RUSSIAN OIL GIANT EYES RUSSIAN WIND

Lukoil Considers Investments in Russian Wind Farms

Stephen Bierman, March 11, 2014 (Bloomberg News)

“OAO Lukoil (LKOH) may turn to Russia for future renewable energy projects as its units in Bulgaria and Romania are hurt by subsidy reductions...The Russian [oil giant and] energy company may start a pilot project for 10 megawatts of wind generation in Kaliningrad as early as next year if Russia reduces restrictions requiring equipment to be bought locally…[T]he region is isolated, and logistics for transit of traditional energy are difficult…Eastern European countries such as Romania and Bulgaria have been rolling back subsidies to limit the cost of renewable energy and curb consumer electricity bills. Both governments cut incentives for renewable energy projects last year following a surge in installations…Lukoil expects to conclude a project financing agreement in May on two current Romanian projects…” click here for more

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