Economic approach to the formation of strategic vectors for strengthening the country’s energy security

Abstract

The relevance of the research on strengthening the country’s energy security is stipulated by modern challenges, unstable economic situation in the country and the change in strategic tasks of Ukraine’s development in the direction of strengthening its energy independence. The goal of the article was to determine the essence of the country’s energy security and strategic vectors of its development on the basis of economic approach. Methods of logical generalization and data systematization, graphic method of data visualization, comparative analysis of statistical data and performance indicators of stations to identify interdependencies between data have been applied to achieve the goal of the study. Scientific approaches to defining the notion of energy security have been analysed. The analysis of economic approach to considering the essence of energy security is presented. The economic approach provides for three tools for the successful and effective development of the energy sector: the development of renewable energy sources, energy efficiency and energy diversification. Analytical data on the implementation of alternative energy sources in Ukraine, their investment attractiveness and operating costs have been studied. The costs of electricity production using various technologies have been considered and it has been discovered that wind and solar power plants are the least expensive and have the potential for effective operation on the territory of Ukraine. It was revealed that the lack of policy on the energy-efficient use of resources and its investment development strategy reduces the level of competitiveness among business representatives. Key directions for strengthening the country’s energy security have been formulated based on the obtained data of the analysis. The results of the research will enable energy companies to develop effective solutions for the successful implementation of energy efficiency policies and will serve as key aspects when searching for potential investors and partners.