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Igor Sechin: Ill-Conceived Strategy Results in Electricity Costs in Europe Five Times Higher Than In the US
21 June 2025Lifting subsidies for green energy in the US shows that this country, unlike the European Union, is returning to a pragmatic policy, said Igor Sechin, Chief Executive Officer of Rosneft.
The Company's CEO noted that in the US, where electricity consumption has returned to growth after a decade of stagnation, the new administration is already revising its energy strategy in favor of traditional sources. For example, President Trump recently signed a series of executive orders aimed at revitalizing the coal industry. Simultaneously with regulations' mitigation, the US Department of Energy has raised its forecast for US coal production this year by 6%.
“The lifting of “green energy” subsidies in the US shows that unlike the European Union this country is coming back to a pragmatic policy. This has already led to the fact that the cost of electricity in Europe today is 5 times higher than in the US,” the CEO of Rosneft said at the Energy Panel at the XXVIII St. Petersburg International Economic Forum.
Department of Information and Advertising
Rosneft Oil Company
June 21, 2025