Kazakhstan to invest $7 bln in power generation by 2015 - FIC

ASTANA (Itar-Tass) - Kazakhstan's Deputy Prime Minister,
Minister of Industry and New Technologies Aset Isekeshev said up to seven
billion U.S. dollars will be invested in the republic's power generation
sector by 2015, according to different estimates, and 3,700 megawatts of
new capacities will be commissioned in the designated period.
Isekeshev made the statement at the 24th plenary session of the
Foreign Investors' Council (FIC) which President Nursultan Nazarbayev is
chairing in Astana.
Investment agreements are the key instrument to modernize
power-generating facilities. The republic is implementing 63 investment
agreements, the sum of investments for rebuilding and upgrading generating
capacities reached 110 billion tenge (750 million U.S. dollars) in 2010.
One hundred and sixty-one megawatts of capacities were commissioned.
In 2011, agreements were signed with power generating companies on
fulfilling investment commitments worth 135 billion tenge (920 million
U.S. dollars). It is planned to commission another 831 megawatts of
capacities.
Isekbeshev noted the necessity of upgrading core companies, with the
view of improving their energy effectiveness. At present, it is at a
rather low level, he said.
"Thirteen large companies account for 35 percent of the country's
electricity consumption," he added.
"If these companies decrease the energy intensity of their products by
10 percent within the next few years, it will compare to large-scale
investments in building national power generation capacities," the
industry and new technologies minister stressed.