SHS Web Conf.
Volume 129, 2021The 21st International Scientific Conference Globalization and its Socio-Economic Consequences 2021
|Number of page(s)||10|
|Section||Innovation, Collaborative, and Circular Economy|
|Published online||16 December 2021|
Balancing the Slovak Energy Market After the Adoption of “Fit for 55 Package”
1 University of Zilina, The Faculty of Operation and Economics of Transport and Communications, Department of Economics, Univerzitna 8215/1, 010 26 Zilina, Slovakia
2 Attorney in Law and external lecturer, Gorkeho 15, Bratislava, Slovakia
* Corresponding author: firstname.lastname@example.org
Research background: Slovak energy sector is based on older strategic documents setting national interests within energy policy and energy security (before 2014). “Fit for 55 package” proposed by European Commission in July 2021 is one of the most politically ambitious projects after WW2 and brings crucial changes for EU27 energy systems, especially for CEE countries.
Purpose of the article: To analyze the potential impact of the “Fit for 55 package” objectives and consequences on the energy system of the Slovak Republic in terms of fossil fuels substitutes.
Methods: Authors use Energy Balance Sheet (EBS) to outline the unprecedented impact of the EU policy on the Slovak energy system and alternative scenarios for its development. Simulating the impact of CO2 emissions cuts via Gretl software, the authors outline crucial changes in the energy system and subsequent energy shortages within the Slovak energy market, which have to be replaced (in electricity generation, natural gas, and transportation fuels).
Findings & Value added: According to the authors´ findings, possible substitutes (hydrogen or renewable energy sources) will not fully cover the future demand, and authors suggest possible solutions. Secondly, the impact on transportation capacities and energy transportation corridors are outlined. Finally, the authors stress that political efforts oversize economic and energy reality, especially in Slovakia, and policymakers should better consider the specifics of the CEE energy systems and allocate financial grants for the upgrade of transport corridors
Key words: Slovak energy market / Fit for 55 / energy security
© The Authors, published by EDP Sciences, 2021
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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