Increasing Energy Efficiency and Modernization of Energy Systems in Russia: A Review

Strielkowski, Wadim; Sherstobitova, Anna A.; Ровны, Патрик; Evteeva, Tatiana

doi:10.3390/en14113164

Cited by 30 publications

(20 citation statements)

References 110 publications

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“…Since then, several state policies have been introduced to increase efficiency, such as the "energy efficiency and energy development" program, technological regulations, etc. (Lobova et al, 2019) The implementation of relevant policies has seen some result, but in 2018 the inefficiency level of Russia was still at 16.697%, significantly higher than the majority of countries covered, meaning that existing mechanisms do not fully exploit the energy saving potential that Russia has, consistent with existing literature [ (Lobova et al, 2019), (Strielkowski et al, 2021)]. Thus more work still needs to be done by Russian authorities to reach full energy saving potential.…”

Section: Estimation Of Environmental Inefficiencysupporting

confidence: 62%

CO2 abatement costs in China and BRI countries: From the perspective of technological heterogeneity

Wang

2022

Front. Energy Res.

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As China cannot achieve its emission reduction target without cooperating with other countries, the international carbon trading market has become a part of China’s carbon trading market system. The Belt and Road Initiative (BRI) has brought many development opportunities to countries participating, but critics have also voiced concerns about the environmental and climate degradation it might bring. Thus China is making a great effort towards building a green and low-carbon BRI, part of which is a joint effort with other countries to cut greenhouse gas emission and achieve the 2,030 sustainable development goals. The estimation of abatement costs is the basis of regional carbon emission reduction cooperation and a prerequisite for establishing a regional carbon trading market. Taking into account the technological heterogeneity, this paper uses linear programming to estimate inefficiency level for China and BRI countries, and further calculates the marginal abatement cost (MAC) of carbon dioxide for each country. The results show that after considering technological heterogeneity, the average inefficiency level for China and BRI countries is 2.410%, which is about 26.526% lower than the traditional geographic grouping approach, indicating that the technological heterogeneity among BRI countries is significant and cannot be ignored. Most countries have a low inefficiency level, some countries show a clear trend. China has an average marginal abatement cost of 1440.183 USD/ton. As the marginal abatement cost varies greatly among countries, a large amount of abatement cost could be saved for China and BRI countries if the cost difference is exploited.

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Section: Estimation Of Environmental Inefficiencysupporting

confidence: 62%

CO2 abatement costs in China and BRI countries: From the perspective of technological heterogeneity

Wang

2022

Front. Energy Res.

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“…This could be a turning point in global climate action, following U.S. President Joe Biden's decision to re-join the Paris Agreement the commitment to achieve carbon neutrality by 2050 (with China making a commitment to do the same by 2060 and Russia promising to reduce its CO 2 emissions by 33% by 2030) (Fuhrman et al, 2020;Cho, 2021;Strielkowski et al, 2021). The International Monetary Fund calculates that the average global carbon price is just $2 per ton (Panetta, 2021).…”

Section: Perspectives For Carbon Pricing In Russiamentioning

confidence: 99%

Future Development of Renewable Energy in Russia: A Case of Solar Power

et al. 2022

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Currently, there is a growing number of studies related to assessing the cost-effectiveness of renewable energy projects around the world. This topic is also very relevant for the Russian energy market that is otherwise dominated by oil and gas. The Russian Ministry of Energy forecasts that local power plants running on the renewable energy sources (RES) may not become economically efficient until 2025 or later. However, a research question arises: Is it possible to effectively implement RES projects in Russia without any state support? In order to answer this question, the authors need to assess the economic feasibility of seven scenarios for the construction of a solar power plant in the Orenburg region of Russia. The methodological basis of this work is the widely used in the energy sector classic method of investment analysis based on the calculation of discounted indicators: net present value (NPV), payback period (DPP) and internal rate of return (IRR) of the project. All our calculations are based on industry-specific initial capital investment estimates, energy storage equipment costs, and related annual operating costs. This led to the development of the scenarios on the basis of an analysis of the features of electricity and capacity generation in the Orenburg region, the existing options for joining the trading system of the energy market, energy storage applications, as well as the availability of the Russian government support and funding for the solar energy projects. Our results demonstrate that the economic feasibility of the development of renewable energy in Russia can become a reality. Out of the seven scenarios, three yielded the positive economic outcome (among them there were the two project scenarios without government support). These two projects featured the sale of electricity in retail markets and the installation of an additional energy storage system, despite an almost twofold increase in capital investments. The projects in question achieved the best economic results according to the three calculated criteria. In particular, the scenario that provided for the work on the retail market directly to the energy consumer receives an NPV of more than 1.5 times higher than other projects, an IRR of 10% and pays off at least 3 years faster. Achieving a positive economic result in the wholesale market was possible only in case of state support for the project. In addition, this scenario of the project numerically reached almost identical indicators, as in the case of selling energy on the retail market in the region where the power facility operates: NPV is almost 127 million rubles, IRR is within 13.9%, and DPP is 15 years. Other scenarios that do not provide for the use of energy storage systems or do not have state support for working in the wholesale market are not self-sustaining even during the 25-year life of energy equipment. These results might have practical significance and will be used in developing an approach to creating a profile of regions in terms of the advancements of renewable energy, as well as in developing strategies for the incentives of this sector in Russia.

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“…In addition, government policy may slow the decline in the Ruble, even if hydrocarbon prices fall rapidly. The Russian government understand the importance of the renewable energy, the smart cities and the information technologies that should replace the old and obsolete solutions in the Russian energy sector (Strielkowski et al, 2021).…”

Section: Russian Economy and Energy Markets: A Dependency Of Fossil Fuelsmentioning

confidence: 99%

International finance and economic institutions: Can Russian Ruble become the world’s leading currency?

et al. 2021

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Our paper focuses on the recent leading institutional trends in finance and economy of the Russian Federation. In particular, we analyze the past developments and economic crises that impacted the Russian economy and caused many adverse effects to its development. We focus on the role of economic sanctions imposed by the Western countries on the Russian economy and the outcomes of these sanctions. Then we discuss the country's current economic and intellectual potential that constitute its valuable assets and the ways they can be monetized. We contemplate over the dependence of Russian economy on world's oil prices and discuss whether novel information and communication technologies might take the role of oil in Russian economy. The article discusses the issue of whether Russian Ruble might become the world's leading currency. Our findings show that under certain conditions Russian Ruble might be used as another world's reserve currency, especially in the face of recent economic and political issues, such as Brexit or American and Chinese trade wars. We demonstrate that Russian Ruble has the potential to follow the path set by the Digital Currency Electronic Payment (DCEP), a digital currency issued by the central banks, such as, for example, the recently launched "digital yuan" (also known as the e-CNY or digital RMB) issued by the People's Bank of China. Such a currency provides enormous opportunities for the digitalization of financial markets and changing the institutional aspects of their functioning.

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Increasing Energy Efficiency and Modernization of Energy Systems in Russia: A Review

Cited by 30 publications

References 110 publications

CO2 abatement costs in China and BRI countries: From the perspective of technological heterogeneity

CO2 abatement costs in China and BRI countries: From the perspective of technological heterogeneity

Future Development of Renewable Energy in Russia: A Case of Solar Power

International finance and economic institutions: Can Russian Ruble become the world’s leading currency?

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