The electrical power sector plays an important role in the economic growth and development of every country around the world. Total global demand for electric energy is growing both in developed and developing economies. The commitment to the decarbonization of economies, which would mean replacing fossil fuels with renewable energy sources (RES) as well as the electrification of transport and heating as a means to tackle global warming and dangerous climate change, would lead to a surge in electricity consumption worldwide. Hence, it appears reasonable that the electric power sector should embed the principles of sustainable development into its functioning and operation. In addition, events such as the recent European gas crisis that have emerged as a result of the massive deployment of renewables need to be studied and prevented. This review aims at assessing the role of the renewable energy in the sustainable development of the electrical power sector, focusing on the energy providers and consumers represented both by businesses and households that are gradually becoming prosumers on the market of electric energy. Furthermore, it also focuses on the impact of renewables on the utility side and their benefits for the grid. In addition, it identifies the major factors of the sustainable development of the electrical power sector.

European Council agreed to the European Commission's proposal to launch a new strategy for jobs and growth ‐ the new European Union strategy for smart, sustainable and inclusive growth ‐ “Europe 2020”. This will lead to a new concept of the competitiveness and deeper relationship between sustainable development and competitiveness. The aim of this article is to set out the future research area of competitiveness theory taking into account the development of competitiveness concept and existing research tendencies. On the one hand, for developing the new concept of competitiveness, it is necessary to critically analyse existing studies on competitiveness. Researchers, examining the problems of competitiveness, differently approach the concept of competitiveness, suggesting different definitions, classification, factors, models of competitiveness, and evaluation criteria. Despite all the discussions on competitiveness however, no clear definition or model of competitiveness has yet been developed. On the other hand, globalization, economic dynamism and social progress, sustainability and competitiveness go hand‐in‐hand. Competitiveness should be underpinned by a broad vision for the economy and society. There is a need of research initiatives to develop the new concept of “Sustainable competitiveness” in the context of globalisation, with much of the research focusing on how sustainable development and competitiveness interact. Such additional research will lead to new theoretical models describing the relationships between international globalization, economic growth, sustainable development, wellbeing and competitiveness. Santrauka Europos Vadovu Taryba pritare Europos Komisij os pasiūlytai ekonomikos augimo ir darbo vietu kūrimo strategijai ‐ “Europa 2020” ‐ naujai Europos Sajungos strategijai del pažangaus, tvaraus ir integruoto augimo. Tai sudaro prielaidas naujai konkurencingumo sampratai ir gilesniam darnaus vystymosi ir konkurencingumo saryšiui. Šio straipsnio tikslas yra nustatyti tolesniu konkurencingumo teorijos tyrimu sriti, atsižvelgiant i konkurencingumo koncepcijos pletra ir egzistuojančias moksliniu tyrimu tendencijas. Iš vienos puses, siekiant pletoti konkurencingumo teorija, būtina kritiškai ivertinti egzistuojančias konkurencingumo studijas. Mokslininkai, nagrinedami konkurencingumo problematika, pateikia ivairias konkurencingumo koncepcijas, siūlydami skirtingus apibrežimus, klasifikacija_, veiksnius, konkurencingumo modelius ir vertinimo kriterijus. Nepaisant plačiu diskusiju, kol kas nera susitarta del aiškaus konkurencingumo apibrežimo ar visuotinai pripažistamo modelio. Iš kitos puses, globalizacija, ekonomikos dinamiškumas ir socialine pažanga, darnus vystymasis ir konkurencingumas yra tarpusavyje glaudžiai susije. Plati ekonomikos ir visuomenes vizija turetu būti konkurencingumo pagrindas. Egzistuojantis moksliniu tyrimuporeikis veda link naujos "darnaus kon‐kurencingumo” koncepcijos kūrimo iniciatyvu, ivertinant globalizacija ir daugiau demesio skiriant dar‐naus vystymosi bei konkurencingumo tarpusavio ryšiams. Tokie tolesni tyrimai padetu atrasti naujus teorinius modelius, charakterizuojančius tarptautines globalizacijos, ekonomikos augimo, darnaus vystymosi, geroves kūrimo ir konkurencingumo saryši.

The deployment of renewable energy sources (RES) is considered to be an important objective for the energy sector in the European Union (EU). The EU Directive adapted in 2009 fixed mandatory national targets for the use of renewable energy in transport as well as for the share of RES in the gross final energy consumption. Contrary to previous studies, this paper does not examine the link between the RES and economic growth but rather focuses on real gross domestic product (GDP) and the implementation of national renewable energy targets. We employ panel data models for the case of the EU-28 countries covering the period between 2007 and 2017 that yield a low and positive relationship between the impact of GDP per capita and the share of RES in the final consumption. Our results show that there is a significant causality only from real GDP per capita to the share of renewable energy in final consumption, marking the potential of developed countries to consume more RES. We list some groups of countries according to these variables using a cluster analysis approach. Starting from the proposed panel data models, we constructed the scenarios for the 2020 for various shares of RES and different EU Member States. Overall, it appears that more attention should be attributed to policy proposals in which funding opportunities would be dependent on the achievements of national targets and economic benefits should be given to countries with very good performance in achieving high shares of renewable energy in their final energy consumption.

The aim of this paper is to provide an analysis of the determinants of economic efficiency and to assess the prerequisites for the energy security of smart cities. The main methods of the paper include an economic analysis of the infrastructure improvements that result in reducing the energy demand of the smart cities represented by the intelligent light-emitting diode (LED) street lighting system. Smart LED streetlights are getting increasingly popular in the world’s major metropolises as one of the leading components of the “smart” city. We compare the efficiency of LED street lighting used in smart cities with a commonly used lighting system based on sodium lamps. Our results demonstrate that LED street lighting system can significantly reduce the energy demand of any modern city. Moreover, we show that smart grids might help distribution systems within smart cities to better integrate intermittent renewable energy sources such as wind and solar. The main research novelty of our study compared to previous studies from the literature is the estimation of net profit (NP), Net Discounted Savings (NDS), as well as the total savings (TS) using the example of an average European metropolis. Our findings show that there is a need for better management including strong networks of leaders to drive smart city policies and investments and to cover wider city areas with economically sustainable projects and plans. In addition, our findings yield that smart city projects should aim at finding solution for smart connected local energy storage systems to support more renewable energy sources on the power grids. Our results might be of a special interest for city planners, local government stakeholders, as well as urban policy makers dealing with planning and managing smart cities.

This research tackles effective and functional management practices in energy consumption using advanced technological solutions to mitigate unexpected events. This study specifically focuses on the recent COVID-19 pandemic that led to a reduction in energy consumption and therefore meddled with the project management’s status quo for the energy sources. Moreover, this research analyzes the role of information and communication technology (ICT) solutions in energy management before and after the recent coronavirus pandemic turmoil. This study also examined the role and place of sustainable energy resources in the effective management of energy consumption during the COVID-19 pandemic. The main purpose of this research is to demonstrate how the recent coronavirus pandemic affected energy consumption and energy prices in many countries and how it paved the way for the new ICT in managing energy consumption. This study elaborated a model to show how these changes evolved in selected European Union (EU) Member States. It turns out that adjusted electricity consumption, as well as the average daily spot electricity prices for the baseload power in the EU countries, declined, and this trend is likely to continue in the next years to come. Due to the COVID-19 pandemic, substantial changes in the economy led to reduced office space usage, cutting commuting and business trips, and bringing commercial travel almost to a halt, further shifting the energy balance towards renewable energy sources (RES). Besides, it becomes apparent that ICT solutions used in maintaining and superintending the energy balance are gaining popularity and wide recognition worldwide and will help pave the way towards modern and smart high-renewables grids.

The development of renewable energy resources significantly impacts economic growth, various aspects of which can be assessed. First, the sector contributes to job creation, as new technologies and projects require specialists in various fields, from engineering to installation. Second, investments in renewable energy drive economic growth as the private and public sectors increasingly invest in innovation and infrastructure. In addition, developing renewable energy sources can lower energy prices for consumers, increase market competition, and reduce dependence on imported resources. However, there are also challenges related to initial investment costs, technological barriers and required political support. To ensure the successful development of renewable energy sources, it is necessary to create a favorable legal and regulatory environment, as well as to promote education and training in this area. In conclusion, the development of renewable energy resources can become an important driver of economic growth but requires a balanced approach and strategic planning. This work aims to evaluate the impact of the use of renewable resources on the economy after examining theories of economic growth. The following methods are used: analysis of theoretical and practical statements, comparative analysis, and panel data analysis. The research rejects hypotheses which suggest that transitioning to renewable energy sources slows economic growth. The development and adoption of renewable energy resources are essential for reducing greenhouse gas emissions, improving air quality, and ensuring sustainable development in the European Union. Despite initial costs and the hypothesis that transitioning to renewable energy slows economic growth, research shows that renewable energy sources (RES) do not hinder growth in the long term. Instead, they drive economic growth through technological advancements, job creation, and attracting significant investments, ultimately contributing to environmental protection and energy stability.