INVESTMENTS IN RENEWABLE ENERGY FOR SMART GRID TECHNOLOGY DEVELOPMENT
Abstract
The current state of economic development foreseen an increasing production processes efficiency and determines the demand for energy resources. At the same time, the global use of traditional energy sources is steadily growing and currently it is still dominant. Considering the empirical arguments regarding environmental degradation and problems related to climate change, the development and implementation of smart and safe energy technologies, such as the Smart Grid, is relevant. Smart and secure power grids today are seen as technologies that facilitate the transition of the energy system supply from traditional electrical networks to more sustainable and environmentally friendly operations. The article deals with theoretical and methodological approaches that reveal the essence of the Smart Grid concept, and analyzes the main areas of investment in such technologies. It is underlined that to ensure energy security and environmental sustainability of energy supply sector the generation of electric power should be based on the use of renewable energy sources. The long-run sustainability of energy sector in climate change conditions is guaranteed by forming deep links between renewable energy generation and Smart Grid technologies. The paper discusses the main factors which may influence the Smart Grid technology development. The investments in renewable energy are named to be the most important factor of Smart Grid technology development. The lack of investments is considered to be an important factor of poor energy efficiency in developing economies. In addition, the article focuses on European experience regarding the implementation of smart and safe energy systems based on renewable energy sources. It is underlined the best EU counties experience for Smart Grid technology development based on investments in renewable energy sector.
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