Successes and Failures of the Russian Energy Market Reforms

The partial privatization of the Russian energy industry with retained state regulation has made it impossible to produce targeted market models. In the paper the paths of the 2001 and 2008 reforms in the electricity and gas industries and in the associated petroleum gas market are discussed. Successes and failures of the reforms are evaluated in terms of the public interest. It has been shown that the reforms in all the three industries have not yet been completed and require further development.