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The World Electricity Production and the Current Global Energy Crisis in Brief

Author

Listed:
  • Daniela-Melania Mihai

    (National University of Science and Technology POLITEHNICA Bucharest, Pitesti University Center, Romania)

  • Smaranda-Nicoleta-Cristina Toma

    (National University of Science and Technology POLITEHNICA Bucharest, Pitesti University Center, Romania)

Abstract

This paper shows that the fossil fuels still account for over 60% of total global electricity generation and highlights how the current global energy crisis has placed electricity security and affordability high on the political agenda, favouring renewable solutions. The global energy landscape has changed radically since Russia's invasion of Ukraine. Countries around the world have faced rising prices that have hit consumers hard, all against a geopolitical backdrop with energy security at its center and the world's dependence on fossil fuel consumption often supplied by only a few major producers. An accelerated transition to low-carbon energy sources such as renewable and nuclear sources is therefore necessary. In Europe, the ripple effects of the war were acutely felt due to the historical dependence on Russian gas imports. The risk of shortages has been and continues to be avoided through greater efforts to improve energy efficiency, deploy renewables, install heat pumps, promote energy savings and increase gas supplies.

Suggested Citation

  • Daniela-Melania Mihai & Smaranda-Nicoleta-Cristina Toma, 2023. "The World Electricity Production and the Current Global Energy Crisis in Brief," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 292-299, December.
  • Handle: RePEc:ovi:oviste:v:xxiii:y:2023:i:2:p:292-299
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    More about this item

    Keywords

    global energy crisis; electricity; renewable solutions;
    All these keywords.

    JEL classification:

    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions
    • L7 - Industrial Organization - - Industry Studies: Primary Products and Construction
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • P18 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Energy; Environment
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies
    • Q3 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation
    • Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy

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