A socially oriented non-financial development institution and a major organizer of international conventions, congress, exhibitions, business, social and sporting, public, and cultural events.

The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of international conventions; exhibitions; and business, public, sporting, and cultural events. It was established in pursuance of a decision by the President of the Russian Federation.

The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, and helps foster social entrepreneurship and charitable initiatives.

Each year, the Foundation’s events draw participants from 208 countries and territories, with more than 15,000 media representatives working on-site at Roscongress’ various venues. The Foundation benefits from analytical and professional expertise provided by 5000 people working in Russia and abroad. In addition, it works in close cooperation with 163 economic partners; industrialists’ and entrepreneurs’ unions; and financial, trade, and business associations from 75 countries worldwide.

The Roscongress Foundation has Telegram channels in Russian (t.me/Roscongress), English (t.me/RoscongressDirect), and Spanish (t.me/RoscongressEsp). Official website and Information and Analytical System of the Roscongress Foundation: roscongress.org.

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«10+10»: Russian power sector anticipating new reforms to break investment pause

In July 2018, ten years will expire since the «5+5» reforms of RAO UES (five years for preparations, five years for implementation). Inflation is a key pricing driver for infrastructure monopolies.

Low inflation that mitigates the negative effects of restricted tariffs on monopolies will support the credit quality in the sector. Low inflation may aggravate payment delays persisting in the electric power sector (currently, the rate of overdue payments is 5%). High inflation accelerated depreciation of bad debts, but the forthcoming low-inflation period may push down the sector’s profits by 0.7 pps, unless payment discipline turns for the better.

The period from 2018 to 2020 will bring the industry’s historic high financials. Cease of investments into new generation capacities and regulated by capacity supply agreements (CSA) and the growing payments under CSAs will increase the sector’s margin up to 24–26% and decrease the Debt/EBITDA ratio down to 1.6х. But, starting from 2020s, electricity companies may resume the increase in borrowings, fostered by the cease of CSA payments and the start of new investment projects.

Main results of RAO UES reforms — higher investments and healthier financials. In 2008–2017, the electricity tariffs for corporate consumers and households outpaced the inflation by 1.6 and 1.3 times, respectively. The reform has proved that market relations may exist under the classical natural monopoly (from 2011 to 2017, market competition restrained the price growth at 7%), provided that the market excludes socially sensitive segments (households, ill-developed regions).

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