The main aim of this article is to present an approach to planning the implementation of innovative technologies and introducing strategical modernization into power plants using the results of two foresight studies conducted by the authors. The results of these foresights were obtained from the two projects: a corporate foresight conducted in Ukraine and a regional foresight linked to the energy sector in Lower Silesia (a region in Poland). Using the method of foresight allows us to look at strategical modernization more holistically and take the different points of view of a wide range of stakeholders into consideration. Such an approach could be used to establish a set of measures aimed at the continuous improvement of technical, technological, socioeconomic and environmental processes in power plants (e.g., the operation of Ukrainian hydroelectric power plants). Although various approaches to foresight (e.g., corporate foresight and regional foresight) have been applied in different countries, the corresponding processes of planning innovation and modernization are similar.