The present-day trends in the economic development are characterized by both the processes of restructuring initiating investment activity and the mounting competitive pressure. These special char- acteristics clearly manifest themselves in the developing economies featuring low level of development of infrastructure – in the power sector in particular, and this gives rise to the development of specific forms of competition in the power-generating sphere. Finding solutions to the problems of development of energy infrastructure will be instrumental in strengthening the competitive position of the develop- ing countries on the world market and reducing the threat of takeover. This paper presents a complex approach to assessment of competitiveness of power-generating companies in developing countries. Such an approach offers an opportunity to assess the attractiveness of current levels of investment of a company and its long-term sustainability through application of modern analytical tools. The practical aspects of the authors’ methodological approach to the assessment of competitiveness are discussed using a Russian power-generating company as an example. The proposed ideas based on revealing the most risk-bearing hazards, those of latent nature including, may serve as a methodological basis for the development of risk management programmes in the power-generating sphere, to the benefit of realiza- tion of investment projects as well.
bayes method, competitiveness, developing country, investment decision, power-generating company, risk, risk rating, ‘TGK-9’ JSC’’.
 Domnikov, A., Chebotareva, G. & Khodorovsky, M., Evaluation of investor attractive- ness of power-generating companies: special reference to the development risks of the electric power industry. WIT Transactions on Ecology and the Environment, 190, pp. 199–210, 2014. http://dx.doi.org/10.2495/EQ140211
 Domnikov, A., Chebotareva, G. & Khodorovsky, M., Evaluation of investor attractiveness of power-generating companies, given the specificity of the development risks of electric power industry. Vestnik UrFU, 3, pp. 15–25, 2013.
 Domnikov, A., Khomenko, P. & Chebotareva, G., A risk-oriented approach to capital management at a power generation company in Russia. WIT Transactions on Ecology and the Environment, 186, pp. 13–24, 2014. http://dx.doi.org/10.2495/ESUS140021
 Domnikov, A., Chebotareva, G., Khomenko, P. & Khodorovskiy, M., Risk-oriented approach to long-term sustainability management for oil and gas companies in the course of implementation of investment projects. WIT Transactions on Ecology and the Environment, 192, pp. 275–284, 2015. http://dx.doi.org/10.2495/ECO150251
 Khodorovsky, M., Domnikov, A. & Chebotareva, G., Classification of investor attrac- tiveness risks in high-precision industries: a qualitative aspects (by example of electric- ity). Vestnik SUSU, 2, pp. 99–106, 2014.
 Domnikov, A., Chebotareva, G. & Khodorovskiy, M., Development of risk manage- ment for power generating companies in developing countries. WIT Transactions on Ecology and the Environment, 193, pp. 859–870, 2015. http://dx.doi.org/10.2495/SDP150721
 Merton, R.C., On the pricing of corporate debt: the risk structure of interest rates.
Journal of Finance, 29, pp. 449–470, 1974. http://dx.doi.org/10.1111/j.1540-6261.1974.tb03058.x
 Vasicek, O., Loan portfolio value. Credit Portfolio Models, 15, pp. 160–162, 2002.
 Gorby, M.B., A risk-factor model foundation for rating-based bank capital rules. Journal of Financial Intermediation, 25, pp. 199–232, 2003. https://doi.org/10.1016/s1042-9573(03)00040-8
 Basel Committee on Banking Supervision ‘International regulatory framework for banks’. Available at: www.bis.org