Russian state corporation Rosatom will de-mothball its Baltic Nuclear Power Plant project, the company chief executive said.
"We are not ditching our project. We are revising it on the basis of new circumstances. We are holding negotiations and are signing new agreements with buyers of electricity. As soon as we have the entire technical system and commercial terms ready, work will be resumed," Sergei Kiriyenko told an international conference.
"The project was based on the logic that Kaliningrad, the Baltic countries and northwestern Russia make up a single energy system," he said.
However, the project was suspended after the Baltic states and the European Union decided last year to sever their electricity grids from that of northwestern Russia. It was an unexpected decision, Kiriyenko said, arguing it was a move that was senseless economically and was most likely political.
Russia decided to revise the project.
The facility would be Russia's only nuclear power plant with capital where a 49% stake would be private investments.
All rights reserved by Rossiyskaya Gazeta.
to our newsletter!
Get the week's best stories straight to your inbox