“Russia has made very little investment in new power generation sources, but plans are very ambitious. But what is surprising is that they will invest in nuclear energy, not in green energy. We will see a green Europe in the west, but will still have atom and gas-generated electricity in the east,” Žygimantas Mauricas said during an energy conference hosted by the magazine Valstybė in Vilnius.
The economist says that more than half of investment in the world in the coming two decades will go into renewable energy sources.
“In the coming 20 years, 60 percent of all investment will go into renewable sources. Electricity production from renewable sources will reach around 35 percent,” he said.
If the EU does not have much success in renewable energy sources, Lithuania will be able to turn to Russia or vice versa, Mauricas said.
The economist notes that Europe may have problems due to its investment in conserving energy. Although global demand for energy is set to increase in the future, the EU may become a region where demand will fall, which will hold back investment in generation sources.
“The EU makes most investment in energy saving. This is an exclusive feature of the European Union. This is not very good for the energy sector in general, because if these plans are carried out, Europe will become one of the few regions where demand for energy will fall at a fast rate, which does not encourage investment in other energy generation capacities,” he said.