The Public Joint Stock Company Power machines – ZTL, LMZ, Electrosila, Energomachexport (PJSC Power Machines) was registered on June 21, 1991 (Registration certificate issued by the Moscow Registration Chamber No. 003.567). The company was established by transforming the Energomachexport All-Union Self-Supporting International Business Association of the Ministry of Heavy Industry of the USSR, and Power Machines has been its successor since the moment of its state registration.

In 2000, Kaluga Turbine Plant (KTZ) joined Power Machines on the terms of production cooperation. Today the share of Power Machines in the authorized capital of JSC KTZ is 100% of the number of placed ordinary registered shares. 

In 2004, as a result of affiliation of Leningrad Metal Plant, Kaluga Turbine Plant and Electrosila, Power Machines started functioning as an integrated holding company. Reostat Plant (a manufacturer of electrical products and traction engines, as well as large electric machines for the mining and oil and gas producing industry) joined the group as a subsidiary of Electrosila.

In 2012, Power Machines completed the acquisition of a 100% stake in EMAlliance JSC, one of the largest Russian power engineering companies with international experience and competence in the design, manufacture and complete supply of boiler island equipment for thermal power generation, including the execution of turnkey contracts (EPC). EMAlliance owns 64.001% of the authorized capital of TKZ Krasny Kotelshchik and 100% of the shares in one of the largest European company for the production of boiler and heat-exchange equipment Đuro Đaković Termoenergetska postrojenja d.o.o. 

May 2014, the share of the ordinary shares of TKZ Krasny Kotelshchik owned by Power Machines became 100%.

The new plant of Power Machines – Toshiba. High-Voltage Transformers put into operation in Saint Petersburg. The joint venture was created in 2011.

In 2002, a joint venture  Siemens Technologies Gas Turbine LLC between Power Machines and Siemens was organized. The share of Power Machines in the authorized capital of the enterprise is 35%. In 2015, the new gas turbine plant within the framework of the joint venture commissioned in Leningrad Oblast.