Possibilities of Combining Financial and Non-F inancial State Support Measures for Investment Projects: Power Energy Sector Case

The object of the study relates to investment projects in the power energy sector of Russia, implemented using a special mechanism of the contract for the provision of capacity, known as DPM KOMMOD in project implementation practice. The subject of the study is the application of measures of state support for investment projects in the power energy sector,

specifically with regard to the possibility and reasonableness of combining the mechanism of the contract for the provision of capacity with financial support measures, such as Factory of Project Finance in Russia. The relevance of the study is caused by the role played by the power energy sector in the economic and social life of society. The financial and economic features of the industry include extremely high capital intensity, long payback periods, moderate profitability indicators, and high depreciation of the capacities of some companies, as well as the need for increased capacity in the future. Additionally, there is a high cost of debt financing, which act as a barrier to implementation of investment projects. Also, there are active measures of state support for investment activity that require harmonization and coherence in application and further improvement. The purpose of the study is to assess the feasibility and sufficiency of measures of state support for investment projects in the selected sector of the power energy industry. This article uses the methods of investment appraisal and financial analysis. The methods of analysis and synthesis are used to review the industry drivers and the indicators of selected companies. An analysis of the separate impact of support measures on various aspects and risks of an investment project is also given. Based on the comparative analysis and investment appraisal methodology, we have identified differences between the planned and total profitability of investment projects implemented using the DPM KOMMOD mechanism and properly determined planned, as well as actual internal rates of return for the investor. Based on the results of the study, we have made a conclusion on the reasonableness of combining the specified support measures in the energy sector, and the need to take into account the identified characteristics of projects implemented on the basis of the DPM KOMMOD mechanism as well as the features of the mechanism itself, when determining the profitability of these projects for shareholders. Additional tasks are formulated for investigation and implementation by the project initiators, practicing analysts in the field and the scientific community. 

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