The World Electricity Production and the Current Global Energy Crisis in Brief

Daniela-Melania Mihai () and Smaranda-Nicoleta-Cristina Toma ()
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Daniela-Melania Mihai: National University of Science and Technology POLITEHNICA Bucharest, Pitesti University Center, Romania
Smaranda-Nicoleta-Cristina Toma: National University of Science and Technology POLITEHNICA Bucharest, Pitesti University Center, Romania

Ovidius University Annals, Economic Sciences Series, 2023, vol. XXIII, issue 2, 292-299

Abstract: This paper shows that the fossil fuels still account for over 60% of total global electricity generation and highlights how the current global energy crisis has placed electricity security and affordability high on the political agenda, favouring renewable solutions. The global energy landscape has changed radically since Russia's invasion of Ukraine. Countries around the world have faced rising prices that have hit consumers hard, all against a geopolitical backdrop with energy security at its center and the world's dependence on fossil fuel consumption often supplied by only a few major producers. An accelerated transition to low-carbon energy sources such as renewable and nuclear sources is therefore necessary. In Europe, the ripple effects of the war were acutely felt due to the historical dependence on Russian gas imports. The risk of shortages has been and continues to be avoided through greater efforts to improve energy efficiency, deploy renewables, install heat pumps, promote energy savings and increase gas supplies.

Keywords: global energy crisis; electricity; renewable solutions (search for similar items in EconPapers)
JEL-codes: F51 L7 O13 P18 P48 Q3 Q4 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:ovi:oviste:v:xxiii:y:2023:i:2:p:292-299

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