BUSINESS INFORM JOURNAL.

УКР

ENG

Search:

REGISTRATION CERTIFICATE

KV #19905-9705 PR dated 02.04.2013.

FOUNDERS

RESEARCH CENTRE FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS (KHARKIV, UKRAINE)

According to the decision No. 802 of the National Council of Television and Radio Broadcasting of Ukraine dated 14.03.2024, is registered as a subject in the field of print media.
ID R30-03156

PUBLISHER

Liburkina L. M.

SITE SECTIONS

REPowerEU Is an EU Tool for Overcoming Energy Challenges
Domashenko M. D., Troyan M. Y., Domashenko V. S.

Domashenko, Maryna D., Troyan, Maria Yu., and Domashenko, Valeriia S. (2024) “REPowerEU Is an EU Tool for Overcoming Energy Challenges.” Business Inform 11:11–18.
https://doi.org/10.32983/2222-4459-2024-11-11-18

Section: International Economic Relations

Article is written in English
Downloads/views: 0

Download article (pdf) -

UDC 620.91:620.952

Abstract:
In response to challenges in the global energy market caused by Russia's invasion of Ukraine, the European Commission presented the REPowerEU plan. This REPowerEU plan provides actions aimed at saving energy; production of clean energy; diversification of energy supplies. The article considers a number of measures proposed and implemented by the European Commission to quickly reduce dependence on Russian fossil fuels and accelerate the transition to a green energy system. Among the main measures considered: the diversification of the EU's energy supply, which will be ensured by concluding agreements with third countries on pipeline imports, investing in the purchase of liquefied natural gas, partnership with Namibia, Egypt, Israel and Kazakhstan; development of alternative energy sources; saving energy by voluntarily reducing natural gas consumption in the EU by 15%; accelerating the transition to clean energy by investing in renewable energy sources. The main energy-saving measures proposed by the European Commission are considered, namely: lowering the heating temperature and reducing the use of air conditioning; regulation of boiler parameters; work at home; economical use of a car; speed reduction on highways; not to use a car on Sunday in big cities; short trips on foot or by bike instead of a car trip; use of public transport; choose the train instead of the plane. The article presents a market-based mechanism to limit excessive natural gas price spikes, which will limit episodes of extremely high natural gas prices in the EU and thus reduce the impact of price increases on citizens and the economy. In addition, the EU plan envisages investing in renewable energy sources, namely: increasing the production and capacities of electricity from wind and solar sources.

Keywords: REPowerEU, energy market, energy challenges, alternative energy sources, natural gas prices, EU tools.

Fig.: 4. Bibl.: 12.

Domashenko Maryna D. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of International Economic Relations, Sumy State University (116 Kharkivska Str., Sumy, 40007, Ukraine)
Email: [email protected]
Troyan Maria Yu. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Tourism and Hotel and Restaurant Services, Sumy State Pedagogical University named after A. S. Makarenko (87 Romenska Str., Sumy, 40002, Ukraine)
Email: [email protected]
Domashenko Valeriia S. – Student, Sumy State University (116 Kharkivska Str., Sumy, 40007, Ukraine)
Email: [email protected]

List of references in article

“REPowerEU: affordable, secure and sustainable energy for Europe“. European Commission. https://commission.europa.eu/strategy-and-policy/priorities-2019-2024/european-green-deal/repowereu-affordable-secure-and-sustainable-energy-europe_en#repowereu-actions
Vakal, S. et al. “Granulated organo-mineral fertilizers: the process of formation and investigation of porous phosphate-diatomite shell“. Applied Nanoscience, vol. 13 (2023): 5157-5164. DOI: https://doi.org/10.1007/s13204-022-02718-w
Vakal, S. et al. “New method for obtaining “green” encapsulated fertilizers with nanoporous structure within the concept of sustainable development“. Clean Technologies and Environmental Policy, vol. 25 (2023): 963-977. DOI: https://doi.org/10.1007/s10098-022-02419-6
“REPowerEU - 2 years on“. European Commission. https://energy.ec.europa.eu/topics/markets-and-consumers/actions-and-measures-energy-prices/repowereu-2-years_en
Shkola, V. et al. “Green project assessment within the advanced innovative development concept“. Estudios de Economia Aplicada / Studies of Applied Economics, vol. 39, no. 5 (2021). DOI: https://doi.org/10.25115/eea.v39i5.5135
“A market mechanism to limit excessive gas price spikes“. European Council. https://www.consilium.europa.eu/en/infographics/a-market-mechanism-to-limit-excessive-gas-price-spikes/#
Plastun, A. et al. “Exploring price gap anomaly in the Ukrainian stock market“. Investment Management and Financial Innovations, vol. 16, no. 2 (2019): 150-158. DOI: http://dx.doi.org/10.21511/imfi.16(2).2019.13
“Playing my part. Key energy saving actions“. European Commission. https://energy.ec.europa.eu/topics/markets-and-consumers/action-and-measures-energy-prices/playing-my-part_en
Kurbatova, T., and Skibina, T. “Renewable Energy Policy in Ukraine's Household Sector: Measures, Outcomes, and Challenges“. IEEE International Conference on Modern Electrical and Energy Systems. Kremenchuk, 2019. DOI: https://doi.org/10.1109/MEES.2019.8896399
Sotnyk, I. “Determining the Optimal Directions of Investment in Regional Renewable Energy Development“. Energies, art. 3646, vol. 15, no. 10 (2023). DOI: https://doi.org/10.3390/en15103646
Sala, D. et al. “Investment and Innovation Activity of Renewable Energy Sources in the Electric Power Industry in the South-Eastern Region of Ukraine“. Energies, art. 2363, vol. 16, no. 5 (2023). DOI: https://doi.org/10.3390/en16052363
Prokopenko, O. et al. “Impact of Investments and R&D Costs in Renewable Energy Technologies on Companies' Profitability Indicators: Assessment and Forecast“. Energies, art. 1021, vol. 16, no. 3 (2023). DOI: https://doi.org/10.3390/en16031021

FOR AUTHORS

License Contract

Conditions of Publication

Article Requirements

Regulations on Peer-Reviewing

Publication Contract

Current Issue

Frequently asked questions

INFORMATION

The Plan of Scientific Conferences

OUR PARTNERS

Journal «The Problems of Economy»

The site and its metadata are licensed under CC BY-SA.

Write to webmaster