The growing importance of the Internet of Energy (IoE) brands the high-renewables electricity system a realistic scenario for the future electricity system market design. In general, the whole gist behind the IoE is developed upon a somewhat broader idea encompassing the so-called “Internet of Things” (IoT), which envisioned a plethora of household appliances, utensils, clothing, smart trackers, smart meters, and vehicles furnished with tiny devices. These devices would record all possible data from all those objects in real time and allow for a two-way exchange of information that makes it possible to optimize their use. IoT employs the Internet Protocol (IP) and the worldwide web (WWW) network for transferring information and data through various types of networks and gateways as well as sensor technologies. This paper presents an outline stemming from the implications of the high-renewables electric system that would employ the Internet of Energy (IoE). In doing so, it focuses on the implications that IoE brings into the high-renewables electricity market inhabited by smart homes, smart meters, electric vehicles, solar panels, and wind turbines, such as the peer-to-peer (P2P) energy exchange between prosumers, optimization of location of charging stations for electric vehicles (EVs), or the information and energy exchange in the smart grids. We show that such issues as compatibility, connection speed, and most notoriously, trust in IoE applications among households and consumers would play a decisive role in the transition to the high-renewables electricity systems of the 21st century. Our findings demonstrate that the decentralized approach to energy system effective control and operation that is offered by IoE is highly likely to become ubiquitous as early as 2030. Since it may be optimal that large-scale rollouts start in the early 2020s, some form of government incentives and funding (e.g. subsidies for installing wind turbines or solar panels or special feed-in-tariffs for buying renewable energy) may be needed for the energy market to make early progress in embracing more renewables and in reducing the costs of later investments. In addition, there might be some other alternative approaches aimed at facilitating this development. We show that the objective is to minimize the overall system cost, which consists of the system investment cost and the system operating cost, subject to CO2 emissions constraints and the operating constraints of generation units, network assets, and novel carbon-free technologies, which is quite cumbersome given the trend in consumption and the planned obsolescence. This can be done through increasing energy efficiency, developing demand side management strategies, and improving matching between supply and demand side, just to name a few possibilities.

Our paper focuses on the renewable energy and EU 2020 target for energy efficiency in the Czech Republic and Slovakia. We study the reduction of greenhouse gas (GHG) emissions in these two EU Member States through the prism of the Europe 2020 strategy and the 3 × 20 climate and energy package and economic growth (represented by the Gross Domestic Product (GDP) that allows to measure the national dynamics and provide cross-country comparisons) without attributing specific attention to issues such as the electrification of transport or heating, and thence leaving them outside the scope of this paper. Both Czech Republic and Slovakia are two post-Communist countries that still face the consequences of economic transformation and struggle with the optimal management of natural resources. Both countries encountered profound system transformation after 1989 that are apparent in all three measures of sustainable development used in our study. We show that it is unlikely that the planned increase in renewable energy in the Czech Republic and Slovakia will reach its targets, but they might succeed in reducing their energy consumption and greenhouse gas emissions. Our findings show that the energy intensity of Czech and Slovak economies increased in the early 2000s and then stabilized at a level about twice of the EU average. It appears that this value is likely to remain the same in the forthcoming years. However, implementation of GHG emissions in the Czech Republic and Slovakia may be at risk in case the proper energy policy is not maintained. Moreover, our results show how the increase in the share of renewable energy and improvement in energy efficiency go hand-in-hand with mining and exploiting the energy sources that is notorious for the transition economies. We also demonstrate that a proper energy policy is required for effectively reducing energy consumption and greenhouse gas emissions. There is a need for commitments made by relevant stakeholders and policymakers targeted at achieving sustainable economic growth and energy efficiency. In addition, we demonstrate that there is a need for maintaining a proper balance between economic development and environmental protection, which is a must for the EU sustainable energy development agenda and all its accompanying targets for all its Member States.

Project-based approach is one of the most widespread approaches to promotion of innovations. Risk management in innovative projects is one of the most difficult tasks in project management due to high degree of uncertainty which is intrinsic to innovative projects. Depending on the phase of innovation's life cycle, the parameters of innovative projects' risk management change, which, in turn, results in the need to use various methodic tools. The key risks on the phase of development and implementation of an innovative project include the risk of non-realizability of an innovative idea and the group of risks related to failure to achieve the basic project parameters including the timing risk, project budget deficit risk and the risk of failure to achieve the innovation's targets. Targets include improvement in risk management on the phases of development and innovations in case of the project-based approach through development and adaptation of existing and elaboration of new approaches and methods of risks identification, assessment and mitigation. This article solved the following issues, which contribute to achievement of the above goal: -identification of key risks of innovative projects, which are intrinsic to the phases of project development and implementation; -adaptation, enhancement and development of methodical tools for assessment and analysis of the key risks of innovative projects; -elaboration of enforcement actions focusing on the key risks of innovative projects on the basis of data obtained in the course

The stability of economic development is determined by the features of the network structure in collaborative engagement of enterprises. Industrial cooperation is just one part of that process; it differs in spatial coverage and range of activity. The complexity of taking into account the synergistic effect that arises in this case stresses the importance of this question from the theoretical and practical points of view. For this purpose, the paper considers the essence of industrial cooperation, some approaches to agglomerative tendencies and conceptual visions of cooperation from the standpoint of institutional theory. The investigation of the influence of cooperation on economic growth is based on several hypotheses. The first one is about the positive correlation between the studied parameters; the second one is about the fact that protection of institutional property rights is an important factor in cooperation development. These theories have been studied within the frame of loglinear model using the table of data about 20 European countries for the forecast period of 2017-2021. The results show that the mature system of industrial cooperation allows providing an additional economic growth at the level of 2.3-3.0%. It is also important to conclude that cooperation enhances the factor impact of the usual determinants of economic growth (working labor, capital and export). The model also takes into account some other possible determinants of economic growth such as expenses on research and development, use of a right of intellectual property and the Index of Economic Freedom. At the same time, a lax regulation in the sphere of property rights protection can become an incentive for co-operators. These and some other provisions determine the ways of enhancing of activity of enterprises for their close collaboration; it is emphasized that the development of co-operational relations has a great impact on competitiveness and sustainability.

Our paper tackles the timely and highly-debated issue of assessment of the level of energy security for Russia’s territorial entities. Our analysis is carried out from the perspective of economic and management threats to reliable power supply for consumers caused by the process of integration of energy systems and the expansion of market regulation mechanisms. In particular, we focus on the creation and integration of energy systems using a case study of the remote territorial entity represented by Russia’s Far Eastern region that present a topic of special interest with respect to the subject and the scope of this research. We define and build the methods that might be used for determining the economically justified level of energy security under the market economy conditions based on ensuring a balance of interests between territorial government bodies and territorial generating companies in the process of forming a strategy for the development of a territorial energy system. Our results clearly demonstrate that current electricity tariffs and prices for the end consumers at the remote territorial entities, such as the Russian Far Eastern region, pose a threat to energy security since they are underestimated due to social and political concerns and often lead to unprofitable power generation. We argue that political consideration aside, energy systems creation and integration should be made viable and sustainable not only in Russia, but also in other countries. Our outcomes show that a more reasonable energy tariff policy might be appropriate when relevant stakeholders and policy-makers attempt to create conditions for the advanced development of remote industrial areas.