Energy intensity of the Russian economy and the main factors affecting its level and dynamics

M. M. Sokolov ()

Russian Journal of Industrial Economics, 2023, vol. 16, issue 1

Abstract: The article deals with the analysis of the state of energy intensity of the Russian economy, studies the calculation methods and factors affecting its level and dynamics in 2000–2021. It is pointed out that the most reliable picture of the dynamics of energy intensity of the economy is obtained when the gross domestic product (GDP) is calculated in constant prices in rubles. In those cases when it is calculated in USD by purchasing power parity, the level of energy intensity is noticeably underestimated. Affected by the multiple growth of the oil and gas income that caused the plummeting growth of investment in fixed assets and gross domestic product, in 2000–2007 the energy intensity in Russia had an annual 5.1% decrease, which is 1.5 times more than that of the most developed countries. In the subsequent years (2008–2021) due to the low rates of investment activity and gross domestic product and due to the increasing volumes of consumed energy resource, the dynamics of energy intensity stagnated while, on the contrary, the world and the majority of developed countries experienced the increase in the rates of reduction of energy intensity during this period.The article presents a detailed study of the main factors affecting the dynamics of energy intensity in Russia, and for such factor as investment in fixed assets, the author identifies coefficients of dependence of energy intensity on their rates, which can be used in perspective planning of the energy intensity indicators.Basing on the profound study of the factors affecting the dynamics of energy intensity the author suggests main directions on reducing the energy intensity in Russia. They include the intensification of investment activity, accelerating the GDP growth, restructuring the structure of the economy towards industries with high added value, refusal to increase domestic prices for energy resources up to their global prices.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:ach:journl:y:2023:id:1143

DOI: 10.17073/2072-1633-2023-1-34-50

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