Abstract

The aim of this article. The aim of this article is to research the implementation of different types of energy service contracts and financial mechanisms of work of energy service companies (ESCOs) in the domestic economic conditions in order to improve the approach to energy management and activate energy effective and resource saving processes in Ukraine. The results of the analysis. High energy consumption in the economy of Ukraine is the result of inefficient use of energy resources which has negative effect on the energy safety of the country, deteriorates the environment and undermines people’s health. The potential to decrease energy consumption in Ukraine is so high that decisive actions in this sphere, as experts claim, can lead to 20-30% decrease of annually consumed energy resources in the country. Consequently, there is a great necessity to activate energy and resource saving by developing energy service activity and creating the chain of specialized ESCOs in Ukraine. ESCO is one of the most effective and widespread organization forms in the world that increases energy efficiency of national economy; its efficiency was proved both in developed countries and those which are developing. The implementation of different types of energy performance contracts of specialized ESCOs was studied in the article. Considering the imperfection of Ukrainian legislation which denies the technology of energy service contracts, the authors offered recommendations concerning changes to some legislative acts. At the same time financial support of ESCOs’ activity is really important for development of energy service market. In this research possible financial mechanisms of ESCOs’ work were analyzed. There is a need to diversify sources of funding of energy saving measures that are adopted by specialized ESCOs by means of attracting funding from state and local budgets, creating conditions for attracting resources of international financial organizations and private investors to develop real ESCO market in Ukraine. Conclusion and directions of further researches. Thus, at the modern stage of development of domestic economy energy service activity should become one of strategic goals of long-term strategy of growth, which will decrease the dependence of Ukraine from countries that export oil and gas, ensure energetic and national safety, make the country more competitive, as well as provide good basis for sustainable economic and social development of the country as a whole. Further research should define peculiarities of creating regional resource saving agencies in the regions of Ukraine, which should be based on the principles of functioning of energy service companies and improve methodological basis for economic assessment of potential resource saving projects.

Keywords: resource saving, energy efficiency, energy management, energy service, specialized energy service company, energetic performance contract

JEL Classification: L20, O13, Q20.

Cite as: Sotnyk I. & Kulyk, L. (2015). Efficient energy management: theoretical basis of the financial activity of energy service companies. Marketing and Management of Innovations, 3, 212-225. https://doi.org/10.21272/mmi.2015.3-19

This work is licensed under a Creative Commons Attribution 4.0 International License

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