By 2022, with the launch of the last nuclear power plants built as part of the Capacity Supply Agreement, the first large-scale investment cycle in Russias modern energy sector will be complete. The goal of modernizing Russias generating capacities is far from complete, but it now faces new global challenges: the digital revolution, environmental protection, and changing consumer profiles. As such, the market must now determine what development path the industry will take. Will the existing centralized power supply system be preserved, with the domination of traditional energy companies, the preservation of existing network infrastructure (with minimal changes), and the same pools of consumers and consumer profiles? Or will the industry change more noticeably due to rapidly developing technologies in various spheres and modern global trends, with banks serving as key partners in this transformation? What are the main industry- and economy-wide issues that will need to be addressed in this new energy investment cycle? What factors will play a role in determining which development scenario will prevail? What is the investment potential of the industrys development and how are financial institutions preparing? Will the industry continue to undergo widescale changes within the current energy market model or will it need to undergo a complete transformation? What do the government and market participants need to do to create a comfortable climate for the implementation of modern technologies in the creation of new energy sector markets?