Page 98 - bne IntelliNews monthly country report Russia February 2024

“militarized” growth of real incomes of the population by 4.4%, also clearly increased.
9.2.10 Utilities & Renewables corporate news
Russia’s nuclear power company Rosatom is plagued by problems that are affecting its operations and leading to delays in completing several flagship projects, according to internal documents seen by Bloomberg.
Russia’s nuclear exports are booming as dozens of global south countries turn to Russia for help in providing their fast-growing economies with power. Not only is Russian nuclear power technology amongst the best in the world, the Kremlin usually provides 85% of the financing to get new nuclear power plants (NPP) built. South Africa, for example, has been suffering from rolling black outs for several years, but has ordered a new NPP from Russia to final solve the problem.
However, Rosatom is suffering from a lack of qualified personnel, equipment supply delays, and forced import substitution, the documents show.
The Belarusian NPP in Ostrovets (aka Astravets in Lithuanian), that went online in 2021, faced more than a one-year delay due to these problems, with documents confirming that ion-exchange resin entered the primary circuit, necessitating a costly disassembly and replacement.
Likewise, the Akkuyu nuclear power plant in Turkey, a $20bn project with four reactors, also experienced delays and reliance on untested suppliers.
Rosatom responded, emphasizing collabouration with regulators, adherence to safety standards, and denying speculations about hidden incidents. Despite ongoing projects in seven countries, worth billions of dollars, and significant contributions to global nuclear exports, the company's reputation as a reliable and safe contractor is on the line.
The delays at Ostrovets and Akkuyu, though not fatal, could impact Rosatom's standing if technical defects become systemic. Internal documents reveal battles with defective equipment, shortages of qualified installers, and challenges in meeting safety standards, posing potential risks to the company's reputation.
9.2.11 Mines and Minerals - gold & diamonds
Gold to hit fresh highs in 2024 Gold rose to a record high this year amid geopolitical conflicts and economic uncertainty. We believe safe-haven demand and the US interest rate outlook will keep gold supported in 2024 and we expect prices to remain above the $2,000 level next year.
98 RUSSIA Country Report February 2024 www.intellinews.com