Energy efficiency in Ukraine: status and prospects for improvement

Hrinchenko Raisa
Doctor of Economic Sciences, Associate Professor, Head of the Department of Economy of Enterprises and Business Organization, Odesa National Economic University, Odesa, E-mail:raya11@ukr.net, ORCID ID: https://orcid.org/0000-0002-3366-6154

Orlenko Olha
Associate Professor, Phd of the Economics of Enterprise and Business Organization Department, Odesa National Economic University, Odesa, E-mail:orlenko20022015@gmail.com, ORCID ID: https://orcid.org/0000-0002-8814-4476

Cite this article:

Hrinchenko R., Orlenko O. (2024) Energy efficiency in Ukraine: status and prospects for improvement. Ed.: V.V. Kovalenko (ed.-in-ch.) and others [Enerhoefektyvnist v Ukraini: stan ta perspektyvy pokrashchennia; za red.: V.V. Kovalenko (gol. red.)], Scientific Bulletin of the Odesa National Economic University (ISSN 2313-4569), Odesa National Economics University, Odesa, No. 1-2 (314-315), pp. 117-125.

Abstract

The purpose of the article is to consider the current state and prospects for enhancing the utilization of energy resources in Ukraine. It provides a comprehensive analysis of the country's diverse energy sources, encompassing both traditional (coal, natural gas, oil) and renewable (solar, wind energy, biomass) resources. Particular attention is devoted to the potential for increasing the efficiency of domestic energy resource use, reducing dependency on imports, and transitioning towards cleaner energy sources. The author presents well-grounded recommendations for improving energy policy, including infrastructure modernization, the adoption of cutting-edge technologies, and stimulating investments in green energy. The significance of international cooperation and adapting to global energy trends for achieving energy independence and sustainable development in Ukraine is underscored. The article highlights the strategic importance of energy efficiency and renewable energy in bolstering Ukraine's energy security and economic resilience. It examines the challenges and opportunities faced by the country in the energy sector, such as the need for substantial investment in energy infrastructure and technology, regulatory reforms to encourage clean energy projects, and fostering public-private partnerships. The discussion extends to the role of governmental policies in shaping a favorable environment for renewable energy development and energy conservation, emphasizing the potential environmental and economic benefits of such initiatives. Furthermore, the article addresses Ukraine's commitment to align with European Union energy standards and its implications for the national energy strategy. The exploration of best practices from other countries in terms of energy management and innovation serves as a valuable benchmark for Ukraine. The comprehensive analysis provided in the article serves as a crucial resource for policymakers, investors, and stakeholders in the energy sector, offering insights into the pathways for transforming Ukraine's energy landscape towards greater efficiency, sustainability, and independence.

Keywords

cenergy resources, energy efficiency, renewable energy, energy policy, infrastructure modernization, clean energy, investments, green energy, international cooperation, sustainable development, energy independence, energy sector challenges, regulatory reforms.

JEL classification: D240; DOI: https://doi.org/10.32680/2409-9260-2024-1-2-314-315-117-125

UD classification: 658.26:65.01.8(477)

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