Comparative Assessment of the Impact of Electricity Consumption in Different Economic Sectors on the Economic Development of the EU Member States

Romualdas Ginevičius, Gracjana Noga, Eigirdas Žemaitis, Barbara Piontek and Karel Šuhajda
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Romualdas Ginevičius: International Department of Logistics and Service Engineering, Bialystok University of Technology, 16-001 Kleosin, Poland
Gracjana Noga: Department of Strategic Analysis, Cracow University of Economy, 31-510 Krakow, Poland
Eigirdas Žemaitis: ISM University of Management and Economics, LT-01305 Vilnius, Lithuania
Barbara Piontek: Department of Management, WSB University, 41-300 Dąbrowa Górnicza, Poland
Karel Šuhajda: Institute of Building Structures, Brno Technical University, 60200 Brno, Czech Republic

Energies, 2021, vol. 14, issue 24, 1-14

Abstract: Recently, the Member States of the European Union (EU) have found themselves in a controversial situation. On the one hand, national economic development is barely possible without increasing electricity consumption, whereas on the other we are facing increased use of natural resources (coal, oil, gas, wood), thermal effects, pollution and risks to human health. The European Green Deal is a response to the currently observed negative trends. The strategy aims to accelerate the economic development of the EU Member States, thus reducing electricity consumption. Objectives may include both the national economy and the electricity generation sector by applying advanced technologies and introducing innovations that increase output efficiency while reducing electricity costs. Assessing the current situation is vital for the successful implementation of the European Green Deal, i.e., by comparing the impact of electricity consumption on the economic development of the Member States. Thus, combining indicators for national economic development and the extent of electricity consumption into a single aggregate is necessary because electricity greatly affects economic development. The proposed methodology allows dividing the analysed EU Member States into three groups, in line with the degree of national economic development and the scope of electricity consumption in their economy sectors.

Keywords: national economic development; electricity consumption; economic sectors (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2021
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