"Gazprom plans to invest in projects to build new power plants in Russia and abroad," Miller told a business forum in St. Petersburg. "Gazprom is the most interested party in modernization of Russia's electric power industry, in the construction and upgrading of power plants."
Miller said the Russian gas monopoly's plans in the electric power sector were not limited to gas-turbine plants, adding that the sector was a core business for Gazprom and would help boost its business.
"This will help us to release large amounts of gas currently used ineffectively by Russia's electric power sector." Miller said. "From this point of view, Gazprom is the most effective investor in the sector."
Russia's largely outdated electric power industry and electricity monopoly Unified Energy System (UES) (RTS: EESR) has recently been the subject to bitter criticism. President Vladimir Putin said this month that the inability of UES to meet demand from commercial consumers was impeding annual GDP growth. He called for a development program to be drawn up as soon as possible.
Gazprom owns a 10.5% stake in UES and a 25% stake in Mosenergo (RTS: MSNG), the main producer of electric and thermal power for Moscow and Moscow Region.
