Russia Postponement -Renewable Energy Projects
Implementation of several renewable energy projects in Russia initiated in 2013-2014 has been postponed, according to investors, as the devaluation of the Russian ruble against hard currency made the projects too expensive.
“At the wholesale energy market we see termination of contracts for the supply of power from renewable energy sources, with number of such precedents also taking place this year,” said Maksim Rusakov, head of the development of competitive pricing at the country’s energy market regulator Russian Market Council.
“In the first place, we are talking about renewable energy facilities scheduled to be commissioned in 2014,” Rusakov said. “Contracts are terminated automatically in case if the investor did not use the opportunity in advance to take the delay for a year [for commissioning of the project] within the so-called grace period,” he said