The most important parameters of dispersion-hardening nickel alloys which characterize their tendency to form Frank - Kasper structures are the mean and critical concentrations of electronic vacancies. An estimate is made of the stability of a dispersion-hardening nickel alloy (Rene 80) with respect to the σ-phase using the PHACOMP program, with allowance for short-range ordering of γ′-forming elements. It is shown that clustering of aluminium and titanium at 950°C produces a change in composition of the matrix and lowers the real concentration of electronic vacancies.