Sergey Ustalov
Counsel, Deputy Head of Energy Practice
Sergey Ustalov

21, 1st Tverskaya-Yamskaya Str.,
Moscow, 125047, Russia

Tel.: +7 (495) 935 8010
Fax: +7 (495) 935 8011



  • Best Lawyers (2013-2021)
  • Kommersant (2020)
  • (2020-2024)

Sergey Ustalov advises clients on the legal regulation of the wholesale and retail electricity and capacity markets, electricity transmission and technological connection, implementation of investment projects for the construction of infrastructure and generation facilities, and transactions for the acquisition and sale of energy assets in the heating and utilities sector.

Sergey has over twenty years' experience in the electricity sector.

Among Sergey’s projects:

  • Advising on the cost reduction of combined cycle power plant modernisation and developing and implementing CapEx revision measures for the project. The Government Electricity Development Commission approved the coal-fired power plant modernisation project, but the client believed that the current regulatory rules had been incorrectly applied in the project’s preparation resulting in a substantial overestimation of the compensated capital costs. This, in turn, resulted in an unreasonable additional financial burden on the client's manufacturing plants.
  • Advising an industrial company, a major power consumer, on a FAS Russia audit of certain power transmission companies regarding its’ compliance with current regulations, as well as on potential amendments to the regulations related to the power transmission companies' responsibilities.
  • Representing a Russian construction industry leader in a dispute with a major power grid company over the recovery of unjust enrichment for noncontractual electricity consumption amounting to over RUB 400m.
  • Advising and representing the client in arbitrazh courts of the Russian Federation on issues related to capacity supply contracts and pricing in various segments of the wholesale market (free contracts and contracts based on the results of competitive capacity selection).
  • Representing a number of companies (RUSAL Krasnoyarsk, Rusenergosbyt and Rusenergoresurs) in litigation with FGC UES in connection with the energy company's refusal to fulfil its obligations under a contract for the provision of electricity transmission services using UNPG facilities (due to the "last mile problem").
  • Advising a client on energy issues in connection with preparations for their IPO and SPO.

Prior to joining the Firm in 2010, Sergey held various positions at LLC Rusenergoresurs, RAO UES of Russia, IDGC of Urals and Volga, Ural Energy Management Company and Tyumenenergo.

Sergey graduated from the Ural State Law Academy in 2004.

He is admitted to the Moscow Region Bar Association.