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Kirzhinova K.N.


Adyghe State University 


The main reason for reducing the efficiency of regional energy systems is the lack of funding. In the given work problems of attraction of private investors to building new and modernizations of existing power objects are analyzed.

Keywords: energy; investment; regional energy system.

Because of the close dependence of the economy and social sphere on energy, the problems that exist today in the regional energy systems, will inevitably impact on the socio-economic situation of the specific territorial formations, making it difficult their further develop, and in some cases completely blocking it.

Energy System of Russia throughout long time after national economy transition to market conditions of managing retained the administrative-command lines and was financed exclusively at the expense of public funds.

Growth of nonpayments in all spheres including in the electric power industry, become the result of general economic crisis in Russia 90th, and as consequence limitation of budget financing, have led to actual absence of means for building new and replacements and modernizations of existing generating capacities and transmission lines.

The problem resolution demanded revision and qualitative change of all management structure of the power industry, promoting increase of power safety of regions and the countries in whole, efficiency of electric power industry, renovation of the equipment of the generating enterprises and electric networks.

Investment attraction in industry has served as the reason of the beginning of scale reforming of electric power industry. The powerful energy system of the Soviet Union which has passed in the inheritance of Russia, as a result of energy reform has been restructured, there was a technological and commercial infrastructure of the market of the electric power, new participants of market relations, and the market of electropower services is generated.

According to experts, the translation of orb on a market basis helped to attract private investment. By the time of  RJSC (Russian Joint Stock Company) disbandment (in 2008) receipts have constituted an order of one trillion rubles. World financial crisis has slowed down receipt of means that, however, was compensated partly by deterioration in demand for energy in connection with curtailment of production in macroeconomic scales. Today marks the growth of investment, although lack of funds in the Russian energy sector is still felt. Almost each enterprise of an energy complex in any region of the country needs modernization. According to experts, the Russian energy sector now require investments worth more than 20 billion rubles a year to modernize power plants and transmission network as well as for the construction of new generating capacity. The basic part of these costs should become covered at the expense of means of private investors.

"Energy" investors, depending on their purposes can be divided into two groups. The first group are those who is interested in reception of stable annual earnings. As a rule, the funds they are invested in large-scale and long-term energy facilities (often the objects of alternative energy and other innovative projects), promising a steady rate. In fact, the investor does not matter in what sphere to invest, as long as they generate income. In this situation, energy forced to compete with other sectors of the economy of Russia, when Russian investor, as well as with other countries for foreign investors that the funds were invested in the Russian energy sector is, and not in orb any other country (as a rule, foreign investments are much more considerable in comparison with the sizes of means of domestic investors).

The second group of investors invests in energy sector to reduce their costs of acquisition thermal and electrical energy. Long-term stable growth of tariffs for electric energy leads some years to large industrial organizations of necessity to be engaged in increase of efficiency of power consumption, performing investments into energy efficiency. There is a growing demand for projects in the field of small-scale power (e.g., the company builds on its territory a small electric power station that allows it to get rid of the problem of continued growth in energy prices).

This is very advantageous as at such method of power supply actually energy price for the enterprise will represent costs for its production. For clarity, we note that, for example, in 2010, the tariff structure for the end user the share of the price of the electric power broadcast from the wholesale market and capacity constituted a little more than half, namely 55 % from the total cost. All the rest - tariffs for transfer on networks (27 % - distribution networks, 5 % - networks UNPG (the Unified National All-Russian Power Grid)), the sales allowance (4 %), payments to the infrastructural organizations (3 %) and other allowances [1]. The increase of tariffs for power transmission networks, distribution grid companies on average exceeds 40%, while the wholesale price of electricity and power are increased by an average of 7-9% [2].

Such the decision of questions of energy supply will promote reservation of inefficient capacities, and released funds can be directed on increase of reliability of the remaining existing facilities.

The initiative of investors, both the first and second groups, faces several limitations that reduce the possibility of investing in the energy sphere. For example, funding large-scale energy projects involves considerable risks to be insured by high tariffs, it hinders investment activity. The authorities have done much to solve this problem, but the investment (especially foreign) in the development of Russian power is not as great as might be [3].

Energy reform has significantly expanded range of possible sources of investment financing mechanisms used and the forms of attracting financial resources in the electricity sector (own investment funds, direct investments, the issuance of additional shares or bonds, loans, budget financing, leasing). However, not all of them can be realized in practice. A serious barrier on a way of investments to power is insufficient availability in Russia so-called "long money", that is concerning cheap long-term credit resources. Estimated payback period of major energy projects large enough and amounts to an average of 5-30 years depending on the capacity of the installed equipment and the stability of demand for electrical and thermal energy. Excessive interest rates on long-term loans reduce the possibility of financing the Russian partners of major energy projects.

Enhancement state and regional financial, tax policy, increasing the attractiveness of the energy industry as an object of investment will significantly contribute to the development of regional energy systems. Among the priority measures of regulation of investment activity in the energy sector experts include tax incentives for investment in new generating capacity, providing state guarantees for soft loans for energy sector development and streamlining of laws and regulations [3].



is not the main reason for the growth rates. / / Online resource: URL http://www.np-sr.ru/presscenter/publications/SR_0V011040

2. Putin explained how prices are formed on electricity. / / Online resource: URL: http://www.energotrade.ru/articles/7453/

3. Edward Ragin: Investments in the energy sector - a framework for investment in the economy. / / Online resource: URL: http://www.amic.ru/news/147916/


Секции-октябрь 2011
  • "Научные исследования и их практическое применение. Современное состояние и пути развития.'2011"
  • Дата: Октябрь 2011 года
  • Проведение: www.sworld.com.ua
  • Рабочие языки: Украинский, Русский, Английский.
  • Председатель: Доктор технических наук, проф.Шибаев А.Г.
  • Тех.менеджмент: к.т.н. Куприенко С.В., Федорова А.Д.

  • Сборник научных трудов SWorld по материалам международной научно-практической конференции.