The Influence of State Ownership on Power Companies' Performance Indicators in BRICS Countries

The majority of researches concerning ownership structure and corporate governance indicates a negative impact of state ownership concentration on economic and operational efficiency of companies. However, despite of actively deployed privatization all around the world, the share of state-owned enterprises in the world economy remains significant. The main aim of this paper is to determine whether the state ownership of power companies in BRICS countries is a negative or positive factor, and how significant it is. In addition, in conditions of limited budgetary opportunities, the policy of developing energy infrastructure in the BRICS countries is characterized by an increasing emphasis on extrabudgetary sources of financing. One of the effective mechanisms for attracting extrabudgetary funding and maintaining state control is the PPP mechanism. At the moment, at the federal level, only one form of private sector participation in the implementation of projects in the power industry on the terms of PPPs is legally registered - a concession agreement. However, in practice, the scale of its distribution is relatively small. In international practice, on the contrary, concessionary mechanisms are widely used. This work is aimed at assessing whether the concession mechanism can increase the investment attractiveness of projects of modernization and construction of new facilities by power companies.