Assessment of the Economic Efficiency of Energy Development in the Industrial Sector of the European Union Area Countries

Ginevičius, Romualdas; Trishch, Roman; Bilan, Yuriy; Lis, Marcin; Pencik, Jan

doi:10.3390/en15093322

Open AccessArticle

Assessment of the Economic Efficiency of Energy Development in the Industrial Sector of the European Union Area Countries

by

Romualdas Ginevičius

¹,

Roman Trishch

²,

Yuriy Bilan

^3,*

,

Marcin Lis

⁴

and

Jan Pencik

⁵

¹

Faculty of Engineering Management, Bialystok University of Technology, 15-351 Bialystok, Poland

²

Faculty of Systems Control of Aircraft, National Aerospace University, 61-000 Kharkov, Ukraine

³

Faculty of Management, Rzeszow University of Technology, 35-959 Rzeszow, Poland

⁴

Faculty of Applied Sciences, WSB University, 41-300 Dąbrowa Górnicza, Poland

⁵

Faculty of Civil Engineering, Institute of Building Structures, Brno University of Technology, 601-90 Brno, Czech Republic

^*

Author to whom correspondence should be addressed.

Energies 2022, 15(9), 3322; https://doi.org/10.3390/en15093322

Submission received: 24 February 2022 / Revised: 30 March 2022 / Accepted: 20 April 2022 / Published: 2 May 2022

(This article belongs to the Special Issue Financial Development and Energy Consumption Nexus)

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Abstract

The European Union’s Green Deal emphasises the importance of improving the efficiency of the energy sector in its countries, which is why the issues involved are relevant in both scientific and practical terms. The article sets out the hypothesis that conveying the state of the economic efficiency of energy development by grades does not reflect the real situation. Instead of ranks, it is proposed to form homogeneous groups of some countries based on non-linear data normalisation instead of today’s universally used linearisation. Grouping the euro area countries in the European Union on the basis of the value of the cost-effectiveness indicator for the energy development of their industrial sector confirmed the appropriateness of the proposed method-ology. In this way, three groups of countries were formed according to the level of cost-effectiveness achieved. The proposed methodology for grouping countries is universal and can be used for international comparisons of any kind.

Keywords: economic efficiency; energy development; industrial sector; clustering

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MDPI and ACS Style

Ginevičius, R.; Trishch, R.; Bilan, Y.; Lis, M.; Pencik, J. Assessment of the Economic Efficiency of Energy Development in the Industrial Sector of the European Union Area Countries. Energies 2022, 15, 3322. https://doi.org/10.3390/en15093322

AMA Style

Ginevičius R, Trishch R, Bilan Y, Lis M, Pencik J. Assessment of the Economic Efficiency of Energy Development in the Industrial Sector of the European Union Area Countries. Energies. 2022; 15(9):3322. https://doi.org/10.3390/en15093322

Chicago/Turabian Style

Ginevičius, Romualdas, Roman Trishch, Yuriy Bilan, Marcin Lis, and Jan Pencik. 2022. "Assessment of the Economic Efficiency of Energy Development in the Industrial Sector of the European Union Area Countries" Energies 15, no. 9: 3322. https://doi.org/10.3390/en15093322

APA Style

Ginevičius, R., Trishch, R., Bilan, Y., Lis, M., & Pencik, J. (2022). Assessment of the Economic Efficiency of Energy Development in the Industrial Sector of the European Union Area Countries. Energies, 15(9), 3322. https://doi.org/10.3390/en15093322

Note that from the first issue of 2016, this journal uses article numbers instead of page numbers. See further details here.

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Assessment of the Economic Efficiency of Energy Development in the Industrial Sector of the European Union Area Countries

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