ASIAN SUPER RING TO BE DISCUSSED AT EASTERN ECONOMIC FORUM
07 July 2016
According to Primorskaya Gazeta, work could begin this year.
The first intergovernmental agreements to kick start the creation of an Asian Super Ring energy system may be signed at the Eastern Economic Forum (EEF). There are currently four countries interested in the project: Russia, Japan, North Korea and South Korea.
The St. Petersburg International Economic Forum hosted a working meeting between the Minister for the Development of the Russian Far East Alexander Galushka, SoftBank Group Chairman of the Board of Directors and CEO Masayoshi Son, and Japan Bank for International Cooperation (JBIC) CEO and Executive Managing Director Tadashi Maeda. The discussion focused on the first practical steps towards creating an Asian Super Ring. The parties agreed to work hard on the planning stages in order to ensure a valuable discussion at EEF. It is expected that the project may reach the implementation stages this year. At this point, discussions will only cover technology, design and finance issues.
“From the Russian side, Khabarovsk and Primorsky Territories, Irkutsk and Amur Regions, Sakhalin and the Jewish Autonomous Region may be involved. It is impossible to say for sure which Russian regions will be included in the project until the technological plans for generating and transmitting electricity have been determined”, said the Ministry for the Development of the Russian Far East’s press service.
This project is an attractive prospect for Russia in that it will give the country the opportunity to benefit from sharing its renewable energy resources with other countries. Russia will also get the chance to exploit the excess capacity of its Siberian hydroelectric power stations.
The creation of an Asian Super Ring in the Russian Far East will see the emergence of several new energy companies offering their services. The competition could push electricity prices down, bringing benefits for the consumer.