The article analyzes results of reforms carried out in the power engineering sector. Based on the obtained results the author suggests a new model for managing a power enterprise as part of the regional power engineering sector, taking into account the institutional and innovative directions. In the model, the author takes into consideration the gradual process of liberalization of the market relations. The multifactor model of power enterprise management suggested by the author has a multivariate approach to the management methods, the choice of which depends on the level of energy efficiency and the stages in the transformation of market relations.