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The Structure and the Main Principles of Functionning of Russian Market of Electroenergetics

Student: Dmitrij Yaczenko

Supervisor: Andrey G. Maksimov

Faculty: Faculty of Economics

Educational Programme: Bachelor

Year of Graduation: 2014

<p>Competition is one of the main driving forces in today&#39;s world, companies constantly compete to create more advanced products and services at the best prices in an attempt to get clients. One of the competitive advantages of Russian enterprises have long been low electricity prices. However, since 2000 in the Russian power sector there is a need of reform related to high level of wear network assets and generating companies and the significant drop in new capacities and the continuing growth in demand for energy, which could lead to a situation when the generating companies can&rsquo;t meet domestic demand.</p><p>In 2003, electricity liberalization reform was adopted, which aim was to attract additional investments, through which one could &quot;upgrade&quot; existing assets and enhance the introduction of new energy generation capacities. Ultimately, the consequences of the reform supposed to be more reliable power supply and lower prices for electricity.</p><p>The aim of this work is to analyze the actual structure and principles of functioning of the electricity market. The dynamics of changes in energy prices, the operation of the retail and wholesale markets, the foreign trade of energy were considered.</p><p>In the second part of the paper an econometric model was built, which aims to forecast hourly values ​​of prices in the wholesale energy market based on data for previous periods. Received a number of models, which are then selected one based on the analysis and comparison of predictive values ​​of the squared residuals.</p><p>According to the results of this study it was found that the price of electricity in Russia is growing at a significant pace and it&rsquo;s very close to the prices of some European countries, and, moreover, the export of Russian energy started to reduce for the same reason.</p><p>Electroenergetics is a key sphere for the economy of any country, and at the moment Russia somehow should find a way to reduce the final price of energy for consumers, otherwise a competitive advantage, which the country had for a long time, will be lost.</p>

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