"In less than three years, we will have 100% of [electric] energy - except for home use - sold on market terms," he said at an economic forum in his home city.
"The natural gas price will [also] be calculated in the same way for Russian and foreign consumers," he added.
"We expect foreign investors to play a role in the large modernization program for Russia's electricity industry," he said. "We are going to need to increase generating capacity by more than 50% within a decade," he said.
In a clear bid to reassure foreign investors, Putin said that a clear timeline for electricity reform was in place. He also said that the energy costs for businesses he wants foreigners to set up in Russia would still be lower than in Europe because of cheaper transportation and zero customs duties.
