Clusters are becoming increasingly important in regional and urban innovative development. The paper analyzes the impact of energy clusters on socio-economic development of cities that are the ground for their functioning. Four energy clusters specializing in oil refining and nuclear energy and located in the Volga Federal District were selected for analysis. During the study, the average urban development rate was calculated based on the indicators characterizing their socio-economic

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... e. An econometric model was constructed, reflecting the effect of enterprises operating within the target clusters on socioeconomic indicators of urban development. During the analysis, it was determined that an increased average number of staff employed in those industries where the target clusters are involved has a positive effect on urban development. However, there are risks related to narrow production specialization, which can negatively affect the economy of cities during off-peak times in a particular industry. The authors also actuate a problem associated with the efficient use of budgeting allocated for scientific and experimental products that are to be developed under the projects for the development of these clusters. Along with these sources of financing, it is necessary to attract more venture capital investments in research projects implemented on the basis of clusters. The authors also come to the conclusion that there is a threat of monopolization of energy markets due to rent-oriented behavior of stakeholders, which indicates the need for modernization of cluster policy in order to avoid the socio-economic decline of municipalities.