Stakeholder conflict resolution mechanism in the process of acceleration of technological development and digitalization of energy markets and services

Abstract

The energy sector is an important component of the national security of any state. Companies in the energy sector of Ukraine face a considerable number of obstacles. One way to significantly improve energy enterprises' market position is the digital transformation of business. Introducing digital technologies in the energy market has several advantages for the company and the industry. A transformation strategy should always focus on products, processes, and people. In the energy industry, stakeholders must be considered: traditional energy suppliers, third-party suppliers and service partners, technology providers, consumers, and regulatory and audit authorities. The main trends that should be taken into account when developing a business strategy are 1) oil remains the main source of primary energy, but more and more countries and companies are increasing the use of renewable energy sources and adopting policies to reduce their carbon footprint; 2) in the technology market, the share of IoT in the energy market is expected to increase to 133.35 billion US dollars by 2032; by the end of 2024, the number of smart home users worldwide will reach 422.119 million, and this figure will increase in the coming years, by 2026, the global the market will have 200,132 exabytes of unstructured data compared to 21,046 exabytes of structured data; 3) 49% of energy companies pay significant attention to updating systems and platforms; 4) to increase resilience to attacks, 66% of energy companies invested in cybersecurity and information security in 2022 and are considering increasing these budgets; on average, organizations save $1.76 million per breach using security artificial intelligence and automation tools; 5) remote monitoring and control tools help optimize energy infrastructure, reduce downtime, and improve safety. The components of the mechanism of leveling and reconciliation of stakeholder conflicts in the process of accelerating technological deployment and digitalization of energy markets and services are stakeholders, state of the energy market, technological market, system modernization, data processing and analytics, cyber security, remote monitoring and control, smart home and transport, integration and renewable energy management, carbon reduction, decentralized energy systems. The study's results can be used to develop a digitalization and business transformation strategy.