Adaptation of European energy systems to the escalation of the geopolitical crisis

Abstract

The relevance of the research topic is related to the current geopolitical, economic, technological and environmental challenges that have a significant impact on the state of energy markets in Europe. The key tasks of the energy policy of European countries are strengthening the energy security of the region, promoting the development of renewable energy markets, energy integration of the sector and the development of new energy-efficient solutions in the industry. Due to the direct influence of the general trends and priorities of European energy development on the domestic energy sector, the study of these trends is of great importance for Ukraine. The aim of the article is to identify trends and establish regularities in the development of energy markets in Europe in the context of modern geopolitical challenges and the energy transition. The research is based on the hypothesis of a change in the trajectory of the energy policy of European countries in the direction of solving the challenges that arise in the conditions of the geopolitical crisis, climate change and the increase in energy prices. The research was conducted using the methods of comparative analysis, structural-logical, gene­ralization, statistical data processing, graphical and tabular data visualization. The current state, structure, and dynamics of the European energy market were analysed in the context of transfor­mations that occurred as a result of geopolitical tension, inflationary pressure, threats to energy security, improvement of energy-efficient techno­logies, and EU obligations to reduce greenhouse gas emissions. Attention is focused on supplying the European market with gas, diversifying its supplies, reorienting electricity production from clean sources, production and use of fossil fuels in Europe, and increasing investments in renewable energy sources. European energy markets are dominated by trends associated with changes in energy suppliers and diversification of their sources; intensifying investment in solar, wind and hydropower and abandoning the use of coal; increasing investments in energy-efficient technologies; accelerating the construction of infrastructure for LNG; creation of a single energy market to ensure the free flow of energy between member countries; the development of energy storage technologies and production, storage and use of hydrogen as an alternative energy source; active use of smart technologies (smart meters and other devices for monitoring and optimizing energy consumption).