Economic policy and energy security of Southeast European countries

Abstract

Energy security is essential for the sustainable economic development and stability of the country. In recent years, it has been actively studied. The energy security challenges of European countries have changed significantly in the past 20 years. From one point of view, the current war between Russia and Ukraine raises doubts about the energy security of the countries of Southeast Europe. On the other hand, deep changes in energy security at the world level, activated by innovative progress and major geopolitical changes, encourage the European Union to reevaluate its security system. Economic, social and demographic changes in the world require new solutions that would include innovative ways to ensure a smooth and uninterrupted flow of energy to sustain the daily life of citizens. The inability to access energy resources causes severe economic disruptions and political instability. In the conditions of the global economy, disruptions are easily transmitted and therefore it is essential to permanently secure energy resources and make an effort to reduce the so-called energy poverty, which mostly affects countries in transition (Southeastern European countries) and Third World countries. The obtained research results show that renewable energy sources could become a sustainable solution to the above-mentioned problems. A well-balanced and well-positioned use of renewable energy sources could alleviate the shortcomings of traditional energy systems and prevent major shocks to energy security in the world and in the countries of the European Union.