Subject. Financial and economic conditions for the development of the power generation industry and the prerequisites of integration processes. Objectives. To reveal the financial and economic conditions for the development of Russia’s power generation industry and the causes of integration processes, as well as to identify the most typical challenges facing the sector. Methods. The study employed empirical and logical reasoning, analysis and synthesis, generalization, a systems approach, and comparative analysis methods. Results. Power generation companies demonstrate high financial stability, which enables them to implement investment programmes. However, these companies often lack motivation to reduce costs, and the resulting expenses are passed on to consumers. The key development trend in the power generation sector is linked to the growing market power of the largest companies, which creates prerequisites for price manipulation. Companies owned by a single entity participate in wholesale electricity market trading both as sellers and buyers, thereby creating risks of inflated prices. There is a steady increase in non-market intervention through restrictions imposed on market participants regarding price formation, as well as capacity surcharges that have a fiscal nature for consumers. As a result, consumers are obliged — on a non-transparent basis — to finance investment projects in the power sector and subsidize certain consumer groups. Scope of application. The findings can be used to improve state regulation of the sector and to assess its development prospects by specialists from analytical departments of relevant government authorities and energy companies. Conclusions. Maintaining a competitive environment alongside improved state regulation is the key condition for the development of the power industry, enhancing the reliability of the energy system, and curbing the rise in electricity prices.
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