The international energy crisis and the impact of the war on the increase in the price of oil - Case study Kosovo
Session
Energy Efficiency Engineering
Description
The energy crisis, that of food security, high inflation, the increase in the price of electricity, oil, gas, food, raw materials, etc., are the main issues of global concern. The conflict created by the crisis of the Russia-Ukraine war, in addition to the human and human consequences, is causing great economic and financial consequences not only in the economy of the two warring countries, but in the entire global economy and of course also in the economy of our country.
The global economy is struggling with the energy crisis and rising crude oil prices. The war in Ukraine has influenced the increase in the price of oil and its derivatives, a consequence of which was also felt in Kosovo.
The purpose of the paper is to elaborate how the energy crisis and the impact of the increase in the price of oil immediately affect the case of the Ukraine War and how the countries of Europe and also Kosovo face this situation that also affects the economic aspect.
The energy crisis is also being felt in European countries. The energy sector in Kosovo today faces major challenges, including: Dependence on old lignite-fired thermal power plants, which do not guarantee a regular supply of electricity, nor the appropriate flexibility of the electrical system, and in turn cause greenhouse gas (GHG) emissions and pollution. Currently, the participation of renewable energy sources (RES) in electricity consumption is only 6.3%, while the use of RES in the energy sector is dominated by biomass-based sources that are mainly used in the heating sector.
High energy consumption (and therefore high energy costs) relative to GDP and population due to a number of factors, including: high network losses, inefficient buildings and inefficient equipment (e.g., for space and water heating), both in the residential and commercial and public sectors.
The rapid development of digital capitalism is leading to a tremendous increase in the demand for electricity around the world, and this increase in demand has only just begun. New technologies, the emergence of the Internet and everything related to it (artificial intelligence, data storage, online sales, connected networks, etc.) are leading to a tremendous increase in the demand for electricity all over the world.
Keywords:
energy, oil, international economy, inflation
Proceedings Editor
Edmond Hajrizi
ISBN
978-9951-550-50-5
Location
UBT Kampus, Lipjan
Start Date
29-10-2022 12:00 AM
End Date
30-10-2022 12:00 AM
DOI
10.33107/ubt-ic.2022.142
Recommended Citation
Veseli, Besar, "The international energy crisis and the impact of the war on the increase in the price of oil - Case study Kosovo" (2022). UBT International Conference. 143.
https://knowledgecenter.ubt-uni.net/conference/2022/all-events/143
The international energy crisis and the impact of the war on the increase in the price of oil - Case study Kosovo
UBT Kampus, Lipjan
The energy crisis, that of food security, high inflation, the increase in the price of electricity, oil, gas, food, raw materials, etc., are the main issues of global concern. The conflict created by the crisis of the Russia-Ukraine war, in addition to the human and human consequences, is causing great economic and financial consequences not only in the economy of the two warring countries, but in the entire global economy and of course also in the economy of our country.
The global economy is struggling with the energy crisis and rising crude oil prices. The war in Ukraine has influenced the increase in the price of oil and its derivatives, a consequence of which was also felt in Kosovo.
The purpose of the paper is to elaborate how the energy crisis and the impact of the increase in the price of oil immediately affect the case of the Ukraine War and how the countries of Europe and also Kosovo face this situation that also affects the economic aspect.
The energy crisis is also being felt in European countries. The energy sector in Kosovo today faces major challenges, including: Dependence on old lignite-fired thermal power plants, which do not guarantee a regular supply of electricity, nor the appropriate flexibility of the electrical system, and in turn cause greenhouse gas (GHG) emissions and pollution. Currently, the participation of renewable energy sources (RES) in electricity consumption is only 6.3%, while the use of RES in the energy sector is dominated by biomass-based sources that are mainly used in the heating sector.
High energy consumption (and therefore high energy costs) relative to GDP and population due to a number of factors, including: high network losses, inefficient buildings and inefficient equipment (e.g., for space and water heating), both in the residential and commercial and public sectors.
The rapid development of digital capitalism is leading to a tremendous increase in the demand for electricity around the world, and this increase in demand has only just begun. New technologies, the emergence of the Internet and everything related to it (artificial intelligence, data storage, online sales, connected networks, etc.) are leading to a tremendous increase in the demand for electricity all over the world.