Potential of regional fuel and energy complex with the typological features of regional development

Abstract

Purpose: Fuel & Energy Complex (FEC) has a significant share in the economic system and has the most extensive potential for introducing innovations. Authors suggest innovative potential of regional FEC considering the specifics of regional economic development. Design/Methodology/Approach: To evaluate the attainability of economic growth in conjunction with the goals of energy efficiency and energy independence and to make decisions on adjustments in energy policy, the authors propose a three-component integrated index of elasticity of energy efficiency for each typological group of region, including the index of innovative potential of the regional Fuel & Energy Complex, the index of energy supply efficiency of consumers in the region and the sustainability index of the region鈥檚 energy system. Findings: The survey identified five typological groups of regions reflecting the features of regional FEC development. Considering the significance of factors affecting innovative potential, seven groups of such factors were proposed for formation, and the significance of each factor was determined in accordance with the typological group of the region. Practical implications: Each of the three components of the integrated index makes its specific contribution to the resulting quantitative indicator, the value of which will reflect the degree to which the regional energy policy has reached its target priorities, and to meet the urgent challenges of modern innovative sustainable energy technologies. Originality/Value: Realisation of the innovative potential of regional FEC should be closely linked with indicators of energy efficiency and energy independence in order to ensure the development of regional economies, including the achievement of global climate goals.