Global Energy Crisis: Analysis and Assessment of Structural Changes in the Energy Market

Ekaterina A. Rechkina, Andrey M. Terekhov and Eliana M. Werbin
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Ekaterina A. Rechkina: Lebedev Russian State University of Justice
Andrey M. Terekhov: Nizhny Novgorod State University named after N.I. Lobachevsky
Eliana M. Werbin: National University of Cordoba

Economic Consultant, 2024, issue 2, 4-16

Abstract: Introduction. The energy crisis can have severe economic consequences, including higher energy prices, increased production costs, and reduced competitiveness. Global economic shifts, population growth, and technological advancements are driving energy demand; dependence on energy imports leaves countries vulnerable to price fluctuations and political risks. This article aims to identify the role of the 2021-2022 energy crisis as a factor contributing to the new energy structure that will emerge in the coming decades. Materials and methods. The material consisted of research and analytical reports on energy, climate policy, and sustainable development, published in scientific journals and reports from international organizations. Data for 1965-2022 and literature analysis and statistical data analysis were used. Results. The authors characterize the concept of energy structure, which refers to a specific period in human history during which the consumption of a particular type of fuel predominated. The prerequisites for forming a new energy structure, based on an increased share of renewable energy sources and hydrogen raw materials in the energy generation structure, are highlighted. The 2021-2022 energy crisis had a significant impact on the natural gas markets in Europe and Asia, leading to increased gas prices and financial strain on the energy industries of various countries. Conclusion. The global community is currently undergoing a transition in its energy structure, marked by the declining dominance of oil and the growing importance of natural gas and alternative fuel sources. The global energy crisis has accelerated efforts toward energy transition and decarbonization, reinforcing policy shifts aiming to establish a new energy framework grounded in renewable energy and hydrogenbased resources.

Keywords: global energy crisis; energy structure; financial contamination; renewable energy sources; energy tr (search for similar items in EconPapers)
JEL-codes: L94 N70 O13 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:ris:statec:021449

DOI: 10.46224/ecoc.2024.2.1

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