Sytailo Uliana, PhD Student of International Economics Department, National Technical University of Ukraine «Igor Sikorsky Kyiv Polytechnic Institute», Kyiv, Ukraine

ORCID ID: 0000-0001-6013-2580
e-mail: uliana.sytailo@gmail.com

Methodical Approach to Evaluating the Effectiveness of the EU-oriented Economic Security Strategy of the Energy Market

Abstract. Introduction. The dynamism of the European integration processes in the field of electricity requires the need for formulation and achievement of strategic goals aimed at improving the economic security level of the electricity market. Therefore, under conditions of an unstable market environment, the significance of assessing the effectiveness of the economic security strategy of the energy market, intended for improving the quality of information support the strategic decision-making, is updated.

Purpose. Consequently, the purpose of the study is to develop a methodical approach to evaluating the effectiveness of the economic security strategy of the energy market in the process of its EU-oriented transformations.

Results. The essence of the concept of «effectiveness of the economic security strategy» is clarified. In order to create an econometric data set, the criteria of economic security of the energy market are formed, including «Independence of rivalry», «Satisfaction of stakeholders’ interests» and «Information transparency». Based on the criteria, the set of economic security indicators of the energy market is identified for each of the five functional components: interface, foreign economic, financial, technical, and informational. Set up on the application of the method of ranking the positions of national electricity markets by the level of representative indicators, the methodical approach to the calculation of the integral index of economic security of the energy market is developed. The conversion of the quantitative values of the economic security indicators into a single comparable measurement scale is proposed by constructing the matrices of the actual and planned economic security profiles of the energy market with their further visualization. It is proposed to interpret the effectiveness index of the economic security strategy under the scale of Harrington’s desirability.

Conclusions. The proposed methodical approach to evaluating the effectiveness of the economic security strategy of the energy market makes it possible to track the progress in achieving the objectives of economic security indicators under conditions of electricity market transformation caused by the European integration changes.

Keywords: economic security; electricity market; economic security strategy; strategy effectiveness; integration.

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