Sechin stated the need to double the infrastructure of the electric grid by 2040

The construction and modernization of a new type of power grid will require doubling the existing infrastructure, said Igor Sechin, Executive Secretary of the Commission under the President of the Russian Federation for the Development Strategy of the fuel and energy complex and Environmental Safety, speaking at the Energy Panel at SPIEF 2026.

During his keynote address, he stated the need to build a new type of energy system. However, Sechin noted, it is important to take into account the negative experience of "green" energy, with its accelerated investments. "It has led to systemic imbalances: a shortage of reserve capacities, disruptions and an additional budget burden of hundreds of billions of dollars," Sechin explained.

According to him, the lack of a balanced approach to the development of the energy system has already led to an increase in electricity prices: in the United States over the past 5 years — by more than 30%, in Europe — by 35-45%.

"The key limitation remains the power grid and energy storage. The need to expand and modernize networks will reach 60 million kilometers by 2035 and 80 million kilometers by 2040 — in fact, doubling of the existing infrastructure will be required," Sechin said.

He also voiced an estimate by Bank of America, according to which about 40% of investments should be directed to replacing existing networks, that is, about $ 240 billion per year, since in more than half of developed countries the average age of electric grids exceeds 20 years.

"In the next 25 years, total investments in the electric grid may amount to almost $16 trillion. For this, capital expenditures should amount to about 600 billion per year. This is almost twice the annual average for the previous five years," Igor Sechin added.

At the same time, the importance of energy storage devices is growing. "According to forecasts, by 2035, the total capacity of energy storage systems in the world will increase 8 times and exceed 7 terawatt-hours, a level comparable to the annual consumption of a small country," Sechin summed up.