Energy Security: Contemporary Approaches and Trends

Davit Narmania (), Eka Chokheli (), Manana Kharkheli (), Mikheil Makasarashvili (), Giorgi Morchiladze (), Shorena Davitaia () and Nino Vardiashvili ()
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Davit Narmania: Management and Administration Department, Ivane Javakhishvili Tbilisi State University
Eka Chokheli: Management and Administration Department, Ivane Javakhishvili Tbilisi State University
Manana Kharkheli: Management and Administration Department, Ivane Javakhishvili Tbilisi State University
Mikheil Makasarashvili: Management and Administration Department, Ivane Javakhishvili Tbilisi State University
Giorgi Morchiladze: Management and Administration Department, Ivane Javakhishvili Tbilisi State University
Shorena Davitaia: Management and Administration Department, Ivane Javakhishvili Tbilisi State University
Nino Vardiashvili: Management and Administration Department, Ivane Javakhishvili Tbilisi State University

No 15216678, Proceedings of International Academic Conferences from International Institute of Social and Economic Sciences

Abstract: Energy security, which in its essence implies the ability to provide reliable, sustainable, and affordable energy, is a pressing global challenge of the modern era. Geopolitical instability, problems in the supply of energy resources and processes caused by climate change have made it a critical priority on the global agenda and forced countries to reconsider their energy strategies. Dependence on fossil fuels carries high risks, given supply difficulties, price volatility, and adverse environmental impacts. Accordingly, governments and industries are trying to develop modern approaches, which include diversification of energy sources, increasing the share of renewable energy, digitalization of energy infrastructure, development of predictive models for risk assessment, innovation, and greater investment in the creation of new, more sustainable systems. Increasing attention is being paid to the development of smart grids, energy storage systems and cross-border energy interconnections. Steps taken in this direction make energy networks more secure and provide flexible solutions in various critical situations.Artificial intelligence is driving significant changes in the field of energy security. Its role is particularly important in energy demand forecasting, optimizing energy distribution, identifying causes of disruptions, and mitigating failures in the event of supply disruptions. Alongside the growth of digitization, cyber threats are also on the rise, representing a major challenge in the field of energy security. Strengthening cybersecurity measures is essential to prevent potential attacks on energy networks. To ensure a secure and sustainable energy future, it is necessary to strengthen global cooperation, which includes both political and technological innovations. The aim of this article is to examine contemporary trends and approaches in energy security, analyze existing challenges, and emphasize the necessity of innovation and international cooperation in ensuring energy security, as the synergy of technological innovations, political reforms, and international collaboration is crucial for effectively addressing energy challenges.

Keywords: Energy security; Energy diversification; Innovations (search for similar items in EconPapers)
JEL-codes: Q40 Q42 Q48 (search for similar items in EconPapers)
Pages: 11 pages
New Economics Papers: this item is included in nep-ene and nep-env
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Published in Proceedings of the Proceedings of the 66th International Academic Conference, London, Nov -0001, pages 21-31

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