Published on: 2026-06-06
Source: Rosneft – An important disclaimer is at the bottom of this article.
Construction and modernization of new type power grids will require doubling the existing infrastructure, said Igor Sechin, Secretary of the Commission under the President of the Russian Federation for Strategy of Development of the Fuel and Energy Complex and Environmental Safety, at the Energy Panel within the XXIX St. Petersburg International Economic Forum.
In the mode of his keynote report, he spoke about the inevitability of constructing a new type of energy system. However, Sechin noted that it is important to consider the negative experience of unjustified decisions concerning “green” energy, which was accompanied by accelerated investments. “It led to systemic imbalances: a shortage of reserve capacity, interruptions, and additional budgetary burdens amounting to hundreds of billions of dollars,” explained Igor Sechin.
According to him, the lack of a balanced approach to the development of the energy system has already led to an increase in electricity prices: in the USA over the past 5 years — by more than 30%, in Europe — by 35-45% for various consumers.
“The key limitation remains the power grids and the supply of energy. The need for expanding and modernizing the networks will reach 60 million kilometers by 2035 and 80 million kilometers by 2040 – basically requiring doubling the existing infrastructure,” said Sechin.
He also voiced Bank of America’s assessment, according to which about 40% of investments (approximately 240 billion dollars per year) should be directed to replacing existing networks, since in more than half of developed countries the average age of electrical grids exceeds 20 years, and in developing countries such age applies to about one third of the total grid capacity.
“In the next 25 years, total investments in the power grid could amount to almost 16 trillion dollars. For this, capital expenditures should be about 600 billion per year. This is almost twice the average annual level of the previous five years,” added Igor Sechin.
At the same time, the importance of energy accumulators is growing. Only by 2025, their cost has decreased by a third, and the introduction of capacities has increased by more than 50%. “According to forecasts, by 2035 the total energy storage capacity of systems in the world will increase eightfold and exceed 7 terawatt-hours — a level comparable to the annual consumption of a small country,” Sechin summed up.
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PJSC “NK “Rosneft”
June 6, 2026
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