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In the article (Khachaturyan, 2019) the answers to two pressing questions were analyzed that were discussed at the all-Moscow scientific seminar “Economic problems of energy and environmental management” at the Moscow School of Economics, Moscow State University in the period 20112019: – Were the pre-reform problems in the Russian electric power industry so difficult and urgent that the refusal in 1992-1993 from the state planning system in favor of the market was appropriate? – Was the reform of the Russian electric power industry shock or gradual? In this article two more questions are discussed, on which the discussion at the seminar continued: – How justified was the creation of a dominant holding in the industry in 1992-1993 (RAO UES of Russia) in the transition to a market electric power industry? – How economically feasible was the dismemberment of vertical integration in the industry and the consolidation of generating and network companies in 2001-2005? – How efficient are the reformed wholesale and retail electricity markets from the point of view of society?

The reform of the Russian power industry through the eyes of analysts. Part 2: Creation of an industrial holding and its disintegration