Modernization Concept of the Electric Power Industry as the Basis for Ensuring the Economic Growth of the Russian Federation

Abstract

This study aims to consider the features of the electric power sector operation as the basis for increasing Russia’s economic growth. As part of this study, a comprehensive analysis of statistical data and analytical indicators reflecting the current state of the electric power industry of the Russian Federation was carried out. The results of the study show that the electric power sector, which provides a relatively small share of GDP, has a huge impact on the country’s economy. No goods and services can be produced without electricity, therefore stable and reasonable prices for electricity are absolutely necessary to restore, maintain and increase economic growth [1]. Unfortunately, to date, Russia has not paid enough attention to this issue [2]. Based on a study of the opinions of experts from the Russian energy market, the authors conclude that the price of electricity for industry in Russia is higher than in the United States and China, which have huge sales markets. Therefore, there was a need to create a doctrine of electric power security of the country by analogy to the doctrine of food security created in 2010. Further studies should be aimed at: eliminating the mistakes of the previous modernization; creating an understandable and transparent tariff policy; eliminating dependence on external supply of key technologies (in particular, critical dependence on western gas turbines); searching for sources of investment in the industry; developing information technologies that will help creating or saving value at each stage of the technological chain.