The Carnival of Nuclear Energy 192 is up at ANS Nuclear Cafe
Atomic Insights - Russia using oil wealth to finance nuclear energy exports
In round numbers, RIANovosti reports that Russia’s federal budget is $400 billion per year, indicating that the government counts $200 billion per year from oil and gas sales towards its annual budget. However, the Russians understand the volatility of oil and gas prices, so they do not count all of the revenue in good years as available for the annual budget.
Instead, Russia directs “windfall” revenues that come when prices and production are above a planned level into the Russian Reserve Fund. By current law, oil and gas revenues that exceed 3.7% of planned Gross Domestic Product (GDP) for a given year are directed into the Russian Reserve Fund. The Reserve Fund has a legislated balance cap of 10% of GDP.
The most recently reported balance of the Reserve Fund was $38 billion as of late February 2013.
Russia is using financial resources to provide financing for buyers (Hungary, India etc...) of their nuclear plants.
Russia has a very strong program of decarbonization that is based on a doubling of domestic hydroelectricity and an increase in nuclear generation from the current 16% to approaching 50% by 2050.
Read more »![]()
![]()
![]()
![]()
![]()
![]()
![]()
![]()
![]()
![]()
![]()
Atomic Insights - Russia using oil wealth to finance nuclear energy exports
In round numbers, RIANovosti reports that Russia’s federal budget is $400 billion per year, indicating that the government counts $200 billion per year from oil and gas sales towards its annual budget. However, the Russians understand the volatility of oil and gas prices, so they do not count all of the revenue in good years as available for the annual budget.
Instead, Russia directs “windfall” revenues that come when prices and production are above a planned level into the Russian Reserve Fund. By current law, oil and gas revenues that exceed 3.7% of planned Gross Domestic Product (GDP) for a given year are directed into the Russian Reserve Fund. The Reserve Fund has a legislated balance cap of 10% of GDP.
The most recently reported balance of the Reserve Fund was $38 billion as of late February 2013.
Russia is using financial resources to provide financing for buyers (Hungary, India etc...) of their nuclear plants.
Russia has a very strong program of decarbonization that is based on a doubling of domestic hydroelectricity and an increase in nuclear generation from the current 16% to approaching 50% by 2050.
Read more »
