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Energy Industry: Effectiveness from Innovations

Michael Evgenievich Kosov, Ravil Akhmadeev (), Denis Aleksandrovich Smirnov, Svetlana Petrovna Solyannikova and Inna Nikolaevna Rycova
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Michael Evgenievich Kosov: Department of Public Finance, Financial University under the Government of the Russian Federation, Russian Federation,
Denis Aleksandrovich Smirnov: Tax Policy and Customs Tariff Regulation Department, Financial University under the Government of the Russian Federation, Russian Federation,
Svetlana Petrovna Solyannikova: Department of Public Finance, Financial University under the Government of the Russian Federation, Russian Federation,
Inna Nikolaevna Rycova: Sectorial Economy Center, Financial Research Institute of the Ministry of Finance of the Russian Federation, Russian Federation.

International Journal of Energy Economics and Policy, 2018, vol. 8, issue 4, 83-89

Abstract: Putting the energy industry on the way of innovations is a task of utmost importance, whose success will shape up future development and competitiveness of emerging economies to a great extent. Research of the main trends of innovative development of distributed generation demonstrated that they are characterized by high spending both on installation of innovative power equipment and on its creation. Our research of financing in the Russian distributed energy and power engineering demonstrated that the bulk of capital investment is done from companies’ own funds, which points to the unaffordability of other funding instruments, credit included. Consequently, the process of creating and using innovations in distributed energy is accompanied by significant investment risks. This scientific research offers an approach to innovations in distributed energy based on coordination of economic interests of innovation process subjects with the aim of optimizing the task of looking for a threshold price through defining and comparing the effectiveness of a novelty for its creators, consumers and the state with the help of an internal rate of return. The use of a business approach to the introduction of innovations in the distributed energy will coordinate the interests of the producer of innovative equipment and the energy company. Such an approach will ensure co-financing of innovation research and development of all subjects of the relations.

Keywords: innovation processes; power equipment; power energy; heat energy; economy; taxation; capital investment; energy efficiency; digital information (search for similar items in EconPapers)
JEL-codes: E22 G31 (search for similar items in EconPapers)
Date: 2018
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