THE CHAIN INDEX METHOD IN THE FUNCTIONING OF THE RUSSIAN ELECTRIC POWER INDUSTRY

One of the most keenly debated issues of the modern stage of functioning of electric power industry in Russia is the steady growth in electricity prices. Among its reasons is considered the obsolescence of fixed assets, the need for replacement and modernization of which requires regular, large-scale financial injections. The increase in electricity prices not only remains a mechanism for direct financing of the industry, but should also be a way to attract private investment. However, the analysis of statistical information in the work allows us to show that the increase in electricity prices does not affect the profitability of the industry at present. The observed steady growth of the gross profit of the industry is of an extensive nature, i. e. Is almost exclusively due to an increase in gross costs, and not due to changes in the economic efficiency of its work. In addition, it is shown that prices for finished products of the industry still lag behind the price index in industry, which can lead to direct losses of energy companies. Instead of increasing the relative economic efficiency of the industry and expanding its financing possibilities, there is a decrease in investment attractiveness, which provokes the outflow of private capital. In this connection, the paper suggests the inadequacy of the growth rates of electricity prices to ensure its financing. At the same time, it is pointed out that the accelerated growth of prices as a way to solve the problem of low investment attractiveness of the electric power industry exhausts itself in connection with the aggravation of the problem of social tension. The relatively low income of household consumers and the competitiveness of domestic industry, which is sensitive to the level of energy prices, make it impossible to maintain high rates of prices. In this regard, the author supports the view that increasing the efficiency of the electric power industry and its investment attractiveness without accelerating the growth of prices for its products is possible only by solving structural problems, introducing full-fledged competitive mechanisms, strengthening external control over financial flows in the industry.

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