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- Format
- 4 files (PDF report, 3 Excel files)
- Pages
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52 (Report only)
- Delivery
- Immediate by e-mail
- GENERAL OVERVIEW
- INSTITUTIONS AND ENERGY POLICY
- ENERGY COMPANIES
- ENERGY SUPPLY
- ENERGY PRICES
- ENERGY CONSUMPTION
- ISSUES AND PROSPECTS
- DATA TABLES
- ABBREVIATIONS
- GLOSSARY
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Overview
This analysis includes a comprehensive Russia energy market report and updated datasets. It is derived from the most recent key economic indicators, supply and demand factors, oil and gas pricing trends and major energy issues and developments surrounding the energy industry. The report provides a complete picture of the country situation, dynamics, current issues and future prospects. With market data and continuous follow-up of markets news, this report brings clear and concise insights with which to tackle national energy challenges and opportunities. Browse the tabs below for a detailed table of contents, the list of graphs and tables, and details on the data files.
Highlights
- Oil and gas revenues rebounded by 18% in 2024, after dropping by about a quarter in 2023.
- Russia aims to add 12 GW of renewables capacity and export between 2 and 7 Mt/year of hydrogen by 2035.
- Rushydro, Gazprom, Inter Rao, and Rosenergoatom together own around 60% of the total power capacity.
- Gazprom dominates gas production with around half of the total.
- Rosneft is the main oil producer, with more than a third of total production.
- Western energy companies are leaving the country.
- Gas exports have dropped by 36% since 2021 due to EU restrictions.
- Russia lifted restrictions on oil production in 2025, after cutting it by 0.5 mb/d until the end of 2024.
- Energy prices remained relatively stable in 2024, after a significant decrease in 2023 and a sharp rise in 2022 following international sanctions.
- Total energy consumption has increased by 2%/year since 2022.
- Over half of this consumption is supplied by gas (55% in 2024).
- Power production should grow by 1.4%/year to 1 400 TWh in 2035.
- Fifteen nuclear reactors are currently under construction or development, of which two are expected in 2025 and the others by the early 2030s.
- LNG production is slated to grow by 11%/year by 2035 to 140 Mt.
Institutions & Energy Policy
The Ministry of Energy is responsible for developing and implementing the country's energy policy.
Energy Companies
Oil:
Rosneft (Federal Government 40.4%, BP 19.75%, QH Oil Investment 18.46%) is the largest oil company, with a crude oil and condensate production of nearly 184 Mt in 2024 (-5%), accounting for 35% of total oil production. In 2018, QH Oil Investment acquired 19% of Rosneft for US$4.25bn. In 2022, BP announced that it would exit its shareholding but still held its stake as of October 2024.
Energy Supply
Gas:
Gas production increased by 7.4% in 2024 to 706 bcm, after dropping by 5.5% in 2023 and by 12% in 2022. In 2021, it had rebounded by almost 10%, after a 6% drop in 2020. It had increased by about 5%/year between 2015 and 2019. Russia is the second largest gas producer in the world behind the USA.
Energy Prices
Electricity:
The State controls electricity prices for residential consumers only. In 2024, the average price for households was stable at US$5.6c/kWh, while the price for industrial consumers is US$4c/kWh (+5%). They experienced a significant decrease in 2023 (-20% and -19%, respectively), after an increase in 2022 (+14% and +20.5%, respectively).
Energy Consumption
Total per capita consumption reached 5.9 toe in 2024. Per capita electricity consumption was around 7 100 kWh.
Total energy consumption has increased by 2%/year since 2022, reaching 842 Mtoe in 2024. Previously, it increased rapidly between 2015 and 2019 (2.8%/year) before dropping by 4% in 2020 and rebounding by 9% in 2021.
Issues & Prospects
Electricity:
According to the Russian Federation Energy Strategy until 2050 (2025), the installed capacity is set to increase from 253 GW in 2023 to at least 275 GW by 2030, 287 GW by 2036, and 331 GW by 2050, and the renewable capacity is expected to rise by more than 40% by 2050.
- GRAPH 1: CO2-energy emissions (MtCO2)
- GRAPH 2: Installed electric capacity by source (2024, %)
- GRAPH 3: Gross power production by source (TWh)
- GRAPH 4: Power generation by source (2024, %)
- GRAPH 5: Gasoline & diesel prices (US$/l)
- GRAPH 6: Electricity prices for industry and households (US$c/kWh)
- GRAPH 7: Gas prices for industry and households (US$c/kWh GCV)
- GRAPH 8: Consumption trends by energy source (Mtoe)
- GRAPH 9: Total consumption market share by energy (2024, %)
- GRAPH 10: Final consumption market share by sector (2024, %)
- GRAPH 11: Oil consumption (Mt)
- GRAPH 12: Oil consumption breakdown by sector (2024, %)
- GRAPH 13: Electricity consumption (TWh)
- GRAPH 14: Electricity consumption breakdown by sector (2024, %)
- GRAPH 15: Natural gas consumption (bcm)
- GRAPH 16: Gas consumption breakdown by sector (2024, %)
- GRAPH 17: Coal consumption (Mt)
- GRAPH 18: Coal consumption breakdown by sector (2024, %)
- Economic Indicators: Annual historical data including population, GDP growth, imports and exports, inflation rate, energy security and efficiency indicators, CO2 emissions.
- Supply Indicators: Historical data including oil and gas reserves, electric and refining capacity, energy production, power production and external trade. All are detailed by energy source.
- Demand Indicators: Historical data including consumption per inhabitant, consumption trends, total consumption by energy source, final consumption by energy source and sector, and electricity consumption by sector.
- Energy Balances: Single table displaying the overall energy industry balance per annum, also graphically displayed by energy sub-segment.
- Infrastructure Projects: Covers power plant projects by energy, technology, status and operator, gas plant projects by status and operator and LNG contracts.
The Russia energy market data since 1990 and up to
is included in the Excel file accompanying the Russia country report.
It showcases the historical evolution, allowing users to easily work with the data.
Key Data included in the excelsheet:
- Economic indicators: Annual historical economic indicators, energy security, energy efficiency and CO2 emissions.
- Supply indicators: Annual historical reserves, capacity, production and external trade (imports(+) exports(-) balance).
- Demand indicators: Annual historical consumption per capita, consumption trends, total consumption, final consumption (per energy and per sector) and electricity consumption total and per sector.
- Energy Balance: total and per energy.
- Russia Energy Prices: In addition to the analysis provided on the report we also provided a data set which includes historical details on the Russia energy prices for the follow items: price of premium gasoline (taxes incl.), price of diesel (taxes incl.), price of electricity in industry (taxes incl.), price of electricity for households (taxes incl.), price of natural gas in industry (taxes incl.), prices of natural gas for households (taxes incl.), spot price of Brent and CO2 emissions (from fuel combustion).
The Russia country dashboards are complemented with country forecasts from EnerFuture (excel file) with scenario comparison.
Data included in the excelsheet:
- Demand: Primary energy consumption, final energy consumption, by fuel, by sector.
- Power: Electricity generation & capacities, by technology.
- CO2: Total CO2 emissions.
- Macro-economy: Main macro-economic assumptions.
- Key indicators: Energy intensity, share of renewables, CO2 emissions per capita and per unit of GDP.