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Innovative Economic Technologies and Policies in the Energy Sector

A special issue of Energies (ISSN 1996-1073). This special issue belongs to the section "C: Energy Economics and Policy".

Deadline for manuscript submissions: closed (22 March 2023) | Viewed by 17766

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Special Issue Editor

Head of the Center for the Development of Forms of Integration of Science and Education, Russian Research Institute of Economics, Politics and Law in Science and Technology (RIEPL), 20A, Dobrolubova St., 127254 Moscow, Russia
Interests: mergers and acquisitions in the energy sector; derivative financial instruments; integral ratings; investment models in the energy sector
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Increased global competition for resources and markets, increased volatility of energy prices, significant growth in scientific and technological development, digitalization of the economy, environmental sustainability issues have created objective conditions for the development and formation of principles for further implementation of innovative tools, stock technologies, integrated ratings, "green" financing, pricing methods and other financial and economic methods and models in the production processes of the energy sector.

Of particular interest are the issues of forecasting trends in the development of energy markets for raw materials and its individual segments in the context of financial regulation, the introduction of ESG principles and the latest investment models in the energy sector. Of course, it is necessary to take into account the impact of the pandemic on these processes.

This special issue is devoted to the prospects of innovative development of the energy sector, further expansion and deepening of the theoretical base and practical technologies, modeling of new products and services, taking into account the main directions of the energy security doctrine, the Forecast of scientific and technological development of the energy sector and the energy Strategy of countries to enter the energy sector on a trajectory of sustainable growth.

It is expected that in this special issue, innovative ideas will be presented that contribute to the formation of renewable, environmentally friendly and safe global energy.

Prof. Dr. Alex Borodin
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Energies is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2600 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • innovative schemes of distribution of energy sector products
  • pricing models in the energy sector
  • forecasts of the development of energy markets of raw materials
  • the impact of the pandemic (Covid-19) on the development of the energy sector
  • financial regulation in the energy sector of the economy
  • green financial instruments
  • financial policy in the energy sector
  • investment models in the energy sector
  • mergers and acquisitions in the energy sector
  • energy policy and climate change
  • derivative financial instruments
  • integral ratings
  • the main directions and criteria for ensuring the economy of the sovereignty of financial and credit institutions

Published Papers (11 papers)

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Research

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31 pages, 12638 KiB  
Article
Mitigating Market Power and Promoting Competition in Electricity Markets through a Preventive Approach: The Role of Forward Contracts
by Dzikri Firmansyah Hakam
Energies 2023, 16(8), 3543; https://doi.org/10.3390/en16083543 - 19 Apr 2023
Cited by 1 | Viewed by 882
Abstract
This paper proposes a novel approach to optimizing the structure of the electricity market by mitigating market power through the use of forward contracts. The IEEE 30 node test system is used as a case study for the paper, which employs nodal pricing [...] Read more.
This paper proposes a novel approach to optimizing the structure of the electricity market by mitigating market power through the use of forward contracts. The IEEE 30 node test system is used as a case study for the paper, which employs nodal pricing and a Cournot model with recursive optimization. The findings show that forward contracts can reduce market power and lead to a more competitive market structure with fewer participants. The study emphasizes the importance of successor companies having a well-balanced mix of generation technology. Six players with a different generational mix are optimal in the constrained nodal pricing scenario, while five players with slightly different mixes are optimal in the Cournot case study. These findings have important implications for policymakers and industry stakeholders involved in the design and implementation of efficient electricity markets. Market power can be reduced by using forward contracts and establishing an appropriate number of market participants, resulting in more efficient and sustainable electricity markets. Overall, this study provides useful insights for improving electricity market structures and increasing competition in the electricity sector. Full article
(This article belongs to the Special Issue Innovative Economic Technologies and Policies in the Energy Sector)
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16 pages, 1042 KiB  
Article
Methodology for an Audit of Institutional Projects in the Energy Sector
by Elena Fedchenko, Lyubov Gusarova, Timur Timkin, Natalie Gryzunova, Michał Bilczak and Svetlana Frumina
Energies 2023, 16(8), 3535; https://doi.org/10.3390/en16083535 - 19 Apr 2023
Viewed by 757
Abstract
Auditing activity, in the last decade, is one of the most dynamically changing types of economic activity, on the one hand, due to an increase in the number of state projects implemented by many countries, and on the other hand, due to technological [...] Read more.
Auditing activity, in the last decade, is one of the most dynamically changing types of economic activity, on the one hand, due to an increase in the number of state projects implemented by many countries, and on the other hand, due to technological innovations and digitalization. Russian auditing practices are also being actively reformed. For example, the Ministry of Energy is updating their audit methodology. The subject of this study is to ensure the efficiency of spending public funds for the implementation of strategic projects. The object of this study is the methodology of a state audit. An analysis of the currently used Russian and international standards for public audits shows that there are many opportunities to improve the methodology for conducting financial, strategic and performance audits. First of all, there is a need to solve methodological problems in monitoring the efficiency of investment developments, since partnerships between private investors and government bodies for the implementation of strategic projects have expanded. The main difficulty of audit methodology is the definition of a system of target criteria in long-term projects. Quite often it is difficult to determine the main expected result, for example, financial, or social efficiency or the adequacy of multi-unit tariffs. All these circumstances determine the relevance of methodological changes. The aim of this study is to develop a new audit methodology as, first of all, a management technology. We use a result-oriented approach that is based on the developed system of indicators, to evaluate the effectiveness of an institutional project and to evaluate the effectiveness of environmental costs and technological innovations to reduce anthropogenic emissions and to create a single Asian energy space. Full article
(This article belongs to the Special Issue Innovative Economic Technologies and Policies in the Energy Sector)
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19 pages, 11596 KiB  
Article
EU: The Effect of Energy Factors on Economic Growth
by Ayaz Aliev, Madina Magomadova, Anna Budkina, Mustafa Harputlu and Alagez Yusifova
Energies 2023, 16(6), 2908; https://doi.org/10.3390/en16062908 - 22 Mar 2023
Cited by 1 | Viewed by 1265
Abstract
In this article, we investigate the effect of different energy variables on economic growth of several oil-importing EU member states. Three periods from 2000 to 2020 were investigated. Three different types of regression models were constructed via the gretl software. Namely, the OLS, [...] Read more.
In this article, we investigate the effect of different energy variables on economic growth of several oil-importing EU member states. Three periods from 2000 to 2020 were investigated. Three different types of regression models were constructed via the gretl software. Namely, the OLS, FE, and SE approaches to panel data analysis were investigated. The FE approach was chosen as the final one. The results suggest the importance of the consumption of both oil and renewable energy on economic growth. Crises of certain periods also had a noteworthy effect as well. Full article
(This article belongs to the Special Issue Innovative Economic Technologies and Policies in the Energy Sector)
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17 pages, 1058 KiB  
Article
Estimation of Tax Expenditures Stimulating the Energy Sector Development and the Use of Alternative Energy Sources in OECD Countries
by Yuliya Tyurina, Svetlana Frumina, Svetlana Demidova, Aidyn Kairbekuly and Maria Kakaulina
Energies 2023, 16(6), 2652; https://doi.org/10.3390/en16062652 - 11 Mar 2023
Cited by 3 | Viewed by 1276
Abstract
The energy crisis caused by global structural changes in the economic sphere is the cause accelerating the energy transition based on the concept of sustainable development. This study is to test the hypothesis about the incentive effect of tax expenditures on alternative energy [...] Read more.
The energy crisis caused by global structural changes in the economic sphere is the cause accelerating the energy transition based on the concept of sustainable development. This study is to test the hypothesis about the incentive effect of tax expenditures on alternative energy and energy conservation. The objects of empirical research are the EU, OECD countries, OECD partner countries and Russia from 2018–2020. The tools of scientific research are based on methods of economic–statistical and comparative analysis and expert judgments. The concept of tax expenditures in terms of decarbonization is analyzed using a systematic approach. The integrated methodological approach shows the relationship between the tax policy and government strategies in achieving sustainable development goals to ensure the transition to rational energy consumption patterns and sustainable energy sources. The authors analyze incentives for the energy sector and alternative energy sources in the considered groups of countries, and they assess the scale of tax expenditures in the energy sector for OECD countries. There are two types of tax expenditures for achieving environmental sustainability—increasing renewable energy sources and improving the energy efficiency. The authors apply the multivariate average formula to assess the scale of tax incentives in OECD countries. The results are typified depending on the scale of tax expenditures as one of the tools and these results are grouped according to the dynamics. In the presented sample, a wide range of tax benefits and preferences is typical for the leading countries in the ranking. The countries at the bottom of the ranking support fossil fuels, but they have already started the energy transition. Full article
(This article belongs to the Special Issue Innovative Economic Technologies and Policies in the Energy Sector)
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16 pages, 361 KiB  
Article
Distributed Energy as a Megatrend of Audit of Investment Processes of the Energy Complex
by Natalie Gryzunova, Kirill Vedenyev, Victoria Manuylenko, Igor Keri and Michał Bilczak
Energies 2022, 15(23), 9225; https://doi.org/10.3390/en15239225 - 05 Dec 2022
Cited by 4 | Viewed by 1136
Abstract
The global trend is constantly increasing investments in strategic sectors of the economy, for example the electric power industry, which, in many countries, is becoming diversified and dispersed due to the multitude of entities investing in energy production and renewable resources, which leads [...] Read more.
The global trend is constantly increasing investments in strategic sectors of the economy, for example the electric power industry, which, in many countries, is becoming diversified and dispersed due to the multitude of entities investing in energy production and renewable resources, which leads to an increase in the heterogeneity of investment decisions. There is an urgent need to control the movement of investments, budget funds, as well as their development in the process of implementing investment programs of energy companies. The control of the movement of investments is the most promising direction of studying the subject of finance and audit. The increasing volume of public and private targeted investments in the energy sector and the lack of control over the effectiveness of investment projects (since each program contains several thousand lists of projects) necessitated the introduction of additional regulation of budget spending. The development of a mathematical apparatus for such regulation led to the creation in the Russian Federation of an institute of an independent public technological and price audit (TPA). The TPA is seen as a mechanism to ensure an effective project evaluation and selection process. This article describes methodological improvements using power system optimization models. The Integrated MARKAL-EFOM System (TIMES) was developed as part of the Energy Technology Systems Analysis Program of the IEA-ETSAP, an international community that uses long-term energy scenarios to conduct in-depth energy and environmental analyzes. This approach includes two different but complementary systematic approaches to energy modeling: an engineering approach and an economic approach. The same approach is used when conducting a TSA, when an investment object is evaluated as a set of technological and price parameters. The article considers a model of resource allocation in the energy sector and a mechanism for using TPA for investment projects with state participation in a natural monopoly. An approach to the financial and long-term distribution of investments of electric power companies based on the search for a balance of interests of the supplier and consumer and available energy sources is proposed. A model has been developed to find the optimal plan of technical solutions, taking into account the balance of the possibilities of the electric power industry and the needs of the economy. The relevance of the article is due to the requirements of investment efficiency, since the prevailing share in the costs is occupied by the costs of equipment and the construction of power plants. Full article
(This article belongs to the Special Issue Innovative Economic Technologies and Policies in the Energy Sector)
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15 pages, 990 KiB  
Article
Mechanisms for Tax Regulation of CO2-Equivalent Emissions
by Alex Borodin, Vladislav Zaitsev, Zahid F. Mamedov, Galina Panaedova and Andrey Kulikov
Energies 2022, 15(19), 7111; https://doi.org/10.3390/en15197111 - 27 Sep 2022
Cited by 5 | Viewed by 1367
Abstract
The aim of the work is to develop a mechanism for cross-border carbon regulation for countries importing products to the EU, which will equally allow importing countries to fulfill the conditions of the Carbon Border Adjustment Mechanism (CBAM), encourage manufacturers to reduce CO [...] Read more.
The aim of the work is to develop a mechanism for cross-border carbon regulation for countries importing products to the EU, which will equally allow importing countries to fulfill the conditions of the Carbon Border Adjustment Mechanism (CBAM), encourage manufacturers to reduce CO2 emissions, and also provide importing countries with opportunities to replenish their budget by introducing paid emission quotas greenhouse gases. The work makes a significant contribution to stimulating the reduction of CO2 emissions by producers due to the proposed tax mechanism and preventing the leakage of greenhouse gases on the territory of third countries according to the CBAM policy. The EU evaluates double taxation, so if a carbon tax has been withdrawn in the territory of the exporting country, then such a tax will not be levied again in the EU. All this involves stimulating exporting countries by creating their own taxation systems, which will have international qualifications and be recognized by countries around the world. When choosing a taxation mechanism, it is important to choose the specifics for visiting group gases. The study was conducted on the basis of methods of comparison, modeling, analysis and deduction. Full article
(This article belongs to the Special Issue Innovative Economic Technologies and Policies in the Energy Sector)
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19 pages, 1897 KiB  
Article
Tailored Blockchain Applications for the Natural Gas Industry: The Case Study of SOCAR
by Cemal Zehir, Melike Zehir, Alex Borodin, Zahid Farrukh Mamedov and Sadiq Qurbanov
Energies 2022, 15(16), 6010; https://doi.org/10.3390/en15166010 - 19 Aug 2022
Cited by 6 | Viewed by 2065
Abstract
Blockchain technology has emerging areas of deployment in diverse sectors and use cases. In this study, several potential application areas of blockchain with promising benefits have been identified in the natural gas industry. There is no single solution that can address different challenges [...] Read more.
Blockchain technology has emerging areas of deployment in diverse sectors and use cases. In this study, several potential application areas of blockchain with promising benefits have been identified in the natural gas industry. There is no single solution that can address different challenges and meet disparate requirements. Therefore, it is important to understand the needs of the natural gas industry and propose appropriate blockchain solutions. Moreover, in the literature, there is a lack of detailed case studies involving industrial experts from the natural gas sector. Expert opinion can be useful for prioritizing the most needed or expected blockchain application areas among several options. By considering privacy, authentication, speed, security, energy consumption, and costs, suitable blockchain types and consensus mechanisms can be determined. This study presents one of the first detailed case studies for tailored applications of blockchain in the natural gas industry. Through a two-staged semi-structured interview with executives from SOCAR Azerbaijan, the most important blockchain application areas and operational requirements were identified. Furthermore, the most suitable blockchain solutions that can address application-specific conditions and needs were determined. This study both, develops a replicable and reliable methodology to conduct detailed blockchain implementation case studies in the natural gas industry and various other sectors, and provides detailed insights into the primary application areas, operational expectations–requirements, and implementation challenges specific to each application. Full article
(This article belongs to the Special Issue Innovative Economic Technologies and Policies in the Energy Sector)
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13 pages, 883 KiB  
Article
Assessment and Integral Indexing of the Main Indicators of Oil and Gas Companies by Circular Convolution
by Irina Vygodchikova, Mikhail Gordienko, Natalia Natocheeva, Natalia Rud and Anzhela Namitulina
Energies 2022, 15(3), 877; https://doi.org/10.3390/en15030877 - 25 Jan 2022
Cited by 4 | Viewed by 2470
Abstract
In the oil and gas industry, which is the basis of the Russian energy market, a significant and urgent question arises: How to distribute companies according to their investment attractiveness? Accordingly, quantitative indicators are needed. Lacking extensive experience in the practical implementation of [...] Read more.
In the oil and gas industry, which is the basis of the Russian energy market, a significant and urgent question arises: How to distribute companies according to their investment attractiveness? Accordingly, quantitative indicators are needed. Lacking extensive experience in the practical implementation of fundamental rating tools, work is needed to develop methodologies of weighting coefficients and lists, built on the experience of the “big three” rating agencies. The article proposes an algorithm for forming an integral rating of companies based on financial reporting indicators and the author’s rules of fuzzy logic based on the principle of “circular convolution”, from the best to the slave, deepening the analysis to the center, when all companies are exhausted and places in the rating are distributed. The problem of assessing and integrally indexing the indicators of large companies in leading sectors of the economy (e.g., oil and gas, banks, electricity) is becoming manifest, while it is obvious that there is competition between large companies of the country’s leading industries for state investment resources. The nature of the leading industries is such that it is necessary to assess the quality of the company’s functioning based on the formation of rating groups. Based on the rating, investments are distributed among the companies under consideration. The author has developed a portfolio model that is analogous to the Harry Max Markowitz model, which does not contradict this model but allows consideration of a broader range of risk assessments used in the model (for example, the rating of companies). The optimal portfolio is built, taking into account the resulting index and the initial grouping in the hierarchical data correction mode. The logically sequential method of circular convolution of four important indicators to an integral index and a mathematically substantiated method for optimizing the minimax portfolio presented in the work will allow the investor to develop optimal (from the point of view of the transparency of the apparatus used, mathematical feasibility and time spent on the implementation of the software package) tools for investing and enlarging his capital. Full article
(This article belongs to the Special Issue Innovative Economic Technologies and Policies in the Energy Sector)
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18 pages, 2947 KiB  
Article
Modeling Multivalued Dynamic Series of Financial Indexes on the Basis of Minimax Approximation
by Zahid Mamedov, Irina Vygodchikova, Ayaz Aliev, Lira Gurieva and Natalia Rud
Energies 2022, 15(1), 366; https://doi.org/10.3390/en15010366 - 05 Jan 2022
Cited by 1 | Viewed by 1537
Abstract
In this article, the problem of modeling a time series using the Minimax method is considered. The expediency of using Minimax to identify points of change in trends and the range of changes in the graphical figures of technical analysis is justified. Spline [...] Read more.
In this article, the problem of modeling a time series using the Minimax method is considered. The expediency of using Minimax to identify points of change in trends and the range of changes in the graphical figures of technical analysis is justified. Spline approximation of the dynamic process with range constraints was performed to improve the quality of the model. Investors are advised to refrain from making hasty decisions in favor of holding reliable shares (such as PJSC Novatek shares), rather than selling them. The purchase of new shares should be carefully analyzed. Through an approximation of the dynamic number of the applicable optimization problem of minimizing the maximum Hausdorff distances between the ranges of the dynamic series and the values of the approximating function, the applied approach can provide reliable justification for signals to buy shares. Energy policy occupies the highest place in the list of progress ratings according to news analytics of businesses related to the energy sector of the economy. At the same time, statistical indicators and technologies of expert developments in this field, including intellectual analysis, can become an important basis for the development of a robotic knowledge program in the field under study, an organic addition to which is the authors’ methodology of development in energy economics as in energy policy. This paper examines the model of approximation of the multivalued time series of PJSC Novatek, represented as a series of ranges of numerical values of the indicators of financial markets, with constraints on the approximating function. The authors consider it advisable for promising companies to apply this approach for successful long-term investment. Full article
(This article belongs to the Special Issue Innovative Economic Technologies and Policies in the Energy Sector)
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18 pages, 684 KiB  
Article
Modeling the Business Environment of an Energy Holding in the Formation of a Financial Strategy
by Alex Borodin, Galina Panaedova, Svetlana Frumina, Aidyn Kairbekuly and Natalia Shchegolevatykh
Energies 2021, 14(23), 8107; https://doi.org/10.3390/en14238107 - 03 Dec 2021
Cited by 10 | Viewed by 1885
Abstract
This article consists of the development of a set of methodological provisions concerning the identification of the features of the influence of the business environment on the effectiveness of the implementation of the company’s financial strategy and the development of a system for [...] Read more.
This article consists of the development of a set of methodological provisions concerning the identification of the features of the influence of the business environment on the effectiveness of the implementation of the company’s financial strategy and the development of a system for its adaptation to the conditions of a dynamic external environment. The purpose of this article is to build an economic and mathematical model to identify the main elements of the business environment that affect the company’s strategy, the formation of methods for evaluating the effectiveness of the implementation of a financial strategy taking into account such influence. The author’s contribution consists in the development of an effective financial algorithmic strategy of the energy holding, considering the influence of the environmental factors. Hypothesis: the use of mathematical models of the business environment will increase the efficiency of energy holding management in the field of finance and investments. The scientific novelty of this article lies in the development of an algorithm that allows for obtaining an integral assessment of the impact of external and internal factors of the energy holding’s business environment on its financial strategy using taxonomy methods, multidimensional statistical analysis and cluster and discriminant models. Results: the authors have developed a model of the influence of the energy holding’s business space, which allows improving the interaction of financial flows within the holding and obtaining an optimal distribution of financial resources, taking into consideration the dynamic factors of the company’s external environment. Full article
(This article belongs to the Special Issue Innovative Economic Technologies and Policies in the Energy Sector)
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Review

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18 pages, 3970 KiB  
Review
Overview of the Russian Oil and Petroleum Products Market in Crisis Conditions: Economic Aspects, Technology and Problems
by Alex Borodin, Galina Panaedova, Irina Ilyina, Mustafa Harputlu and Natalia Kiseleva
Energies 2023, 16(4), 1614; https://doi.org/10.3390/en16041614 - 06 Feb 2023
Cited by 6 | Viewed by 1909
Abstract
In the last decade, global discussions on the role of the Russian Federation in the energy supply system have continued to be relevant. Taking into account this context, the purpose of the article is to study the impact of the Russian oil and [...] Read more.
In the last decade, global discussions on the role of the Russian Federation in the energy supply system have continued to be relevant. Taking into account this context, the purpose of the article is to study the impact of the Russian oil and petroleum products market on sustainable development in the conditions of the “energy transition” declared in the country and to substantiate the mechanism of transition to a diversified energy model during the period of global geo-economic turbulence. The authors propose a methodological approach for conducting a comparative assessment of the level and dynamics of the development of the industry in the country and regions, based on the use of a set of objective indicators and the concept of taking into account the level and quality of life of the population. Using panel data on the country, federal districts and vertically integrated companies of Russia from 2005 to 2020 for empirical research, we found the determining influence of external and internal factors on sustainable development. The results revealed the problems regarding the current state of the Russian oil and petroleum products market. Summing up, it can be argued that the results presented in this article prove the need to solve industry problems and form innovative strategic directions of development in Russia in modern conditions of energy transformation. Full article
(This article belongs to the Special Issue Innovative Economic Technologies and Policies in the Energy Sector)
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