The article presents an analysis of changes in the structure of ownership of generation assets for the period from 2008 to 2013 and investigates the institutional features of pricing in the Russian electric power industry. The aim of this study is to provide an institutional analysis of the economic efficiency of the wholesale electricity market's current model, which is based on the principle of marginal pricing. This problem is important because of the special place that the electric power industry occupies in the Russian economy. This industry determines the cost structure and competitive ability of real production sectors, economic growth dynamics, inflation rate, the level and quality of life of the country's population. The analysis shows that the current pricing model in the Russian electricity market creates the conditions for aggravation of the X-inefficiency problem in the generation sector. It also creates the preconditions for the loss of integrity of the Unified Energy System, thus increasing the downside risks to the competitiveness of the country's economy. Conclusions on the need to revise the current pricing mechanism in the wholesale electricity market are formulated.
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