EFFICIENCY OF ENERGY COMPANIES IN THE ANALYSIS OF THE WORLD MARKET TRANSFORMATION ON THE BASIS OF THE «STRUCTURE-BEHAVIOR-RESULTS» MODEL

Abstract

Subject. The subject of the study is the financial results of the largest companies operating in the main industry segments of the global energy market in the process of its transformation. Goal. The article aims to assess the effectiveness of the world's largest energy companies concerning the structure, behavior, regulation, and identification of areas of transformation processes in the global energy market; improving the methodology of analysis of the transformation of the global energy market in the study of the effectiveness of energy companies based on the model «structure-behavior-efficiency-regulation». Methodology. The research methodology chosen is the model «Structure-Behavior-Effectiveness-Regulation» based on the basic paradigm of analysis of the industry market «Structure-Behavior-Effectiveness». Results. The study of the essence of transformation processes in the world energy market is based on the methodology of causal analysis of the sectoral (energy) market. Improved methodology for studying the transformation of the global energy market by adapting the model «Structure-Behavior-Effectiveness-Regulation» for the global energy market with the allocation of basic conditions and public policy, which allowed to analyze the relationship between regulation, market structure, behavior, effectiveness companies in the industry and obtaining socially significant externalities. The evaluation and comparative analysis of performance indicators in the world energy market of the largest companies of different types depending on the legal status, a form of ownership (private, collective, state, and municipal), socialization of capital, nationality. Conclusions. Improved methodology for studying the transformation of the global energy market by adapting the model «Structure-Behavior-Effectiveness-Regulation» for the global energy market with the allocation of basic conditions and public policy, which allowed to analyze the relationship between regulation, market structure, behavior, effectiveness companies in the industry and obtaining socially significant externalities. Performance appraisal and comparative analysis of the performance of the world's largest energy companies by type of fuel showed that in terms of absolute and relative terms, companies specializing in fossil fuels are currently leading. Renewable energy companies have high importance of profitability of sales and on average – other indicators, which is explained by stimulating government measures that increase the profitability of asset use. It is shown that the regulation, in particular, the development of antitrust institutions, stimulating low-carbon energy production, and increasing requirements for man-made security in the global energy market has positive externalities, such as increased access to energy sources due to liberalization, improved environment due to renewable energy companies.