Press centre News

On March 11, 2019, the VEGAS LEX law firm sponsored the round table event entitled "Competition as a source of improving efficiency of heat and power generation: growth trends and deterrent factors"* held within the frame of the Russian Business Week in Moscow. The event was organized in order to form offers on amending the Russian legislation aimed at developing competition at wholesale electricity and capacity market.

In the course of the discussion, Alexander Sitnikov, Managing Partner of VEGAS LEX, underlined that the existing scope of regulatory restrictions in the power industry of the country is excessive, however it is essential for further existence and development of the sector. The history of the world economic thought gives many examples of ineffective distribution of resources by the free and open market not limited by restrictive barriers of the state. Nevertheless, the existing scope of laws and regulations contains a lot of similarities and contradictions that cause excessive price and infrastructure barriers for participants of the wholesale electricity and capacity market. One of the efficient solutions will be application of a "regulatory guillotine" in order to revise regulatory basis in the power sector. This will help eliminate unreasonable economic losses of market participants.

The VEGAS LEX law firm also took part in another important event of the first day of the Russian Business Week 2019 – the Forum of Development Institutions that took place under the auspices of the RSPP's Committee on Investment Policy, Development Institutions and Export Support**.

Maxim Grigoryev, Partner and Head of Special Projects at VEGAS LEX, delivered a report at the forum on preparing a private investor for implementation of largescale investment projects within SpICs. He told the audience about pitfalls that the investors face in the course of preparing for SpICs. Maxim spoke of the proper way to form a concept of an investment project for its successful implementation and gave key recommendations to project initiators for successful implementation of projects within SpICs. Expert's speech caused keen interest of participants of the event.

Among speakers of the Forum of Development Institutions, there were President of RSPP Alexander Shokhin, Chairperson of the Skolkovo Fund Arkady Dvorkovich, Chairperson of VEB.RF Igor Shuvalov, Chairperson of the Board of RUSNANO Anatoly Chubais and Deputy Minister of Industry and Trade of the Russian Federation Vasily Osmakov.

"The Russian Business Week is one of strategic components of cooperation between VEGAS LEX and RSPP. Our firm traditionally strives to touch upon the most topical issues within the agenda and to give practical advice to participants of the forums held.  Meanwhile, we thank the management of RSPP for the chance to be a sponsor of forums of the Russian Business Week and for the support to strategic initiatives of the firm as per issues of competition in the power sector and implementation of SpICs in Russia," Alexander Sitnikov said.   

A video interview with Alexander Sitnikov from the Forum of Development Institutions is available here.

***
* Hosts of the conference: The association "Council of Power Producers", RSPP's Committee on energy policy and energy efficiency.

** The source http://nrb-rspp.ru/news/item/811-fir.html

The Russian Business Week of RSPP is one of the central platforms of effective cooperation and collaboration between the business community and the state. VEGAS LEX is a yearly sponsor of the event, it takes part in organizing a number of conferences and round-table discussions within the frame of the business programme. Representatives of the Administration of the President of the Russian Federation and of the Federal Assembly of the Russian Federation, heads of key ministries and departments, members of the Management Bureau of RSPP, directors of regional departments and sectoral associations of RSPP, representatives of business community, sectoral and business associations took part in the Russian Business Week 2019.

To learn more about VEGAS LEX's activities in the power sector, please click here.

For more information about VEGAS LEX's services relating to investments, please click here.

The source of the photo: RSPP's press office.