Challenges and Opportunities for the Global Power Sector in a New Era
The global power sector is undergoing re-examination as efforts are under way to identify how to maintain competitiveness, flexibility, and reliability, both during and after the COVID-19 pandemic. As the economy contracted, so all forms of energy consumption declined across the globe. However, this unforeseen set of circumstances has not only given rise to major risks for the power sector, but also new opportunities. Renewable energy, particularly distributed generation, was one of the few sectors to have grown in 2020, and this trend was also evident in Russia. In 2020 – one hundred years on from the Soviet Union’s electrification plan – the Russian power sector undertook to identify new development strategies. Generation using renewable energy sources grew, decentralization continued, new management technologies were employed, and new market players emerged. Does this indicate a long-term trend, or a temporary phenomenon? Are the Russian and global power sectors ready for an overhaul? What role should the government play in these processes?
