Effective Management of Energy Consumption during the COVID-19 Pandemic: The Role of ICT Solutions

Wadim Strielkowski, Irina Firsova, Inna Lukashenko, Jurgita Raudeliūnienė and Manuela Tvaronavičienė
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Irina Firsova: Department of Logistics and Marketing, Faculty of Economics and Business, Financial University under the Government of the Russian Federation, Leningradskiy Prospekt 55, 125993 Moscow, Russia
Inna Lukashenko: Department of World Finance, Faculty of International Economic Relations, Financial University under the Government of the Russian Federation, Leningradskiy Prospekt 49, 125993 Moscow, Russia
Jurgita Raudeliūnienė: Department of Business Technologies and Entrepreneurship, Vilnius Gediminas Technical University, Sauletekio 11, 10223 Vilnius, Lithuania
Manuela Tvaronavičienė: Department of Business Technologies and Entrepreneurship, Vilnius Gediminas Technical University, Sauletekio 11, 10223 Vilnius, Lithuania

Energies, 2021, vol. 14, issue 4, 1-17

Abstract: This research tackles effective and functional management practices in energy consumption using advanced technological solutions to mitigate unexpected events. This study specifically focuses on the recent COVID-19 pandemic that led to a reduction in energy consumption and therefore meddled with the project management’s status quo for the energy sources. Moreover, this research analyzes the role of information and communication technology (ICT) solutions in energy management before and after the recent coronavirus pandemic turmoil. This study also examined the role and place of sustainable energy resources in the effective management of energy consumption during the COVID-19 pandemic. The main purpose of this research is to demonstrate how the recent coronavirus pandemic affected energy consumption and energy prices in many countries and how it paved the way for the new ICT in managing energy consumption. This study elaborated a model to show how these changes evolved in selected European Union (EU) Member States. It turns out that adjusted electricity consumption, as well as the average daily spot electricity prices for the baseload power in the EU countries, declined, and this trend is likely to continue in the next years to come. Due to the COVID-19 pandemic, substantial changes in the economy led to reduced office space usage, cutting commuting and business trips, and bringing commercial travel almost to a halt, further shifting the energy balance towards renewable energy sources (RES). Besides, it becomes apparent that ICT solutions used in maintaining and superintending the energy balance are gaining popularity and wide recognition worldwide and will help pave the way towards modern and smart high-renewables grids.

Keywords: ICT solutions; project management; sustainable development; energy consumption; COVID-19; renewable energy (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
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (20)

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