ECONOMIC BENEFITS OF MODERNIZING OLD POWER PLANT

Modernization of outdated power plants is an economically viable tool for improving the efficiency and reliability of the energy system under investment constraints and growing technological risks. Upgrading equipment, automating processes, and implementing energy-efficient solutions significantly reduce operating costs, extend asset life, and enhance the competitiveness of generating capacities in the electricity market. The article outlines key economic advantages of thermal and hydropower plant reconstruction, including reduced specific fuel consumption, lower accident rates, tariff optimization, and improved environmental compliance. It also highlights institutional and strategic benefits such as reduced dependence on imported equipment, extended investment cycles, and minimized infrastructure risks in regional energy systems. The article substantiates the priority of funding modernization projects over the costly construction of new generation facilities.