COVID-19 Shock: The Necessity of Rethinking about Strategic Management for Global Energy

Abstract

The COVID-19 pandemic has had a drastic impact on the energy sector around the world. People worldwide are facing lockdowns, curfews, restricted travel, and drastic changes in consumer behaviour as a result of the pandemic. The implications of the energy sector's long-term effects remain unresolved and difficult to estimate. It is likely that reduced energy use will lead to lower costs for energy supplies, which will also lead to increased costs for consumers who have not paid their bills. Because of the importance of these issues to national and international policymakers and regulators, the topic of reassessing the country's energy strategy is inseparable from this issue. More global energy planning can be done with strategic management concepts and techniques. This study seeks to bring attention to the necessity of revising the strategic management plans for global energy. This study will provide a wide range of stakeholders, such as government officials and energy stakeholders, with an in-depth understanding of how strategic management concepts and tools have widespread use in addressing the risk of new strategic problems in the global energy sector, including the risk of unfair competition for natural resources, rapid price increases for select energy supplies, and the exploitation of a specific country or region's energy production.