FINANCING THE RUSSIAN FEDERATION PROGRAM OF THE ELECTRIC POWER INDUSTRY DEVELOPMENT UNDER CONDITIONS OF FOREIGN POLICY AND ECONOMIC INSTABILITY
Abstract
The article discusses problems of financial support of power generating companies in the environment of the foreign policy and economic instability. The causes of low renewal rates in the power sector are exposed that threaten the implementation of the government program of its development.
It is shown that the implementation of industry development projects requires a more effective government financial support along with the search of market financing tools.
To solve the above problems, it is proposed to use non-government pension funds (NGPF) with simultaneous expansion of the list of their financial assets allowed for investment. Mechanisms of applying particular financial tools to financing the power companies are developed. Practical recommendations on how to make the program of the power industry development in the Russian Federation more effective are provided.
Keywords
power industry,
financing,
infrastructure bonds,
convertible bonds,
leaseback,
non-government pension funds,
investments
Supporting agencies: The article is based on the budget-funded research carried out under the State Assignment of the Financial University for 2014.
About the Authors
I. Ya. Lukasevich
the Financial University, Moscow
Russian Federation
ScD (Economics), full professor, Head of the Finance Management Chair
Russian Federation
ScD (Economics), full professor, Head of the Finance Management Chair
N. V. Kuznetsov
the Financial University, Moscow
Russian Federation
PhD (Engineering), post-doctoral student at the Finance Management Chair
Russian Federation
PhD (Engineering), post-doctoral student at the Finance Management Chair
References
1. Dolgosrochnyi prognoz razvitiia ekonomiki Rossii na 2007–2030 gg. [Long-term forecast of the Russian economy development for 2007–2030]. Institut narodnokhoziaistvennogo prognozirovaniia RAN — RAS Institute of Economic Forecasting. URL: http://cemi. ehess.fr/docannexe/file/2710/ipen1.pdf (access as of 17.10.2014). (In Russ.)
2. Lukasevich I. Ia., Fedorova E.A., Dreving S.R., Lazarev M.P. Kompleks modelei i instrumentarii realizatsii investitsionnoi politiki negosudarstvennykh pensionnykh fondov v RF [A complex of models and tools for the implementation of the investment policy of non-government pension funds in the Russian Federation]. M.: Nauchnye tekhnologii — Scientific Technologies, 2014, 152 p. (In Russ.)
3. Lukasevich I. Ia. Finansovyi menedzhment [Finance Management]. M.: Natsional’noe obrazovanie — National Education, 2012. 764 p. (In Russ.)
Review
For citations:
Lukasevich I.Ya., Kuznetsov N.V. FINANCING THE RUSSIAN FEDERATION PROGRAM OF THE ELECTRIC POWER INDUSTRY DEVELOPMENT UNDER CONDITIONS OF FOREIGN POLICY AND ECONOMIC INSTABILITY. Finance: Theory and Practice. 2014;(5):37-45. (In Russ.)
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