OREANDA-NEWS. June 5, 2008. “During today’s parliamentary hearings of a report on the reforms in the energy sector of Russia, RAO UES Russia publicly handed its powers to the newly established Energy Ministry of Russia,” says the first vice chairman of the Federation Council Committee on Natural Monopolies Valentin Mezhevich.

“Today, most of the parliamentarians are sure that the reforms are moving in the right direction. We have completed the initial stage of the reforms in line with the legislation adopted in 2003. We closely controlled that process and responded with timely and essential revisions,” says Mezhevich.

“Unfortunately, we lost two years on long discussions of legislative revisions and new approaches. We debated for quite a long time and now are forced to hurry up. Now we will have to spend twice-thrice as much on equipment for new power plants. This will certainly lead to rise in electricity prices. This is the result of delays in implementing passed decisions,” says Mezhevich.

“Nevertheless, the parliamentarians have done their part of the work. Their amendments will help to more effectively develop the energy sector. By July 1 they are planning to adopt one of the key resolutions concerning the sector – a resolution on the power market.”

Mezhevich is satisfied with the statements of Energy Minister Sergey Shmatko concerning energy efficiency and energy saving. “This is a very important problem and we must do our best to solve it,” says Mezhevich.