The Comparison of the Energy Markets of the Eaeu and the Scandinavian Countries: Best Practices for the Energy Integration

Existing approaches to the analysis of countries economic integration processes in international practice are investigated in the paper. Evaluating methodology of the long-term integration processes in the electric power sector is offered for the EAEU countries in three scenarios: High, low and medium, based on the synergy of various economic and mathematical methods. The actual methodology is formed in accordance with special macroeconomic scenario conditions and includes the final energy consumption forecast with division by the types of energy sources in the context of consumers categories of the EAEU countries based on generated scenario conditions using econometric methods (growth curves, Cobb-Douglas production function, regression analysis, simulation methods), as well as the development forecast of electric power industry concerning the EAEU countries reasoning from perspective dynamics of generating capacities of these countries. Project growth of electric power sector development founded on suggested method was made for the EAEU countries for the period of 2018-2040, specifically, electricity consumption projection, electricity consumption increasing, as well as capacity increasing of NPGS, HEP and RER in these countries. The necessity of further efforts to develop the common electric power market in the EAEU countries in order to obtain possible long-term integration effects are emphasized.

Section: Discussionmentioning

confidence: 99%

Potential and Development Prospects Assessment of Electric Power Integration of the Eurasian Economic Union Countries

Navrotskaia¹,

Sopilko²,

Myasnikova³

et al. 2020

“…Pastukhova and Westphal (2016) consider the EAEU energy market in connection with the EU energy market. Perskaya (2020) gives interesting comparison of clean energy markets in the EAEU and Scandinavia, but the focus of the article is the comparison of energy markets.…”

Section: Literature Reviewmentioning

confidence: 99%

Clean Energy in the Eaeu in the Context of Sustainable Development: Compliance and Prospects

Sadovnikova

Abramov²,

Ogryzov³

et al. 2020

Clean energy today is in the focus of attention of the global community. The development of this field is vitally important for preserving natural heritage and reducing budget expenditures. The case of the EAEU is very interesting for research, since its member countries rely on conventional energy sources from Russia and Kazakhstan, which are cheaper than the production of clean energy. The authors examined the legislative framework of the EAEU countries and compared it with the 2030 Agenda for Sustainable Development, identifying their similarity. The authors introduced a method for assessing integration tightness, which allowed to divide the EAEU countries into two groups according to the extent of their integration in the EAEU. The other important finding based on a statistical analysis of the countries' cooperation in the field of clean energy is that the EAEU takes nearly no actions in this direction, therefore, clean energy is not important enough in the EAEU. Another result of the statistical study is the fact that none of the EAEU countries, except Armenia, will achieve the 2030 Agenda's goals in the field of clean energy. The authors developed the Index of green potential usage and proposed clean energy development strategy for the EAEU.

“…In connection with the EAEU formation and its reliance on fuel and energy complex, it acquires special scientific interest and theoretical comprehension of regional energy integration processes. Some authors emphasize that "unique" conditions have developed in the post-Soviet space, especially in terms of common electricity market creating and developing in the EAEU countries (Zemskova, 2018;Perskaya, 2020;Pastukhova and Westphal, 2018). It is also noted that the Union has great energy potential, it has common inherited energy system, comparable common technological and technical standards, it has a cross-bordered infrastructure and capacities, etc.…”

Section: Literature Reviewmentioning

confidence: 99%

Analysis and Prospects for the Development of Regional Energy Integration of the Eurasian Economic Union Countries

Sopilko¹,

Myasnikova²,

Bondarchuk³

et al. 2020

In the presented paper, it is proved that a new objective trend appears in the current conditions of Eurasian region development. It will strengthen mutual cooperation between the countries of Eurasia and it will enrich regionalization process in the context of world energy markets restructuring, intensification of competition, deglobalization tendencies and other challenges of the world economy. At the same time, fuel and energy complex (FEC) is becoming the main driving force for the countries of Eurasian region and their further development. The concept of regional energy integration of the Eurasian Economic Union (EAEU) countries is offered in the paper. It's based on the strategic advantages of economic integration in relation to the fuel and energy complex. Energy potential analysis of the EAEU member countries is performed. The issues of common energy markets formation in the region are considered. The main problems and a number of uncoordinated tasks between the countries participating in integrational process in this area are highlighted in terms of common gas, oil and oil products market formation, although it is noted that development and approval stage of the Programs for such formation is mostly completed. It is expected that these markets will be fully formed by 2025. It was emphasized that energy integration is one of the most important areas for the EAEU countries development, which is expected to bring significant economic benefits in the long-term period.