Diversification as a Method of Ensuring the Sustainability of Energy Supply within the Energy Transition

Lazar Gitelman, Mikhail Kozhevnikov and Yana Visotskaya
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Lazar Gitelman: Department of Energy and Industrial Management Systems, Ural Federal University, 620002 Ekaterinburg, Russia
Yana Visotskaya: Department of International Educational Programs, Ural Federal University, 620002 Ekaterinburg, Russia

Resources, 2023, vol. 12, issue 2, 1-19

Abstract: This article presents a structured approach to the implementation of diversification in the energy sector during the energy transition, accompanied by crisis phenomena in the economy. On the basis of the study of the unique features of the electric power industry, it is proved that diversification is an effective tool ensuring sustainable operation and development in the course of transformation. The specific directions of diversification to achieve technical, environmental and economic results are considered. The authors demonstrate that diversification can manifest itself in different forms: as a way to implement a systematic approach to energy transition management, as a complex set of organizational and technical changes in the electric power industry, and as an institutional mechanism to support innovations. Tools for managing diversification during the energy transition have been identified. In particular, the experience of implementing systems of integrated planning of energy resources is systematized, representing a set of legal and economic procedures that contribute to minimizing public costs for energy services to consumers. The key provisions of the structural maneuver have been formulated. These include specific directions of diversification, consisting of a certain increase in the specific market share of thermal power plants, in the structure of generation capacities of renewable energy sources in order to compensate for their increased production costs, and nuclear power plants under advanced development. The advantages and limitations of the developed principles of diversification in the context of the global energy crisis are discussed.

Keywords: diversification in energy; energy transition; sustainable development and performance; integrated resource planning; technical and organizational transformations; structural maneuver; energy crisis (search for similar items in EconPapers)
JEL-codes: Q1 Q2 Q3 Q4 Q5 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (12)

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