Energy security indicators for sustainable energy development: Application to electricity sector in the context of state economic decisions

Abstract

AbstractThis paper discusses the interlinkages between energy security indicators and government economic interventions in the electricity sector. The research was carried out using a systematic literature review and comparative analysis and was mainly based on qualitative criteria. Following a literature review and data analysis, the paper identifies 65 energy security indicators (from over 300 possible indicators) that are relevant for the electricity sector. The work also highlights the indicators of energy security on which the state's economic decisions have a direct and indirect effect. This is the basis of the scientific novelty and relevance of this study. The paper highlights the role of public economic policy in the domain of energy security (including energy supply, reliability and affordability). This research helps to show how different parts of energy safety in the electricity field are connected. It shows how government economic choices can have both direct and indirect effects on energy outcomes, helping us understand the complex ways policies and energy results relate to each other. The paper argues that state interventions in areas such as public support for promotion of renewable energy sources and energy efficiency gains, and energy price regulation exert a significant effect on energy security in the electricity sector. The paper also examines the theoretical issues underpinning the definition, dimensions and assessment of energy security. Possible trade‐offs between economic growth and energy security are discussed drawing attention to the importance of a balanced approach to formulation of economic policy. The study also argues that state economic decisions play a crucial role in shaping energy security in the electricity sector and stresses the topicality of a better ability to fathom the potential outcomes of these decisions. The comprehensive analysis of 65 energy security indicators presented in this paper gives valuable insights for both analysts and decision makers. The analysis confirms the importance of a nuanced approach in measuring and combining these indicators into policymaking (for governments, industry leaders, scientists, researchers, NGOs) to enhance the overall effectiveness and sustainability of energy security policies in the electricity sector. The findings suggest that policies promoting renewable energy, energy efficiency and diversification are key to achieving a stable and sustainable electricity supply, urging further research incorporating dynamic models and data analytics for comprehensive energy security strategies.