July 21, 2006

Johannesburg (ANDnetwork.com) - It was uncertain this week whether Russian energy firm TurboEngineering would invest in Zimbabwe's energy sector after officials from the company expressed dissatisfaction at the southern African country's single buyer model for electricity and erratic subsidies from the government, sources told ZimOnline.

The Russians who arrived in Harare last Sunday and had expressed eagerness to invest in four power generation projects with capacity to yield more than 1 000 megawatts of electricity were also said to have been unhappy with the state-owned Zimbabwe Electricity Supply Authority (Zesa)'s finances. According to sources, the Russian investors openly told officials from the Reserve Bank of Zimbabwe, the ministries of energy and finance that they could not invest in a market where they would be required to sell electricity to only one state-owned company and not directly to consumers.

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Posted by rjorr at July 21, 2006 6:39 PM