The authors studied the historical role and value of the electric power industry, as well as development trends of the energy sector. The article analyzes the causes that led the sector to the current situation. Among the main problems are high deterioration of generating capacities and, in many respects, the use of outdated technologies of energy production. However, the main problem of the electric power industry, in terms of its economic importance, is the need for attracting significant investments to develop its production capacities to a level that allows to effectively provide for the energy needs of innovative economic growth in Russia.Based on this analysis, we may conclude that there is a need to build the country’s energy policy, focused mainly on the development of production capacities and network energy infrastructure by attracting private investments, in order to avoid possible infrastructural restrictions of socio-economic development of regions.