Трансформування системи державної допомоги у сфері енергетики в Україні: існуючі механізми та пріоритети їх удосконалення

The study aims to analyze the existing regulatory and institutional foundations for establishing financial security in Ukraine's energy sector in the context of prospects for improvement and addressing related challenges. The article examines the basic conceptual principles of achieving energy security, including integration into a unified European energy space, ensuring stable energy independence, enhancing energy efficiency, and maximizing the potential of renewable energy sources. The proposed model of forming financial security in the energy sector and strategies for diversification and collaboration between Ukraine and the developed international community are critically evaluated. The study identifies ways to optimize the institutional and regulatory framework for financial security in the energy sector, including modernizing energy infrastructure, harmonizing legislation with European standards, and diversifying supply. The findings conclude that Ukraine's integration into the European unified energy space and robust investment support from the international community are considered prerequisites for the intensive development of Ukraine's energy sector.

The author poses the problem of evaluating the efficiency of the privatization in Ukraine's energy sector in terms of achieving a balance between the interests of the state, business and society. There are data on the condition of the state corporate rights and their capitalization, structural and functional, and institutional characteristics of the stakeholders (on the example of electricity market). The author analyzes the progress of privatization in the electricity sector, defines the features and challenges of each its stage, and presents the structure and dynamics of corporate rights in the energy companies. Provided the results of comparative evaluation of the efficiency of public and private energy companies. It is established that ownership is not the main component among the factors that determine the technical and economic condition of the energy companies. The author defines the factors contributing to the poor performance (for the state and society) of the conducted privatization tenders for the sale of energy assets, including the lack of coordination between the state authorities as to objectives and conditions of the privatization of strategic assets, and uncertainty about the extent of liberalization and protectionism on the energy markets. In general we can say that privatization has not become a powerful investment resource for the development of the electricity sector and for the formation of a competitive electricity market, which created an asymmetry of socio-economic effects between the state, business and society. The author assesses the prospects and risks of further privatization of energy assets in the current conditions in terms of energy and financial security. Based on the investment results, he makes various conclusions and provides recommendations as to further privatization of the energy sector in Ukraine. The article considers the possibilities of a societally just redistribution of the ownership of strategic enterprises in the basic industries of Ukraine's economy.

Nowadays the gas industry is one of the major components of the fuel and energy sector in Ukraine, and key issue of energy security is to increase domestic production of natural gas. The article analyzed the resource potential of gas production industry of Ukraine, where the current state and the main problems of development and operation were reviewed. It shows that in recent years the cause of decline in production of natural gas is not due to depletion of mineral resources but associated with geological exploration process imbalance, and one of the main causes of it was the reduction of investment in the sector. The results of predicted cost of gas production in Ukraine (average in the life cycle of conventional gas field), which is made using mathematical software and data program tools developed at the Institute of Energy of National Academy of Sciences of Ukraine. The forecast of natural gas production in Ukraine for the period until 2040 was developed. The evaluation of investments to gas production industry required to achieve the predicted production indicators was made. The main technological, economic and organizational measures to increase natural gas production in Ukraine were defined.

Ukrainian translation of the book Trends and developments in the renewable energy sector in Ukraine. opportunities and threats for using biomass in the energy transition, https://doi.org/10.14261/7E148673-BB0F-4411-A764DC266F2D2AAD

Purpose. The purpose of the article is to substantiate the conceptual principles of the three-stage post-war restoration of the energy sector of Ukraine in the context of global trends and energy transition. The methods. Authors propose the three-phased methodology for the restoration of Ukraine's energy sector based on experience of power engineering industry experts. Findings. The analytical description of the study is sufficiently well presented on the basis of specific examples of the principles of energy development in leading EU countries and adapted to the specific priority needs of Ukraine. The main emphasis is placed on the basic principles of the implementation of renewable energy sources, taking into account the trends of their current and prospective development. A critical analysis of the structure of the electricity generation system in Germany is performed as an example for adopting similar experience in order to effectively transform the energy sector of Ukraine. Originality. The analytical study, which is based on the expertise of the authors, has a fundamental scientific novelty related to the definition of technical and economic prerequisites and stages of effective post-war recovery of the economy and energy of Ukraine in the context of the green transition and energy security. Key principles of the strategy for the post-war restoration of the energy sector and the economy of Ukraine are proposed, taking into account the necessary legislative and regulatory changes. Practical implementation. The authors propose specific actions, time frames and markers for achieving results with the necessary financial investments. The most important factor can be considered the detailed description of the authors' proposed phased methodology for the restoration of Ukraine's energy sector from the standpoint of industry experts. The main tasks of each participant in the process (the state, system operators, high-tech business, investors) are detailed in terms of a comprehensive solution to the problem of sustainable energy supply to consumers in the context of effective restoration and development of energy infrastructure.

Енергетичний сектор України побудовано згідно з потребами колишнього СРСР. Весь період незалежності пострадянські зв’язки та технології вимагали значних витрат публічних коштів на потреби ПЕК. Метою статті є визначення суми затрат публічних коштів на діяльність енергетичного сектору України. Завдання – окреслити перспективи подальшого навантаження на публічні видатки. Показано динаміку прямих видатків та кредитів з державного бюджету на енергетичний сектор, виконано їх порівняння в цілому та за окремими сферами. Спосіб розрахунку полягав у авторському групуванні та додаванні фактичних бюджетних видатків або кредитів разом за загальним і спеціальним фондами бюджету згідно із бюджетними програмами протягом 2002–2017 рр.Видатки на ПЕК за функціональною класифікацією порівнювалися з авторськими розрахунками видатків за бюджетними програмами. Виявлені розбіжності пояснюються виконанням протягом усього аналізованого періоду затверджених бюджетних програм різними відповідальними виконавцями, нівелюванням наслідків діяльності суб’єктів енергосектору в економічній сфері, переміщенням сум між видатками і кредитуванням тощо.За досліджуваний період кількість тематичних бюджетних програм зменшилася вчетверо. Аналіз показує перспективи подальшого здійснення значних прямих видатків на вугільну галузь для підтримання закритих гірничих виробок, утримання служби рятування та попередження катастроф, дотування підприємств для компенсації собівартості вугілля.Спосіб фінансового забезпечення ремонтів і модернізації енергомереж через бюджетні кредити означає перспективи збільшення майбутнього боргового навантаження на бюджет через необхідність повертати кредити у валюті. У цілому енергетичний сектор отримує також опосередковані дотації з державного бюджету через субсидії населенню і пряме фінансування. Скорочення кількості бюджетних програм шляхом їх укрупнення звужує можливості для аналізу державної політики у сфері фінансової підтримки енергетичного сектору в Україні.

The article investigates the theoretical, methodological, and analytical provisions for the effective implementation of energy storage systems in the energy sector of Ukraine as one of the elements of Industry 4.0. Synthesis of research results allows us to identify key characteristics that contain the main approaches and recommendations for the implementation of energy storage systems in the energy sector of Ukraine based on foreign experience. In addition, the authors draw attention to the fact that the main objectives of energy storage systems as an element of the development of Industry 4.0 in the energy sector of Ukraine are the simplification of technological schemes; overall reduction in the cost of electricity supply through the use of DC systems; reduction of technological costs; increase the reliability of the integrated power system facilities; unloading of the general power supply network; ensuring constant and uninterrupted use of electricity; the possibility of local monitoring of energy efficiency; decentralization and decarbonization of Ukraine's energy sector.

In today's political reality, the resilience and sustainability of Estonia's development depends on its ability to respond adequately to existing challenges and threats. Given the historical peculiarities of the development of the energy sector and the resulting dependence on Russian energy resources, energy independence is a key issue of national security. This raises the issue of developing the basic principles of energy policy, including the creation of new, potentially profitable gas and energy markets and the development of renewable energy. In developing its national energy sector, Estonia is taking into account EU initiatives aimed at overcoming dependence on Russian energy resources and transitioning to climate-neutral production. The subject of the study is the content and peculiarities of the Estonian energy policy formation. The purpose of the paper is to identify key areas and mechanisms for the implementation of Estonia's energy policy in the context of today's challenges. Research methodology: systematic approach, methods of analysis and generalization. The content of Estonia's energy policy is set out in a number of important documents, including the Strategy Estonia 2035 and the National Energy Development Plan until 2030. The key areas of energy policy implementation are synchronization with the power grid of continental Europe, participation in the formation of the European energy and gas market, renewable energy, development of cross-border cooperation in the energy sector, fulfillment of obligations under the European Green Deal to reduce CO2 emissions, and the role of shale production in Ida-Viru County. The issue of energy sustainability of Estonia and other countries in the Baltic-Finnish region is a key issue on the EU energy agenda. This is evidenced by the active public diplomacy of EU leaders to intensify cross-border cooperation of energy sector stakeholders in order to completely abandon Russian energy resources under the REPowerEU plan and to intensify the transition to climate-neutral production in the context of the European Green Deal. The EU's main energy security initiative is the Baltic Energy Market Interconnection Plan (BEMIP), which implements various projects. Estonia uses both economic and political mechanisms to implement its energy policy. Economic mechanisms include active participation in strategic projects (Baltic Synchronization, Balticconnector), 75% of which are financed by the Connecting Europe Facility. The potential of cross-border cooperation, especially with the countries of the Baltic-Finnish region, aimed at intensifying the development of renewable energy and regional energy and gas markets, is actively used. Estonian government officials pay considerable attention to the formation of dialogue and cooperation among energy sector stakeholders, which is evidenced by their participation in various special events and declaration of their intentions for mutually beneficial cooperation in the energy sector. Research findings: the key areas of implementation of the Estonian energy policy are synchronization with the EU energy system, participation in the formation of regional gas and energy markets, and intensification of energy production from renewable sources. The implementation of Estonia's energy policy is correlated with EU initiatives and is carried out through a number of economic and political mechanisms.

In the context of the need to implement a sustainable development strategy, the renewable energy sector in Ukraine deserves special attention. It is one of the promising areas for ensuring economic security and energy independence for our country, alongside environmental security, job creation, and raising the financial level, among others. The task of ensuring effective management of renewable energy projects is not only relevant but also economically justified. In the work, renewable energy projects are considered as a means of implementing a sustainable development strategy In accordance with the "National Report "Sustainable Development Goals: Ukraine" until 2030", "Energy Strategy of Ukraine for the period until 2030", the Law on the "green tariff", etc., the state sets goals for the stimulation and development of alternative energy sources, including renewable energy. The purpose of the work is to examine and characterize the distinctive features of renewable energy projects, as well as to identify the problems and peculiarities of managing such projects. The scientific novelty lies in the systematization of the features of renewable energy projects as a specific management object and in the identification of key problems and factors that determine the specifics of managing such projects in modern conditions. As part of the study: the analysis of the works of domestic and foreign scientists and researchers in the field of alternative energy project management was performed and the problems of such management were identified; the main types of renewable energy projects and their characteristics, which are presented within the categories, were considered; the distinctive features of renewable energy projects and the features of their management were highlighted; it was determined that renewable energy projects are very dependent on a large number of stakeholders and the uncertainties associated with them; further research should be directed to studying the impact of stakeholders on the effectiveness of renewable energy project management. The results obtained deepen the theoretical foundations of project management and create a basis for increasing the efficiency of project implementation in the field of renewable energy.  JEL Classification: R41, Q01, Q56, O18, L91.

This article examines the investment tools within the renewable energy sector in Ukraine. As the world struggles with climate change, the transition to sustainable energy sources has become a global goal. Ukraine, in its pursuit of a greener and more environmentally responsible future, has seen the growth of its renewable energy sector. However, this growth has met challenges, demand-ing the development of strategic solutions. Companies operating in the renewable energy market are now increasingly aware of their social mission in contributing to the achievement of sustainable development goals. The transformation of the energy landscape reveals the necessity of collabora-tion between various stakeholders, including governments, local authorities, banks, investment funds, and households, whose role is critical in financing renewable energy projects. As financial markets evolve and concepts of ownership adapt to the changing landscape, a need to create inno-vative investment instruments tailored to the unique demands of the renewable energy sector emerges. This enables participants in the financing process to access a wide array of investment op-tions. Among these options, "green bonds" have become a particularly effective instrument for fi-nancing renewable energy projects. The study discussed in the article highlights the numerous ad-vantages associated with “green bonds”. These advantages include legislative provisions ensuring the targeted utilization of funds raised through green bonds and their high liquidity in developed fi-nancial markets. However, for the widespread implementation of “green bonds” in financing re-newable energy projects in Ukraine, a series of legislative and organizational improvements is cru-cial. These improvements should encompass both changes in legislation and the development of the domestic financial market. Overcoming these barriers is essential for bringing Ukraine closer to the successful achievement of its sustainable development goals. This transition to sustainable ener-gy not only contributes to the global climate change mitigation but also positions Ukraine as a re-sponsible and forward-thinking player in the international effort to create a more sustainable and environmentally conscious future.

The purpose of the article is to justify and to highlight basic theoretical and methodological approaches to the development of an institutional model of the agricultural sector financial support in Ukraine, taking into account the current stage of its development. Research methods. In the course of research, a dialectical method of cognition was used, as well as systematic approach to the study of interrelated financial, economic, social and socio-economic phenomena and processes; a monographic method (analysis of scientific achievements of Ukrainian and foreign researches on problematic issues of institutional theory and institutional modeling); empirical method (concerning the assessment of the current state of institutional support to the agrarian sector). Within the special research methods abstract-logical (for theoretical generalizations and formulation of conclusions) was used. Research results. Basic approaches to the establishment of the institutional model of the agrarian sector financial support have been justified. The latest developments in institutional economic theory, with the using an integrated approach to selecting the best organizational and economic mechanisms for financing of economic entities of the sector at the current stage of its development, were taking into account. Scientific novelty. Theoretical and methodological provisions for the establishment of a comprehensive institutional model for the financial support of the agrarian sector in Ukraine have been further developed and the general principles for its development have been formalized. Practical significance. The use of the results obtained will make it possible to develop a balanced institutional model of financial support for the agrarian sector of Ukraine, taking into account current trends in its development. Refs.: 28.

The study finds that the emergence and expansion of the ethanol sector was associated with a fundamental transformation of the integration of the energy and agricultural sectors. In particular, the correlation structure between crude oil and grain prices increased dramatically, becoming more statistically significant, and with all anomalous signs corrected. Before the ethanol boom, the correlation of the crude oil price and corn was -0.117. It increased to 0.876 in the ethanol boom period. Soymeal correlation increased from 0.182 to 0.909, and distillers dried grains with solubles increased from -0.252 to 0.834. As a result, the energy market is also now impacting the livestock sector through feed costs, which account for more than half of total costs. From a weak correlation of the crude oil price and feed cost of 0.02, correlation increased to 0.89 during the ethanol boom period. Hence, any variability originating from the energy sector will also now have stronger ripple effects in the livestock sector.

CRITERIA FOR ASSESSING THE EFFECTIVENESS OF TRANSPORT POWER PLANTS DECARBONISATION IN ACCORDANCE WITH IMPLEMENTATION OF THE SUSTAINABLE DEVELOPMENT CONCEPT

Problem Statement. Energy efficiency of the housing stock is one of the most important components of sustainable development in Ukraine, especially in the context of rising energy resource tariffs and global environmental challenges. State policy in this area aims to reduce energy costs, improve housing quality, and enhance citizens’ living conditions. The relevance of the topic is determined by the need to develop comprehensive measures that ensure the effective use of energy resources, adapt buildings to new technologies, and implement innovative solutions. The main directions for improving state policy include the formation of investment programs for the modernization of the housing stock, the introduction of a financing system for energy-efficient projects through state and local budgets, as well as the involvement of international financial institutions. Additionally, it is important to ensure informational and educational campaigns for the population regarding the benefits of energy efficiency, as well as to develop mechanisms to encourage businesses and citizens to implement energy-efficient technologies. The introduction of new construction standards that take into account environmental and energy-efficient norms will become a guarantee of sustainable development for the housing stock. The purpose of this article is to analyze existing problems in the field of energy efficiency of the housing stock in Ukraine and propose measures that can enhance the effectiveness of state policy in this area. Conclusion. State policy in the field of energy efficiency of the housing stock is a key factor influencing the stability and development of the energy sector in Ukraine. The development and implementation of comprehensive measures aimed at increasing energy efficiency, supporting investments, and promoting ecological norms will create conditions for reducing energy costs for the population and improving housing quality. Improving financing mechanisms and cooperating with international organizations will ensure the sustainable development of the construction sector and adapt the housing stock to modern energy efficiency requirements.

Analysis of Innovation and Energy Profiles in the Turkish Manufacturing Sector