РАЗВИТИЕ ИНСТИТУЦИОНАЛЬНЫХ ОСНОВ ГОСУДАРСТВЕННО-ЧАСТНОГО ПАРТНЕРСТВА В УСЛОВИЯХ ТРАНСФОРМАЦИИ ЭНЕРГЕТИЧЕСКОЙ ОТРАСЛИ

The paper examines the institutional architecture of public-private partnership (PPP) in the electricity sector of the Republic of Uzbekistan during its market transformation in 2019-2026. The study aims to identify inconsistencies between PPP rules and the emerging institutions of a competitive electricity market and to substantiate ways of resolving them. The methodology draws on new institutional economics, historical-institutional periodization, comparative legal analysis and a matrix of institutional gaps. The reform is shown to have passed through four stages, from establishing basic rules to fiscal ceilings and planned project selection. The project-initiative format ensured a rapid inflow of private capital (solar and wind output rose from 0.43 bn kWh in 2022 to 10.5 bn kWh in 2025) but was accompanied by growing contingent liabilities and limited contract transparency. An approach is proposed that develops the regulatory, organizational and fiscal-contractual contours of PPP in a synchronized way