Abstract
The authors study the development of the oil and gas industry and assess the financial efficiency of the use of renewable energy sources, which determine the relevance of the research topic. The purpose of this work is to study the effectiveness of the development of the Russian energy sector and its contribution to the world economy. The main question to which this article should give an answer is that how the Russian power industry will develop in corresponding to the global trends in energy consumption. This paper uses a method for finding the parameters of the efficiency of renewable energy sources using exponential smoothing. The paper uses data from the analytical report of British Petroleum and the Bloomberg system for the period from January 2012 to December 2019. The result of the study shows an improvement in the accuracy of the predicted values, while previous models had higher standard error estimates. The novelty of the study is to achieve accurate results of the forecast of fossil-fuel consumption for 3 years ahead (the forecast accuracy is 80.5). The article concludes that while Russian oil and gas projects are very important for the Russian economy until now, renewable energy projects are more beneficial. In addition, Russia does not seem to support the global trend towards a renewable and sustainable economy. Although oil and gas prices remain acceptable, unforeseen changes in the behavior of real buyers can hinder the efficiency of the Russian economy and lead to a disruption of Russia’s economic growth if Russia does not decisively steer towards renewable energy from now on. The growth of the Russian power industry corresponds to the global trends in fossil energy consumption (while fossil prices, thus incomes keep worsening), and thus innovative solutions for enhancing renewable energies must be adopted. The article proves that many pipeline projects (South Stream, Turkish Stream, Nord Stream 2) move the Russian energy sector back to the past because they just contradict existing trends.
Highlights
The development of the oil and gas industry financial efficiency determines the relevance of the research topic
The tasks included are the analysis of the biggest and most important projects of the Russian energy industry that have an impact on a global scale
The main question to which this article should give an answer is that how the Russian power industry will develop in corresponding to the global trends in energy consumption
Summary
The development of the oil and gas industry financial efficiency determines the relevance of the research topic. The purpose of this article is to study the development of Russia’s energy sector and its contribution to the global economy. The tasks included are the analysis of the biggest and most important projects of the Russian energy industry that have an impact on a global scale. The article analyzes activities of large market participants such as Gazprom, which is actively working in Europe, and giving the opportunity to reduce the consumption of coal. It allows to reduce emissions into the atmosphere. The wide use of renewable energy sources (RES), like solar and wind energy, becomes possible
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