Search

The global energy sector is in a period of transition, during which time it is expected that renewable and low-carbon energy sources, such as wind and solar, will replace traditional fossil fuels, including oil, gas, and coal. The energy transition is happening not only to limit the environmental impact of fossil fuel production and consumption but also to ensure energy security, reliability, access, affordability, and sustainability. The importance of the energy transition has been amplified by recent events, notably the Russian-Ukraine conflict. Economic, financial, and trade sanctions against Russia, and in particular its oil and gas industry, have forced countries to find new suppliers in the short term, but also to investigate new and more sustainable sources to guarantee long-term energy security. Given the importance of energy, it is perhaps not unexpected that there is a considerable body of recent academic literature, particularly over the last 4–5 years, studying what industries, consumers, governments, and markets can do to help bring about a faster energy transition. In this paper, we provide a review of the literature that pertains to the economic aspects of the energy transition. While our initial search of the literature is targeted at uncovering all relevant articles on the subject, we focus most of our discussion on the most influential articles in prominent journals and articles published in this journal—Energies. This review is intended to help identify active topics and potential research gaps and provide future direction, so we hope it will prove useful to the readers and authors interested in this topic. [ABSTRACT FROM AUTHOR]

The global energy crisis, which began in 2021 due to the extraordinary economic recovery after the pandemic and intensified after Russia's invasion of Ukraine in February 2022, has changed the conditions of energy management, paying more attention to energy efficiency. Natural gas prices have reached record levels and, consequently, so have electricity prices in some markets. Oil prices have reached their highest level since 2008. Higher energy prices have contributed to sharply increased inflation. Households are again becoming interested in buying coal as a source of heat. High energy and gas prices have pushed many families into poverty and forced some factories to cut production or even close. They have also slowed economic growth to the point where some countries are heading for a serious recession. Paradoxically, the negative effects of the energy crisis may accelerate the introduction of cleaner, sustainable, renewable energy such as wind and solar energy. The energy crisis is comparable to the oil crisis of the 1970s, when it contributed to significant advances in energy efficiency. The current crisis has highlighted the importance of investments in renewable energy resources and initiated the process of integrating regional markets, developing energy efficiency and promoting renewable energies. The aim of this article is to comprehensively explore the complex relationship between energy awareness, consumption patterns, and energy efficiency, with a focus on both individual consumers and industries, during the global energy crisis. This paper is based on a literature review, overarching policy documents, energy reports, and other secondary documents. The primary research method was the systematic literature review method, based on which the impact of the global energy crisis on energy efficiency was evaluated. This study emphasizes the diverse influences on energy awareness, ranging from economic factors to consumer preferences and environmental consciousness. The findings of the paper underscore the significant responsibility of industries in contributing to energy-saving efforts and the active role of consumers in the energy market. The responsibility of industries in contributing to energy efficiency is highlighted, with a call for a comprehensive approach that integrates energy-saving criteria into product development and corporate social responsibility. [ABSTRACT FROM AUTHOR]

In the last decade the world has experienced a number of global crises which triggered economic downturns. Impacts from the global financial crisis, the global COVID pandemic, and Russia's invasion of Ukraine trigger instability in financial markets. This paper explores similarities and differences between these crises based on inflation and its energy-related components. A Vector Autoregressive (VAR) model is used to analyze both EU-level trends, as well as data for Romania. The findings indicate idiosyncratic shifts in the relationships between variables. The changes are often specific to individual shocks and the policy context. How policy makers respond to these shocks will also impact the fiscal space, the borrowing costs of countries, and the cost of servicing debt, which risks a return to the type of austerity policies that slowed down the post-financial crisis recovery. There is a need for more detailed research and investigations in policy responses designed to respond to ongoing events. [ABSTRACT FROM AUTHOR]

The global changes which are affecting countries at the moment act as a 'censor' of modern energy relations and energy market development strategies in general. The development of the energy market is no longer considered in terms of its efficiency but more in terms of its survivability under the influence of external environmental factors and its ability to maintain an acceptable level of energy safety. In order to fully balance a country's internal interests and increase its competitiveness in the global energy market, the importance of the problem of choosing a development strategy—following the path of energy independence or cooperative development—is becoming evident. The purpose of this paper is to identify an effective energy strategy for a country under the influence of contemporary challenges. The object of the study is the Russian energy market and the energy companies as its key players. In this context, it examines the situations where Russia and other energy market players are unequally affected by external environmental factors. Particular emphasis is placed on the possibility of overcoming the negative impact of environmental factors during the implementation of measures aimed at ensuring energy safety, achieving a better environmental situation in the country by reducing CO2 emissions, and strengthening the country's position in the global energy market by changing its own energy development strategy. The dependence of the financial outcome of the energy complex companies of the Russian Federation on the factors of the external and internal environment was determined as the main direction of the study. The financial outcome of the Russian energy complex companies in this article serves as a landmark indicator of energy market development. The working hypothesis of the research is the authors' claim that it is necessary for modern energy companies in Russia, as important participants in the energy market of the country, to transform their strategy in the direction of deepening cooperation under the influence of external and internal environmental factors. The methodological and theoretical framework of this study consists of classical and modern economic science, covering the analysis of energy market dynamics and structure, as well as the theories aimed at selecting the most effective strategies under the influence of external and internal environmental factors. The study is based on the works of domestic and foreign scientists devoted to the issues of competitiveness, strategic planning, and sustainable development in the context of total digitalization. Within the framework of the conducted research, we used methods of system and factor analysis; statistical research methods, in particular the analysis of dynamic changes, as well as correlation and regression analysis; and methods of comparison, analogy, and generalization. An important source of data on the financial result of companies in the Russian energy sector was the materials of the Federal State Statistics Service of the Russian Federation. As a result of this paper, a notable influence of external and internal environmental factors is determined. Among the most significant factors, digitalization is identified as a development trend. It also represents a driver of improvement in Russia's energy market, both in terms of improving its competitiveness and environmental safety and in terms of strengthening the country's leadership position in the global energy market. In addition to the findings, this article provides a theoretical contribution and recommendations for the development of theoretical ideas concerning the choice of an effective strategy for the development of Russia's energy market. Future research directions are also considered, and the implications of the presented analysis for further research are discussed. [ABSTRACT FROM AUTHOR]

This article focuses on the changing nature of Russia-Turkey energy trade relations. The main argument of the article is that climate change, as well as EU institutions and environmental protection regulations, have been decisive in the long-term transformation of bilateral natural gas relations. The EU favors competitive market structures to combat climate change, and the EU Green Deal sets ambitious targets for renewable energy consumption. These variables establish grounds for legitimacy among EU members in the face of Russian dominance of the EU energy market. However, as discussed in this paper, the Russian government's main strategy to counter this opposition from the EU side is to circumvent the EU's institutional arrangements through its relations with Turkey. The final point to be discussed in this paper is the impact of the EU energy and environment policies on changes in Russian perceptions of Turkey. [ABSTRACT FROM AUTHOR]

This paper analyses the potential impact of the Ukraine–Russia war on the EU energy market and businesses. It explores the risks spilling from disruptions in energy supply from Russia, rising energy prices and the prospects for the EU, which remains to be highly dependent on Russia's energy supply, with the war serving as a catalyser for speeding up Europe's greening transition. [ABSTRACT FROM AUTHOR]

Copyright of Medunarodni Problemi is the property of Institute of International Politics & Economics and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper deals with issues related to the increase in the cost of purchasing energy, following the secondary effects related to the liberalization of the markets, which will lead the main clients from the business environment in Romania to conclude that the increase in the cost of energy is a consequence of the decisions established by the main players in the market, those who provide energy and natural gas, decisions aimed at maximizing their profit. In a much more detailed research, a series of remarks can be made, such as that at the basis of the increase in the purchase regarding the fluctuations in the cost of natural gas cost variations of energy and natural gas that consumers have to bear, there are a multitude of aspects imposed by the European Union. and energy, fluctuations that have proven to have created fluctuations in the business environment in our country over time. Following the research carried out, we can conclude that the main causes of the energy and natural gas market that create imbalances in the business environment are: - stock market fluctuations which in the current context have proven to be very dynamic and very unpredictable in extremely sudden changes; - energy import and transformations generated by cross-border flows; - the return to the consumption recorded before the pandemic period; - the reorganization of the geopolitical space based on the decisions imposed by the Russian Federation has a very big impact; - non-exploitation of natural gas stocks from warehouses to the maximum. [ABSTRACT FROM AUTHOR]

This article conceptualises one of the most important factors shaping the Russian–Turkish multidimensional partnership—the dynamics around energy. It seeks to answer the question: "To what extent does energy ensure cooperation in Russian–Turkish relations, despite current tensions?" The author argues that even though the two countries have had disagreements over each other's involvement in certain energy projects, their shared interests in energy have been strengthened by their interdependence and have led to a greater convergence, which in turn allows for cooperation. As a result, the energy sector serves as a mitigating factor in bilateral relations. The author focuses on Russian and non-Russian natural gas pipeline projects, using the interdependence theory as a theoretical framework. [ABSTRACT FROM AUTHOR]

This study examines the systemic risk caused by major events in the international energy market (IEM) and proposes a management strategy to mitigate it. Using the tail-event driven network (TENET) method, this study constructed a tail-risk spillover network (TRSN) of IEM and simulated the dynamic spillover tail-risk process through the cascading failure mechanism. The study found that renewable energy markets contributed more to systemic risk during the Paris Agreement and the COVID-19 pandemic, while fossil energy markets played a larger role during the Russia-Ukraine conflict. This study identifies systemically important markets (SM) and critical tail-risk spillover paths as potential sources of systemic risk. The research confirms that cutting off the IEM risk spillover path can greatly reduce systemic risk and the influence of SM. This study offers insights into the management of systemic risk in IEM and provides policy recommendations to reduce the impact of shock events. [ABSTRACT FROM AUTHOR]

Issues of the efficiency of the energy industry are connected with the high cost of energy resources and the negative impact that generating energy has on the environment. The energy industry-related security of the state is closely associated with addressing the demand for domestic energy generation, including the security of such generation. Digitalization in the energy industry is aimed at solving these problems, allowing us to increase efficiency and subsequently improve the security of the electric energy industry. The purpose of this paper is to analyze and identify the directions for the development of digitalization in the energy industry in Russia as a direction of its overall development, ensuring the growth of energy efficiency and of the energy security of the state. It was determined that the "fourth energy transition" is currently taking place globally, being associated with the aim of increasing energy efficiency alongside the digitalization, decentralization, and decarbonisation of energy industry. [ABSTRACT FROM AUTHOR]

Oil shale is considered the most important natural resource of Estonia and its role in energy production and chemical industry has been pointed out in numerous papers. But there are no special publications about the history of the Estonian oil shale industry in English. This article tries to fulfil the gap relying on numerous archival documents and literature sources which have remained out of the attention of scientists up till now. It follows from the article that without the studies carried out by Russian researchers in 1916-1920 the Estonian oil shale industry may not have been born. Using the results of Russian investigators, the Estonians hoped to set up their own oil shale industry applying Scottish experience. This hope failed, however, and thus the Estonians had to elaborate their own methods for the development of oil shale chemistry. [ABSTRACT FROM AUTHOR]

This paper investigates the strategies of global companies operating in power generation and supply, electrical equipment, and oil and gas industries in Russia. Russian energy sector has been considered by these companies as a huge and perspective and Russia has shown in the last two decades the greatest activity in thefield of internationalization of major national industries through IJVs. Local joint ventures are therefore one of the cornerstones of these firms strategy in the respective energy sectors of Russia's economy. These partnerships facilitate the entry process to Russia, raise an efficiency of post-entry operations, and prevent the state intervention in Russian operations of western companies. [ABSTRACT FROM AUTHOR]

Copyright of Journal for East European Management Studies is the property of Nomos Verlagsgesellschaft mbH & Co. KG and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The energy crisis caused by global structural changes in the economic sphere is the cause accelerating the energy transition based on the concept of sustainable development. This study is to test the hypothesis about the incentive effect of tax expenditures on alternative energy and energy conservation. The objects of empirical research are the EU, OECD countries, OECD partner countries and Russia from 2018–2020. The tools of scientific research are based on methods of economic–statistical and comparative analysis and expert judgments. The concept of tax expenditures in terms of decarbonization is analyzed using a systematic approach. The integrated methodological approach shows the relationship between the tax policy and government strategies in achieving sustainable development goals to ensure the transition to rational energy consumption patterns and sustainable energy sources. The authors analyze incentives for the energy sector and alternative energy sources in the considered groups of countries, and they assess the scale of tax expenditures in the energy sector for OECD countries. There are two types of tax expenditures for achieving environmental sustainability—increasing renewable energy sources and improving the energy efficiency. The authors apply the multivariate average formula to assess the scale of tax incentives in OECD countries. The results are typified depending on the scale of tax expenditures as one of the tools and these results are grouped according to the dynamics. In the presented sample, a wide range of tax benefits and preferences is typical for the leading countries in the ranking. The countries at the bottom of the ranking support fossil fuels, but they have already started the energy transition. [ABSTRACT FROM AUTHOR]

The global trend is constantly increasing investments in strategic sectors of the economy, for example the electric power industry, which, in many countries, is becoming diversified and dispersed due to the multitude of entities investing in energy production and renewable resources, which leads to an increase in the heterogeneity of investment decisions. There is an urgent need to control the movement of investments, budget funds, as well as their development in the process of implementing investment programs of energy companies. The control of the movement of investments is the most promising direction of studying the subject of finance and audit. The increasing volume of public and private targeted investments in the energy sector and the lack of control over the effectiveness of investment projects (since each program contains several thousand lists of projects) necessitated the introduction of additional regulation of budget spending. The development of a mathematical apparatus for such regulation led to the creation in the Russian Federation of an institute of an independent public technological and price audit (TPA). The TPA is seen as a mechanism to ensure an effective project evaluation and selection process. This article describes methodological improvements using power system optimization models. The Integrated MARKAL-EFOM System (TIMES) was developed as part of the Energy Technology Systems Analysis Program of the IEA-ETSAP, an international community that uses long-term energy scenarios to conduct in-depth energy and environmental analyzes. This approach includes two different but complementary systematic approaches to energy modeling: an engineering approach and an economic approach. The same approach is used when conducting a TSA, when an investment object is evaluated as a set of technological and price parameters. The article considers a model of resource allocation in the energy sector and a mechanism for using TPA for investment projects with state participation in a natural monopoly. An approach to the financial and long-term distribution of investments of electric power companies based on the search for a balance of interests of the supplier and consumer and available energy sources is proposed. A model has been developed to find the optimal plan of technical solutions, taking into account the balance of the possibilities of the electric power industry and the needs of the economy. The relevance of the article is due to the requirements of investment efficiency, since the prevailing share in the costs is occupied by the costs of equipment and the construction of power plants. [ABSTRACT FROM AUTHOR]

To address the issues of investment appeal in the Russian electric power industry, this study analyzes the dynamics of corporate governance, including permanent redistribution of property and compliance with the Russian Corporate Governance Code, in wholesale and territorial-generating companies. The increasing concentration of property in the hands of the state and its implications for investors are also noted. This study reveals the violations of essential principles, and the substantial differences in corporate governance practices, in the best- and worst-performing companies. Additional standards for better corporate governance practices to benefit the investors in the context of the current Environmental, Social, and corporate Governance (ESG) agenda are proposed. This study provides a new insight at the development of corporate governance in Russian power generating companies through property redistribution and compliance with corporate governance principles. [ABSTRACT FROM AUTHOR]

Under the conditions of climate change and energy crisis stemming from the COVID-19 pandemic and the embargo on the supply of raw materials from Russia, high hopes are attached to the development of renewable energy in terms of meeting energy needs. Still, renewable energy has some drawbacks too. In the most dynamically growing solar and wind energy industries, the main problems that are indicated include this energy storage and ensuring the security of supplies. These are supposed to be solved by the digital transformation of renewable power generation plus the entry of market players that implement digital business models in renewable energy. The purpose of the article is to identify a framework "digital compass" of business models in renewable energy within a group of solar and wind energy start-ups, operating in energy storage and supply industries. At the base of this study there were: digital technologies, customer orientation, delivery of value and revenue stream. The research algorithm applied here enabled the identification and classification of startup business models based on secondary data using R software. The results show that the identified startups implement digital business models to a minor extent. Startups dealing with solar energy storage stand out in a quite positive manner. The low digital attractiveness of investing in wind energy storage and supply (which, to a smaller extent applies to solar energy), is also indicated the investment preferences of big-tech. Thus, the future of the digital transformation of these industries should be related to regulatory changes rather than technological ones. [ABSTRACT FROM AUTHOR]

We study the impact of economic sanctions on international trade in the mining sector. We demonstrate that the gravity equation is well‐suited to model bilateral trade costs in mining and find that sanctions have been effective in impeding mining trade. Complete trade sanctions have reduced mining trade by about 44% on average. We also document significant heterogeneity in the sanctions effects on mining trade across industries, sanction episodes/cases, depending on the sanctioning and sanctioned countries, the type of sanctions, and the direction of trade. We take a close look at the impact of recent sanctions on Iran and Russia. [ABSTRACT FROM AUTHOR]

Ongoing climate change most pronounces itself in northern latitudes, including in the Arctic zone of the Russian Federation (AZRF). Climate change is a complex multidirectional process that is characterized by both positive and negative effects on the functioning of territorial economic systems. In this regard, an analysis of the impacts of climate change on economic development is a particularly urgent scientific and practical task that requires comprehensive study. This research was devoted to assessing the probable impacts of climate transformations on the parameters of the economic development of the AZRF regions. The authors created a methodological approach to the assessment of the costs of the effects of climate change for the economy of the AZRF regions, taking into account the average predicted dynamics of surface air temperature and key regional economic specializations, as well as the degree of susceptibility of various industries to the climate change. The energy industry was considered in particular detail since it is the basis for all of the other industries and is the guarantor of life support for the populations that live in the extreme Arctic climate. Calculations have shown that the accumulated economic effects of climate change as a whole for the AZRF economy during the period 2020–2050 will be negative and have been estimated as having a cost of more than RUB 8 trillion (or nearly USD 111 billion in 2020 prices), which would be about 3% of total Russian Arctic GRP in average annual terms. [ABSTRACT FROM AUTHOR]

The negative effects of the war led to the degradation of the Romanian economy given the fact that it made it difficult to obtain raw materials, but also resources whose main suppliers were the two involved parties, respectively Russia and Ukraine. The automotive and construction sectors are the main areas affected by this conflict. Both the constructions and the automotive industry were and are affected by the increase in the prices of construction materials, raw materials and the increase in the price of energy, a situation that started since the beginning of the pandemic and continues to leave traces under the pressure of the war. [ABSTRACT FROM AUTHOR]

Copyright of Electronic Turkish Studies is the property of Electronic Turkish Studies and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

An essay is presented regarding the energy relations of European Union (EU) with Russia. It explores the approaches that EU and Russia apply in their pipeline diplomacy and some aspects of their major pipeline projects. It suggests that the two are interdependent in terms of their energy relations and national interests still prevails over EU that prevents it from adopting common energy policy.

In this article the author presents information from a study of the Russian-South Korean energy security cooperation. The article explores the progress, problems, and future prospects of this relationship and discusses several ongoing energy projects between the two countries. It is noted that these projects are expected to increase efforts to improve security needs for both countries. The Sakhalin and Kovykta gas projects are examples of how the two countries have taken security concerns seriously and have cooperated to improve securitization. This cooperation also emphasizes the importance the two countries place on potential energy trade.

Russia and OPEC are major oil producers. Considering the growing energy demand for the global economy, both parties are consistently increasing their exports of hydrocarbons and developing new supply capacities. Meanwhile, both parties have a mutual interest in creating a stable market by cooperating. However, the likelihood of Russian cooperation with OPEC is largely a function of oil prices and the political relations between Russia and OPEC countries. The following article deals with the relations between Russia and OPEC since the collapse of the USSR to the economic crisis in 2008. The author examines the political, cultural and economic conflicts between the two parties and their different attitudes toward the oil market in order to assess their chance to fully cooperate in the long term. [ABSTRACT FROM AUTHOR]

Building on earlier work on regional inequality in Russia the article seeks to demonstrate that the regional oil and gas abundance is associated with high within-region inequality. It provides empirical evidence that hydrocarbons represent one of the leading determinants of an increased gap between rich and poor in the producing regions. The discussion focuses on a possible cluster of geographic, economic and political factors underlying the phenomenon. [ABSTRACT FROM AUTHOR]

This article examines the effect of increased state control over the Russian gas sector and its ultimate impact on energy security in Europe. The various mechanisms by which the state has acquired ownership (or quasi-ownership) over several independent gas producers as well as the potential dangers this poses for European energy supplies are scrutinised. Due to the demonstrated inefficiency of Russian state-controlled companies, negative consequences, such as slowed production growth, are likely to result. The few remaining independent gas producers are still hampered in their development due to the government's reluctance to implement structural reforms in the Russian gas sector. [ABSTRACT FROM AUTHOR]

Discusses the influence of oil companies on the banking sector of Russia. Description of the weight and organizational structure of the oil and gas industry; Evidence suggesting the influence of the extractive economy creates a banking sector that is disconnected from the local economy; Characteristic of oil banks in the country.

Climate change is on the national agenda of Russia due to this country's contribution to greenhouse gas emissions and the expected degree of warming and precipitation increase in its territory. A content analysis of the mission statements of the 100 biggest Russian companies shows that 18.5% of them deal with environmental issues. About half of the companies that declare pro-environmental behavior belong to the energy production and transmission industry. It also is found that more than 30% of all leading hydrocarbon, chemical, and mining companies express environmental concerns in their mission statements. The main environmental priorities declared by the top Russian companies include caring for nature, production ecologization, energy efficiency, and ecological standards. These priorities are related to climate-friendly behavior, but the latter is not stated directly. Direct consideration of climate change in the mission statements of Russian companies is recommended. [ABSTRACT FROM AUTHOR]