Renewable Energy in the Sustainable Development of Electrical Power Sector: A Review

Wadim Strielkowski, Lubomír Civín, Elena Tarkhanova, Manuela Tvaronavičienė and Yelena Petrenko
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Lubomír Civín: Department of Trade and Finance, Faculty of Economics and Management, Czech University of Life Sciences Prague, Kamýcká 129, Prague 6, 165 00 Prague, Czech Republic
Elena Tarkhanova: Department of Economics and Finance, Institute of Finance and Economics, University of Tyumen, 6 Volodarskogo Str., 625003 Tyumen, Russia
Manuela Tvaronavičienė: Department of Business Technologies and Entrepreneurship, Vilnius Gediminas Technical University (VILNIUS TECH), Sauletekio 11, 10223 Vilnius, Lithuania
Yelena Petrenko: Department of Management Theory and Business Technologies, Plekhanov Russian University of Economic, 36 Stremyanny Lane, 117997 Moscow, Russia

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

Abstract: The electrical power sector plays an important role in the economic growth and development of every country around the world. Total global demand for electric energy is growing both in developed and developing economies. The commitment to the decarbonization of economies, which would mean replacing fossil fuels with renewable energy sources (RES) as well as the electrification of transport and heating as a means to tackle global warming and dangerous climate change, would lead to a surge in electricity consumption worldwide. Hence, it appears reasonable that the electric power sector should embed the principles of sustainable development into its functioning and operation. In addition, events such as the recent European gas crisis that have emerged as a result of the massive deployment of renewables need to be studied and prevented. This review aims at assessing the role of the renewable energy in the sustainable development of the electrical power sector, focusing on the energy providers and consumers represented both by businesses and households that are gradually becoming prosumers on the market of electric energy. Furthermore, it also focuses on the impact of renewables on the utility side and their benefits for the grid. In addition, it identifies the major factors of the sustainable development of the electrical power sector.

Keywords: renewable energy; decarbonization; energy storage; sustainable development; power grid; electrical power sector (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 (19)

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