The risks classification of hydrogenerating companies under conditions of bulk power supply market development

Due to wholesale market institutionalization in the Russian power sector, the generating companies become the key players on the wholesale electricity market. Pricing mechanism transformation in favor of marginal principles cause new risks for market participants. Risks, which influence market participants behavior and their classification are well-known. In our article we would pay special attention for studying risks, which origin is based on new market rules and their changes establishment, which cause changes in hydro power station's operational, financial and investment strategies.In Russian Federation the larger HPP has a huge installed capacity (Siberia, Far East and Middle Volga region), cascade allocation and very difficult interference aspects. These technological features define principals to be laid in the base for HPP pricing and bidding problem solving. The optimal generation planning problem in respect to hydro power plants settled on one river cascade might be solved using a risk minimization function and a method of spare corridors.