Taking measures to develop competition and improve market relations is of paramount importance for the functioning of the electric power industry. This is due to the implementation of the strategic tasks set for the industry to improve the reliability and quality of power supply to consumers, the need to achieve the energy security goals of the Russian Federation, and the role of the electric power industry in strengthening the national economy. Currently, retail markets are highly concentrated and have poor competition due to a number of problems that have not yet been resolved. The Russian Ministry of Energy has prepared a promising model of competitive retail electricity markets that establishes basic requirements for a promising model of these markets, as well as the areas where competitive relations should be developed. The implementation of the underlying principles of the concept requires amendments to Russian laws on the electric power industry. To this end, we propose to consider drafting a federal law and a decree of the Government of the Russian Federation in furtherance thereof.