A technique for long-term generation scheduling is proposed for power systems with hydro power plants (HPPs). A mathematical formulation of the problem supposes the application of dynamic programming method. The results of yearly generation scheduling in the Electric power system (EPS) of Siberia show strong dependence of the total fuel cost on the optimal monthly electricity production by individual HPPs. The prices of the electricity generated during a year and under different water conditions are calculated for power plants of the EPS of Siberia. The possibility of implementing the long-term optimal generation schedules at power plants by setting the electricity prices is shown.