ENERGY MARKET RISKS: ESSENCE OF DEFINITION AND CHARACTERISTICS
DOI:
https://doi.org/10.31891/mdes/2023-7-4Keywords:
risk, uncertainty, threats, solutions, energy marketAbstract
The coverage of the concept of "risk" in retrospect is analyzed. The views of scientists regarding the interpretation of the concept of "risk" are summarized. It was found that some researchers highlight the concept of "risk" as the probability of losses/damages due to adverse circumstances, decisions made, actions taken; another cohort of researchers emphasize uncertainty and the need to make a decision that will determine the outcome; the third - consider risk as an objective-subjective category and give the definition a certain dynamic component, including "processes of overcoming uncertainty" in the definition. The main signs of risk as a multifaceted category are described. The objective-subjective context of risk is characterized. It is noted that the content and characteristic features of risks are determined by the influence of factors specific to the functioning of industries. The author's definition of energy market risk is proposed as the probability of certain consequences arising from the results of actions (or inaction) of energy market subjects, their interaction, the influence of external environmental factors, and from the results of likely purposeful actions of counterparties. The basics of the functioning of the energy market are described. The importance of the proper performance of functions and tasks by the Ministry of Energy of Ukraine with the aim of preventing / leveling the possible negative consequences of risks for the energy market is indicated. Attention is also focused on professionalism when making management decisions, the importance of qualified performance of tasks at all levels of functioning of energy market entities. The list of factors of the external environment and their impact on the functioning of the energy market is outlined. The risks of purposeful impacts on business entities, which manifested themselves in large-scale destruction of energy facilities in wartime, are substantiated. The importance of updating energy market facilities on an innovative basis, including through the realization of prospects for the development of renewable energy sources, is noted.
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