Getting the Deal Through — Electricity Regulation 2017: Russia

White & Case LLP

1 Policy and law -

What is the government policy and legislative framework for the electricity sector? Policy The Russian power sector underwent a programme of fundamental reform in the early 2000s involving the break-up of the fully integrated state power monopoly (RAO UES), privatisation and the introduction of diversity of ownership and competition in generation and supply. The reforms were largely completed in 2014, but aspects of the market and the regulatory regime continue to evolve.

One objective of the reform programme was to modernise and expand Russia’s thermal generation capacity in order to replace old, inefficient plant with CCGT and high-efficiency coal generation and thereby meet expected growth in demand for power. This was reflected in the programme of agreements for the delivery of capacity under which the 20 thermal generation companies spun off from RAO UES were contracted to build or refurbish over 120 thermal generation units (together representing approximately 25GW of capacity) in return for capacity payments over a 10-year period. The last of these projects is now due to be completed in 2018.

Originally published in Getting the Deal Through: Electricity Regulation 2017, (published in October 2017).

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