The article describes the advantages and the procedure for applying the theory of real options analysis to the evaluation of investment projects. Also describes the disadvantages of traditional methods and attempt to apply the method of real options to the evaluation investments of energy projects. This method is based on the theory of financial options and allows decrease the uncertainty of the future course of events. Our results have demonstrated a new type of real options. This method has been successfully used in assessing the economic efficiency of the third unit Kharanorskaya Power Plant. The research identified a new type of embedded options and calculated parameters. Also, we conclude that the application of the theory of real options analysis in relation to investment projects in energy allows, first, to reduce the uncertainty of the source of information and, consequently, the amount of risk, and second, to evaluate the cost effectiveness of the project in view of the possible solutions in the future, and third, increase the investment attractiveness of the industry. Different companies, investment banks, and other stakeholders can apply the research results as a methodological apparatus evaluating the investment and the possibility to participate in their financing.

In the article, key problems of regional systems of a heat supply connected with the inefficient organization and regulation of activity of the local heat power companies are considered. Shortcomings of the scheme of the organization of management by heat supplying complex on the basis of the municipal unitary enterprises are described. The main models of interaction of municipalities and private operators within various forms of the private and state partnership are analyzed. Experience of penetration of foreign private operator on the Russian market of thermal energy is studied. On the basis of the conducted research recommendations about the organization of management and operation of heat supplying infrastructure of the region, on the basis of the long-term contractual relations of the large companies operators and bodies of municipal authority on the terms of joint financing and division of risks are offered. The conclusion was drawn on expediency of implementation of these offers on the basis of the concession agreements covering some municipalities of the region that will allow to lower commercial and administrative expenses at the expense of a scale effect, to increase economic profitability and investment appeal of heat power sector of the region economy.