Energy Transformation Development Strategies: Evaluation of Asset Conversion in the Regions

Mantas Svazas and Valentinas Navickas ()
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Mantas Svazas: Faculty of Bioeconomy Development, Vytautas Magnus University, 44248 Kaunas, Lithuania
Valentinas Navickas: School of Economics and Business, Lithuania Business College, Kaunas University of Technology, 50254 Kaunas, Lithuania

Energies, 2024, vol. 17, issue 7, 1-23

Abstract: Manifestations of energy transformation are visible throughout the developed world. As the threat to the survival of humanity arises, the countries of the world are starting to take faster and more specific actions to transform the energy sector. One of the energy transformation strategies is the decentralized development of the energy system in the regions. This concept is especially relevant at this time, when centralized sources of energy production and supply are becoming the target of physical and cyber attacks. The purpose of this article is to form theoretical assumptions for the smooth implementation of the decentralization of the energy system. This article aims to remove obstacles to short-term energy transformation. The novelty of this article is related to emphasizing the role of biomass cogeneration in achieving energy system efficiency and greening. Mathematical modeling based on RSM is used in the article. The established factors of the market structure revealed that the efficiency of energy production is based on the use of cogeneration and the markets for raw materials and energy can be attributed to different types. The results of this study showed that the optimal combination of biomass cogeneration can ensure competitive energy production. This article is relevant because it offers transitional solutions until adequate hydrogen utilization and energy storage solutions are developed.

Keywords: energy transformation; cogeneration; 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: 2024
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