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Problems and prospects of financing the renewable energy projects in Ukraine

Author

Listed:
  • Iryna Kanevska

    (PHEI «European University», Poltava branch)

  • Serhii Umanets

    (PHEI «European University», Poltava branch)

Abstract

Here have been defined general problems of the domestic renewable energy sector such as inefficient use of energy resources; constant increase of prices for fuel and energy resources; unavailability of stable energy supply; delayed construction and commissioning of «alternative» power plants; complex process of obtaining of the «green» tariff in the National Commission by the power facility; seasonal construction of solar plants (before the sunny period in the spring, or before the winter period in the autumn), which requires large land plots, etc. The article refers such problems in renewable energy financing as: limited financial resources; lack of effective mechanisms for tranforming people's savings into investment; high level of investment risks; imperfect tax system; undeveloped corporate securities market. It has been proved that the prospects of financing renewable energy projects to be increased presented the primary task. The latest researches and publications in the field of renewable energy financing have been analyzed. It has been determined that both general and partial problems of financing renewable energy projects in Ukraine as well as the prospects for their further development remain unresolved. The author has investigated the problems and perspectives of financing renewable energy projects in Ukraine, as well as development of practical recommendations for the development of domestic renewable energy. The used methods: economic-statistical and abstract-logic, system approach, comparative analysis. The main directions of Ukrainian energy supply through regional projects, strategies and tactics have been highlighted. Here have been identified the most significant economic factors influencing Ukraine's energy efficiency such as state tariff policy in the field of fuel and energy resources; state fiscal policy in the field of energy saving; the policy of fuel and energy supplying organization; financial incentives for energy efficiency improvement; investment opportunities. The types of basic technologies of renewable energy in Ukraine have been generalized. The energy consumption on the basis of renewable energy sources and the total amount of energy from renewable sources in Ukraine for three years have been analyzed. The author has proposed the model of the financial-economic mechanism of state regulation of the renewable energy development in Ukraine, which would provide the state with the energy autonomy and ecological

Suggested Citation

  • Iryna Kanevska & Serhii Umanets, 2019. "Problems and prospects of financing the renewable energy projects in Ukraine," University Economic Bulletin, Hryhorii Skovoroda University in Pereiaslav, Faculty of Financial, Economic and Vocational Education, issue 42, pages 150-157, June.
    • Handle: RePEc:aff:colart:y:2019:i:42:p:150-157
    DOI: https://doi.org/10.31470/2306-546X-2019-42-150-157
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