A current global trend in the development of renewable energy (RES) is the phasing out of state support and the transition of this sector to an exclusively competitive market. The question however is, when, among other things, it would be possible for such projects to achieve self-sufficiency. Therefore, the main goal of this work is to study the economic efficiency of Russian RES projects as a prospect for their functioning outside of state support programs. Fifty-two solar, wind, and hydropower projects, which have received support in the form of a capacity-based support scheme in 2018–2020, were selected as the objects of research. The methodological basis of this work is the classical method of investment analysis, supplemented by an industry-specific approach. The efficiency assessment was carried out for the 15-year period of projects’ state support, as well as for the entire designed operation period of power plants. The dependence of the projects’ economic effect on a combination of factors, including the type of project, the commissioning period, regional affiliation, capital expenditures, etc., were studied. Based on the results of the analysis, the conclusions about the current unpreparedness of the Russian RES sector to operate in a competitive market were substantiated; proposals for the development of programs to support the sector were formulated. A unique factor that has a significant impact on the achievement of a positive economic effect by such projects – the value of specific capital expenditures – was identified. The obtained research results are of practical and methodological significance. They will be used in the development of a methodological approach to assess the effectiveness of the rejection by the Russian RES market of state support tools at certain stages of the projects.
capacity-based support scheme, capital expenditures economic efficiency, energy market, hydroelectric power, investment analysis, renewable energy, solar power, state support, wind power
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