The paper is devoted to the development of the engineering industry model corresponding to modern problems and challenges arising in electric power industry of the Russian Federation. It has been proved that the novelty of the problems arising in the industry, the increase in complexity and uncertainty of the conditions for the implementation of large energy projects, the growth of requirements for their scientific and technical support actualize the problem of organizing engineering as a knowledge-intensive and multidisciplinary activity. The authors have systematized the main theoretical concepts of energy engineering, analyzed the current state and key problems of the engineering market in Russia, proposed a conceptual model of engineering organization aimed at enhancing competition and strengthening the interaction of engineering companies with suppliers of new technical solutions and services. The results of the study may be of interest to regulatory bodies and specialized agencies in the formation of strategic initiatives for the development of the electric power industry of the Russian Federation and its service circuit.