New Business Models in the Energy Sector in the Context of Revolutionary Transformations

Abstract

The relevance of the problem of improving business models in the energy industry has become especially acute in recent years due to the energy transition, the emergence of new energy production and consumption technologies, and the increase in environmental requirements for energy companies’ performance. The purpose of the study is to form recommendations for creating business models in energy companies that meet modern realities and ensure the sustainable development of the energy business in an environment that is characterized by increased uncertainty and aggressive competition. Based on the analysis of scientific publications and the systematization of industry cases, it is proved that business models in the energy sector are likely to transform in the following three aspects: implementation of green technologies as a response to the public demand for clean energy; spatial organization of production based on platforms and digital tools; and active implementation of customized knowledge-intensive services. This article discusses the development of the social investment concept, the key factors affecting its implementation in the energy sector and related industries, and its risks and limitations in the times of energy crises. It is justified that new business models require changes in energy market infrastructure and strategic management principles. In this regard, the authors developed recommendations for the adaptation of the wholesale and retail electricity and power market to the structural, technological, and economic transformations in the energy production and consumption areas. The main advantages, barriers, and ideas for the effective implementation of innovative business models in energy companies are verified through an expert survey. © 2023 by the authors.