Basic problems of development and investment of Russian electric power industry

The high social and economic role of electric power industry in the country’s economy was estimated. The direction and strategic goals of the reform of the sector, approved by the Russian government were indicated. It was determined that the current development of the industry should be implemented primarily by attracting private investment to guarantee compliance with the conditions of their repayment. However, high amounts of required capital investments in the modernization of the electric power, long payback periods, low profitability of the industry are the constraints of the investment activity of private companies. The cause of the low profitability of the enterprises of electric power in the first place is the high depreciation of production facilities that are in conditions of energy consumption growth simply cannot withstand the required load. The article identified the main features of the electric power industry, as an investment entity, which setting back the intention of private investors for investment in the modernization and development of the industry. These include: providing function of electric power industry as the basic sectors of the economy, which does not imply a profit as the main purpose of the operation; the presence of social burdens for some industry participants; technical and financial complexity of the implementation of investment projects; the existence of special conditions on the choice of investors; the difficulty of forecasting revenues in the long term planning and return on invested capital, in connection with the regular review of tariffs regional price controls. It was determined that in order to attract private investors in the projects of development of the industry is first necessary to develop an effective mechanism of investing power complex, satisfying all the subjects of investment activity.