INNOVATIVE FACTORS IN THE FORMATION OF BUSINESS STRATEGIES OF THE ENERGY SECTOR OF THE UKRAINIAN ECONOMY

Abstract

The article is focused on the study of innovative factors in the formation of business strategies for the development of the energy sector of the Ukrainian economy. The relevance of the study is determined by the change in the system of national and global requirements for the strategic development of the energy sector of the Ukrainian economy, which are related to the introduction of the model of sustainable development and ensuring the energy transition through the growth of renewable energy and energy efficiency of the national economy. The relationship between the innovative development of the energy sector and ensuring the energy security of the national economy is determined. The system of innovative factors in the development of the energy sector of the national economy is studied. It was identified that the pace of innovative modernization of the energy sector of the economy is insufficient. It is substantiated that modern innovative business strategies of enterprises in the energy sector of Ukraine provide for the introduction of technological innovations. Thus, on the one hand, technological innovations contribute to the capitalization of business, increase labor productivity, reduce the resource intensity of production and increase its competitiveness, etc., and on the other hand, their implementation is accompanied by additional risks (including the costs of training personnel, carrying out organizational changes, setting up new business processes, etc.). The choice of innovative technologies in modern conditions must take into account new restrictions and requirements regarding the introduction of innovative technologies and the organization of production activities, their ecological neutrality and at the same time ensuring economic, social, and ecological results. The general principles of creating business strategies of energy sector corporations are substantiated. Modern business strategies for sustainable development of energy sector corporations aim to ensure the transition to low-carbon innovative technologies. The use of available tools to provide consumers with affordable low-carbon energy at the same time stimulates the rapid expansion of the scale of renewable energy, which, as a rule, is accompanied by the modernization of electricity transmission and distribution networks, improvement of energy efficiency and electrification of final consumption.