This paper discusses the concept of path dependence and the example of path dependence in Belarusian energy governance. Energy governance is made of interdependencies between different institutions, businesses, and people with different historical and cultural background. In order to show how path dependency can be created and how it can impact energy governance this paper focuses on different institutions forming energy governance in the case of Belarus. New institutionalism serves as a theoretical framework for the analysis. Case study methodology is employed. Two cases of investment projects are analysed based on qualitative data from interviews with representatives of institutions that impact project implementation in Belarus.