Authors: T.V. Melnikov, G.A. Barysheva

Title of the article: The investment paradox of territorial international organizations in conditions of tight monetary policy

Year: 2026, Issue: 2, Pages: 23-31

Branch of knowledge: 5.2.1 Economics

Index UDK: 330.322.01

DOI: 10.26730/2587-5574-2026-2-23-31

Abstract: This article examines the impact of tight monetary policy on the capital structure of regional grid organizations. Based on an analysis of the consolidated financial statements (IFRS) of three regional electric grid companies for 2021–2024, the applicability of classical capital structure theories (trade-off theory and pecking order theory) to the conditions of modern tariff regulation in the Russian Federation is examined. The paper analyzes the phenomenon of the "investment paradox," when companies are forced to increase capital expenditures due to critical depreciation of fixed assets (up to 80%), despite the high cost of borrowed capital. Three models of adaptation of electric grid companies to financial turbulence are identified: autonomous-stagnation, debt, and subsidy. A conclusion was made about the depletion of the industry’s depreciation potential and the need to move to hybrid financing mechanisms, including asset consolidation and the introduction of regulatory contracts

Key words: capital structure investment paradox territorial grid organizations tariff regulation key rate asset consolidation

Receiving date: 11.04.2026

Approval date: 20.05.2026

Publication date: 11.06.2026

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