A scenario-based prognosis of the evolution of global power generation markets until 2040, which was developed using the Scaner model-and-information complex, was given. The perspective development of fuel markets, vital for the power generation industry, was considered, and an attempt to predict the demand, production, and prices of oil, gas, coal, and noncarbon resources across various regions of the world was made. The anticipated decline in the growth of the global demand for fossil fuels and their sufficiency with relatively low extraction expenses will maintain the fuel prices (the data hereinafter are given as per 2014 prices) lower than their peak values in 2012. The outrunning growth of demand for electric power is shown in comparison with other power resources by regions and large countries in the world. The conditions of interfuel competition in the electric power industry considering the changes in anticipated fuel prices and cost indicators for various power generation technologies were studied. For this purpose, the ratios of discounted costs of electric power production by new gas and coal TPPs and wind and solar power plants were estimated. It was proven that accounting the system effects (operation modes, necessary duplicating and reserving the power of electric power plants using renewable energy sources) notably reduces the competitiveness of the renewable power industry and is not always compensated by the expected lowering of its capital intensity and growth of fuel for TPPs. However, even with a moderate (in relation to other prognoses) growth of the role of power plants using renewable energy sources, they will triple electric power production. In this context, thermal power plants will preserve their leadership covering up to 60% of the global electric power production, approximately half using gas.