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The development of alternative energy sources: Prospects in Russia and the world

Vol. 16, Iss. 5, MAY 2020

Received: 23 December 2019

Received in revised form: 15 January 2020

Accepted: 27 February 2020

Available online: 15 May 2020

Subject Heading: SUSTAINABLE DEVELOPMENT OF ECONOMY

JEL Classification: Q40, Q42

Pages: 885–904

https://doi.org/10.24891/ni.16.5.885

Frai M.E. Institute of Economics of Ural Branch of Russian Academy of Sciences, Yekaterinburg, Russian Federation
mastermaxhoi@yandex.ru

ORCID id: not available

Subject. The article discusses limited sources of energy nowadays and an ongoing survey of new ones. I focus on fuel and energy complexes worldwide and in Russia.
Objectives. The study is to analyze the future use of alternative energy sources in the fuel and energy complex nationwide and worldwide. I review the existing energy sources of the fuel and energy complex in the global and regional markets, specifically the alternative ones.
Methods. The study relies upon methods of statistics, analysis and systems approach.
Results. The article demonstrates that the fuel and energy complex strongly depends on the current situation in the energy resource market, which is difficult to forecast. If we continue relying on traditional energy resources, we get exposed to some risks affecting the sustainable development of the economy. Russia should diversify the power engineering sector by developing alternative energy sources. The article sets forth the economic rationale for alternative sources and key steps Russia shall make.
Conclusions and Relevance. Considering the current situation in the energy balance, alternative energy is what any advanced society seeks for, being supported by manufacturers, governmental institutions, and researchers, though low profitability and high infrastructure costs impede its development. In Russia, these challenges are even more palpable. However, even now Russia is able to find alternative energy solutions. In addition to advantages of alternative energy, which is globally proclaimed, they will also help Russia diversify and update the economic system.

Keywords: alternative energy source, power plant, energy efficiency, energy security

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