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This article is focused on investment planning in power generation industry, which becomes an important direction of research under the conditions of newly formed environment of electricity market. The authors emphasize the key role of effective instruments and methods for estimation of the costs and economic efficiency of a generating capacity and its adequacy in a modern power system. In the paper, cost-based concepts are analyzed which form a basis for decision-making and long-term planning of investments in the power generation sector for a power system with high share of renewable energy sources.