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National Interests: Priorities and Security
 

Macroeconomic assessment of consequences arising from the threat of long-term shortage of energy

Vol. 13, Iss. 6, JUNE 2017

PDF  Article PDF Version

Received: 14 April 2017

Received in revised form: 26 April 2017

Accepted: 11 May 2017

Available online: 29 June 2017

Subject Heading: ENERGY SECURITY

JEL Classification: Q40, Q43, Q47

Pages: 1093-1101

https://doi.org/10.24891/ni.13.6.1093

Mazurova O.V. Melentiev Energy Systems Institute of Siberian Branch of the Russian Academy of Sciences, Irkutsk, Russian Federation
ol.mazurova@yandex.ru

Importance The article focuses on the threat of possible shortage of energy to the country as one of the main strategic threats to the national energy security.
Objectives The research investigates the adverse effect of energy shortage arising from that the power engineering development lags behind needs of the economy. I also assess the probable macroeconomic effect.
Methods The research involved formalized methods and economic and mathematical models.
Results The article assesses the macroeconomic damage of the energy shortage under the given economic circumstances and the national power engineering within 2025–2030. I should note such assessment is conditional, since it primarily depends on predetermined scenarios and conditions for the development of the economy and power engineering.
Conclusions and Relevance The increasing shortage of energy may have a significant effect, thus stifling the economic development and reducing production volumes in all sectors. Macroeconomic consequences of the long-term shortage of energy do not demonstrate a non-linear growth. The research proves such assessment is necessary to increase the reliability and uninterrupted power supply in the long run.

Keywords: energy shortage, power outage, economic losses, energy security, energy supply reliability

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