Bakaev graduated from Krasnoyarsk Polytechnic Institute (1970) with a major in Electric Drive and Automation of Industrial Installations.
Since 1970, Bakaev was an engineer of the electric department of “Siberian Research and Design Institute of Non-Ferrous Metallurgy” (Krasnoyarsk). Since 1971, he was an engineer of Relay Protection and Automation Devices and Telemechanics, Chief Engineer’s Office, Deputy Chief of Southeastern electrical grids “Krasnoyarskenergo” centralized repair service, then its Chief. Since 1975, Bakaev was senior foreman, Deputy Chief of Kremenchug power distribution zone. Since 1987, he was Chief of “Abakanskaya-220” substation, Chief of the group of substations-220, Chief of production technology service of the Southern electrical grids “Krasnoyarskenergo”, Chief of Khakassia energy service. Since 1996, Bakaev was chairperson of the regional energy commission of the Republic of Khakassia. Since March 2001, he was Deputy Chief of the Pricing Strategies Economic Analysis Administration, since April 2001 – Secretary of the Russian Federal Energy Comission. Since July 2004, Bakaev was Deputy Senior Manager of the Federal Tariff Service of the Russian Federation. In July 2007, he was appointed Deputy Chief of the Federal Tariff Service of the Russian Federation.