ANALYSIS OF KEY DIRECTIONS AND PROPOSALS TO MINIMISE THE ECONOMIC IMPACT OF THE GLOBAL ENERGY TRANSITION ON LARGE ENERGY-INTENSIVE INDUSTRIAL CONSUMERS OF ELECTRICITY AND CAPACITY

Abstract

Over the past decade, the global energy sector has undergone major fundamental and structural changes as part of the global energy transition. The energy industry of the Russian Federation, as a key player in the global energy market and the world economy as a whole, is undergoing similar changes. In this case, in terms of ensuring high competitiveness and long-term energy security of the state, it is crucial to set priorities and build models of sustainable development for each of the industries related to the energy sector. Indeed, the process of replacing carbon-intensive energy sources with a systematic increase in the share of new, renewable energy sources (RES) should be gradual and consistent to avoid imbalances in energy systems and maintain equity for all stakeholders. In this context, the search for advanced, low-carbon energy sources is a priority for the vast majority of countries around the world. In addition, the development of renewable energy is one of the goals of Russia՚s energy strategy until 2035. At the same time, despite the obvious advantages of the Russian power industry such as the absence of dependence on budget funds, the overwhelming majority of private investment in the industry, the availability of effective mechanisms for attracting investment and the basic principle of balancing the interests of all market participants, there are also negative consequences of this approach. The nationwide task of developing the energy system and increasing the availability of electricity on the territory of the Russian Federation in terms of financing is becoming an exclusive burden on electricity consumers themselves; even insignificant risks in their operation can turn into a threat not only to sustainable development, but also to their very existence. In this context, the analysis of key directions and proposals to minimise the economic impact of the global energy transition on large energy-intensive industrial consumers of electricity and capacity is of particular relevance.

Keywords

• global energy transition
• mechanisms to stimulate investment
• low-carbon generation
• activities to minimise economic impact