Importance The management of companies operating in the electric power industry should be based not only on economic criteria of efficiency, but also on the need to consider external effects of their operations. Objectives We consider the objective to increase the responsibility of electric power companies to the society in the general context of implementing the State industrial and import substitution policy. Methods The study draws upon the theory of firm, the stakeholder theory, the public sector and social value theory. We apply methods of systems and mathematical analyses, and the theory of balance models of economy. Results We review current trends in applying a stakeholder approach in management and assessment of social influence, and show how to consider them when choosing management strategies of electric power companies. Using the case study of import-substituting enterprises, we show that the emergence of new manufacturers of electrical equipment operating in highly monopolized markets with steady demand entails a significant increase in public effects. Conclusions Creating electrical equipment manufacturing companies in Russia will contribute to production diversification and elimination of ‘bottlenecks’ of the domestic industry that are potentially vulnerable to adverse external economic and political factors. This will have a positive effect on the energy security of the country. Public-private partnerships play a significant role in implementing economically and socially important projects implying the consolidation of all types of resources of the public and private sectors in the field of infrastructure development.
Keywords: social responsibility, externalities, public value, energy security, import substitution
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