Abstract

The article discusses the prospects for the use of green technologies in the face of an unfavorable geopolitical situation and sanctions announced by Russia, which led to a shortage in the energy market. Renewable energy sources, including solar energy, wind energy, hydropower, biofuels and others, are the main focus of the transition to a less carbon-intensive and more sustainable energy system. Wind and solar PV can reduce the European energy sector's dependence on Russian gas in 2023. Russia supplies about 45 % of the gas imported by the European Union for industry, housing and electricity generation. For electricity generation, natural gas accounts for about 16 % of the group's total electricity demand. Over the past decade, natural gas-fired electricity generation has ranged from 340 to 600 kWh per year, depending on pricing and demand for wind and solar photovoltaic systems. The paper provides an analysis of the average annual energy production on natural gas for individual EU countries. An overview of the change in the price range of biofuels is presented. Uncertainty factors in the construction of economic forecasts are indicators related to fuel, raw materials and the policy of prices for oil and biofuels. Energy and food security, as well as reducing greenhouse gas emissions, are all in constant flux, which also introduces many uncertainties into forecasts. As conclusions on the topic of the work, it was noted that high prices for fossil fuels have increased the competitiveness of electricity generation technologies from renewable sources compared to coal-fired and natural gas power plants. However, despite their potential, accelerating the growth of new renewable energy capacity depends largely on a stable policy environment that provides long-term revenue certainty.

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