VULNERABILITY OF RENEWABLE ENERGY SECTOR UNDER THE INFLUENCE OF THREATS TO ENERGY SECURITY HARDENED BY THE COVID-19 PANDEMIC

  • Uliana Pysmenna SI «Institute of Economics and Forecasting of National Academy of Sciences of Ukraine»; NTUU «Ihor Sikorsky Kyiv Polytechnic Institute»
  • Galyna Trypolska SI «Institute of Economics and Forecasting of National Academy of Sciences of Ukraine»
  • Iryna Sotnyk Sumy State University
Keywords: renewable energy, sustainable development, vulnerability, energy security, pandemic COVID-19

Abstract

Analyzed are the current state and the preconditions for sustainable development of the renewable energy sector in Ukraine, the vulnerability of the sector and the weaknesses of energy policy in the sector, which exacerbate the destructive factors of global and local threats to energy security. The influence of the general economic factor of the COVID-19 pandemic on the strengthening of threats to energy security in the electricity sector, in particular in the renewable energy sector, which slows down its sustainable development and creates preconditions for stagnation, is outlined. The approaches to assessing the sustainability and vulnerability of RES energy development have been improved, the impact of threats to energy security caused by the COVID-19 pandemic has been assessed, and measures to strengthen the resilience of the sector have been identified. The problems of ensuring the operational and balance reliability of the UES, limited effective demand of energy consumers, the need to use "price caps" in organized segments of the electricity market form the barriers for the sustainability of power sector in whole. It is determined that for the RES segment the main weaknesses are the uncertainties with the introduction of liability for imbalances, defects of the commodity model of the PSO mechanism, which forms debts, including to RES entities, weakening the operational reliability of the UES of Ukraine with the commissioning of excess RES capacity, imperfect system of "green" auctions. In the face of energy security threats, such weaknesses exacerbate threats. The movement towards the sustainability of the energy sector development, increasing the reliability and security of energy markets is a movement parallel to the direction of integration of Ukraine's energy markets with the EU energy markets. The scientific and methodological approaches to the analysis of energy security in the sector have been developed, taking into account the impact on the sustainability of development and using the approach to vulnerability. The role and place of the renewable energy sector in ensuring sustainable development of the state economy is determined.

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Published
2020-10-30
How to Cite
Pysmenna, U., Trypolska, G., & Sotnyk, I. (2020). VULNERABILITY OF RENEWABLE ENERGY SECTOR UNDER THE INFLUENCE OF THREATS TO ENERGY SECURITY HARDENED BY THE COVID-19 PANDEMIC. Entrepreneurship and Innovation, (14), 79-85. https://doi.org/10.37320/2415-3583/14.16
Section
Economics and business management