Who will dominate electric power industry and how will oil be used?

Who will dominate electric power industry and how will oil be used?

The 'Russian Energy Week' Energy Efficiency and Energy Development International Forum opened yesterday in Moscow and St. Petersburg, more than 5 thousand people are expected to attend it. Russian President Vladimir Putin, as well as OPEC Secretary General Mohammad Barkindo, Secretary General of the Forum of Gas Exporting Countries Seyed Mohammad Hossein Adeli,  Director-General of the International Renewable Energy Agency Adnan Zem Amin, will take part in the panel discussion titled 'Energy for Global Growth'.

Russia's Energy Minister Alexander Novak explained that Russian and international companies, heads of major international energy companies, more than 30 energy ministers of different countries and 30 governors are among the participants. "We expect that this platform will allow us to discuss the current situation on global energy markets, develop the appropriate solutions within the framework of ongoing discussions and provide an opportunity for business representatives to network ... The fuel and energy sector is a crucial link in the Russian economy. The forum will feature about 50 events in three days. Youth day will be held on October 7, it will be attended by about 2,500 students, schoolchildren and young specialists from various companies, who will discuss the development of the fuel and energy complex with officials during the day," Novak said.

The panel discussions will cover all areas of the fuel and energy complex - the oil and gas industry, electric power, energy efficiency and the coal industry. "We will discuss issues related to the development of world trends in the fuel and energy complex. The program will include both the development of the fuel and energy complex, the fuel and energy sector within Russia, as well as international relations, the development of our bilateral ties, multilateral ties, world trends. On October 4, the Gas Exporting Countries Forum (GECF) summit will also be held within the framework of the forum, which will be attended by the GECF Energy Ministers. We also plan to hold a mayoral  meeting within the framework of the forum to discuss issues of urban development, infrastructure and energy, modern and future state of cities in terms of energy development," Alexander Novak said.

According to him, "the discussions on electric power industry will touch upon issues related to new technologies in this area  - energy production technologies, technologies for their storage and accumulation. To date, there are not yet developed storage devices that would allow storing larger volumes of energy. There are modern pumped storage technologies, but there are no more modern ones, which would help accumulate large amounts of energy and use this energy to cover peak loads or energy shortages. Whoever invents such technologies, he will dominate and become a leader in electric power, as it can completely change the configuration of electricity transmission, its storage and the provision of it to consumers. Electric vehicles and other energy consumers will be used more widely. There will be several discussion panels and sessions at the forum devoted to the electric power industry, including infrastructure development and introduction of modern technologies. "

As for the Russian electric power industry, Novak said that they will discuss the issues of further development of the wholesale market, the withdrawal of inefficient capacities, modernization and efficiency of mechanisms for the modernization of energy equipment, cooperation with other countries in the production of new equipment. A separate panel session will be devoted to renewable energy sources and technologies, which are used in the production of equipment for solar power stations and hydroelectric power plants. "We are one of the leading countries engaged in the implementation of modern technologies. Russia is one of the world leaders in the technology of solar panel production. On the basis of the studies and discoveries made by our scientists, plants for the production of solar panels based on heterostructural photocell technologies are built, which ensure high cost-effectiveness, at the level of world leaders, about 20% of the efficiency. These indicators will further improve," the minister said.

In addition, he expects an increase in refining volumes to about 284 million tons: "This is also related to the modernization of our refineries. We see a slight increase in consumption of petroleum products in Russia at a level of less than 1%. This corresponds to general trends related to the increase in the efficiency of internal combustion engines and correlates with economic growth rate and consumer demand growth rate. We have sufficient volumes of high-quality gasoline and diesel fuel for our consumers. We export a significant amount of oil products to world markets".

According to Novak, many is interested in the topic of oil refining: "It's not just about oil production. Oil is extracted in order to be consumed in the form of processed products - petroleum products or petrochemical products. Oil is a source for the production of consumer goods, carbon-based materials, etc. When the number of electric vehicles increases and the consumption of petroleum products decreases, oil will be reoriented from the source of fuel and petroleum products to petrochemicals. Therefore, the discussions at the forum will focus on what modern technologies should be used, what products can be developed in the future, joint developments in this regard, as well as improving the quality of extraction and the level of oil refining efficiency, using 100% of oil as a source. "