear energy is Russia’s strong point. Today, Russia has few innovative ways and nuclear energy is one of them. Besides, as Mr.Putin said, long-term programs are subject to compulsory financing. The other promising sectors receiving as big support as nuclear energy are the navy and aviation. The key point here is that these programs will be closely controlled by the state.

The construction of nuclear power plants is a strategic long-term program and its prospects look much brighter than, say, the prospects of the Olympic Games 2014. I mean that electricity is what we need on a daily basis, while the things we are building in Sochi will not all be in demand when the games end.

As regards the bonds, if they are guaranteed by the state, their rating will be identical to the rating of Russia. Even if they are not, their rating will still be high as nobody will doubt the reliability of Atomenergoprom’s bonds.

As regards the influence of NPP construction on the economies of the host regions, it is obvious that one of the goals of this program is to reduce unemployment. NPP construction projects enjoy state support. There is only one problem: retraining of personnel. To build a nuclear power plant is not the same as to build a many-storied house where we can do with gastarbeiters. In any case, NPP construction is a positive moment: these projects will offer lots of jobs but the Government must ensure the retraining of workers and must do it as quickly as possible.