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. Last Updated: 07/27/2016

$81Bln Plan Falls Short, UES Says

The government's program to revamp the country's electricity industry is insufficient to meet the country's growing electricity needs, Unified Energy Systems CEO Anatoly Chubais told reporters Thursday.

UES had planned to spend $81 billion to improve the country's antiquated power grid and electricity-generation plants over the next few years, with some of the finance provided from the federal budget and some coming from private investors.

"We now understand that the program needs to be expanded," said UES spokeswoman Margarita Nagogova.

Earlier this week, Chubais said the looming electricity shortage this winter was "unprecedented," citing a 4.6 percent increase in demand this year.

To stave off shortages, Chubais said Thursday that he would import more power from abroad. Last year, UES exported twice as much power as it imported, but in light of increasing demand, this had to change, Interfax said.