The Transformation of the European Union's Energy Sector
Dmytro Banas
dmytro_banas@sci-univ.comState University of Trade and Economics (Ukraine)
Tetiana Melnyk
State University of Trade and Economics (Ukraine)
Abstract
S
Such geoeconomic and geopolitical factors as Russian armed aggression against Ukraine caused the energy crisis in the European Union (EU), exposing the EU’s vulnerabilities due to its overdependence on Russian fossil fuel imports. As a consequence of gas supply disruptions, substantial rises in energy prices and heightened safety concerns, the EU's energy policies have been thoroughly reassessed. Therefore, the article aims to examine the profound ramifications of Russia's military aggression against Ukraine on European energy markets and elucidate the strategies articulated in European Commission initiatives intended to reduce reliance on Russian fossil fuels. Within this framework, the REPowerEU plan is especially beneficial for the rapid diversification and increased integration of renewable energy sources. These initiatives have the potential to result in a structural transformation of the EU's energy landscape, necessitating coordinated regulatory initiatives, infrastructure advancements, and cooperative energy diplomacy. Current research reveals the potential for economic expansion, strengthened industrial primacy and progress towards achieving climate neutrality by 2050 through the environmentally sustainable metamorphosis of Europe's energy framework. The results of this scientific research can also be used for the further implementation of the strategy of achieving sustainable development of the EU member states in the context of the development of clean energy, which will allow meeting the needs of the population of these countries in the near future without endangering future generations.
Keywords:
energy crisis, geoeconomics, reliance on Russian energy, Russian fossil fuels, REPowerEU plan, renewable energy transformation, transition to clean energyReferences
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Authors
Tetiana MelnykState University of Trade and Economics Ukraine
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