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The energy market is a broad term that encompasses all forms of energy, including fossil fuels, renewable sources, and nuclear power. It is a crucial sector of the global economy, as energy is essential for transportation, industry, heating, and electricity generation. The market is highly complex and constantly evolving, with factors such as government policies, technological advances, and environmental concerns affecting supply and demand. The energy market is dominated by a few large companies, but it also includes many smaller players, ranging from independent power producers to energy traders. The market is also subject to significant volatility, as geopolitical events, weather patterns, and other factors can impact prices and supply chains.
The market comprises production that refers to the amount of electricity generated from the chosen source of energy, measured in kWh.
The energy market is expected to continue growing, with increasing demand for energy worldwide as populations grow and economies develop. However, the mix of energy sources is expected to shift towards cleaner and more sustainable options, with renewable energy sources like solar, wind, and hydropower projected to continue growing rapidly. Fossil fuels are expected to gradually decline in importance, although they are likely to remain significant contributors to the global energy mix for several decades, especially in countries that rely almost totally on fossils.
The outlook for the nuclear power market varies depending on the region and country. In some countries, such as China, nuclear power is expected to continue to grow and be an important part of their energy mix. However, in other countries, such as Germany and Japan, there are plans to phase out nuclear power in the coming years. Additionally, the development of new nuclear power projects has been slow due to several factors, including safety concerns, public opposition, and high costs. The construction of new nuclear power plants has also faced delays and cost overruns. The ongoing Russia-Ukraine war has far-reaching effects on the nuclear market, as sanctions imposed on Russia cast doubts on the future of its nuclear industry in the global arena.
The data encompasses B2B enterprises. Figures are based on the value of electricity production in the energy market.
Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as annual reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts.
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting electricity generation due to the non-linear growth of this market, especially because of the direct impact of climate change on the market.
The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
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Armenia''s energy sector has moved from a state of severe crisis in the early 1990s to relative stability today.A combination of policy, legal, regulatory, and institutional reforms have had good results. Improvements in operating efficiency through a decrease in technical and nontechnical line losses, as well as a nearly 100 percent collection rate, have helped create commercially viable service providers.However, issues related to energy supply, electricity market liberalization, and administration remain.
Armenia has limited energy resources and can meet only a fraction of the total demand for energy from domestic resources. Armenia does not have oil or natural gas reserves and is thus highly dependent on imported energy resources. It imports oil and petroleum products from Russia, Georgia, Iran, and Europe. Natural gas is imported primarily from Russia through Georgia, with a limited volume of natural gas imported from Iran in an electricity-for-gas swap arrangement.Nuclear fuel is imported from Russia. Armenia''s energy consumption efficiency is low compared to developed countries. The government has adopted several laws focused on developing domestic, especially renewable, energy resources and implementing energy efficiency measures.
The principal bodies involved in energy sector governance in Armenia include the Ministry of Territorial Administration and Infrastructure (MTAI), which is responsible for overall energy policymaking; the Ministry of Environment; the PSRC; and the Committee on Nuclear Safety Regulation (ANRA). The Statistics Committee (ArmStat) is the main provider of energy-related data and statistics.
In January 2021, Armenia adopted the 20-year Energy Sector Development Program, which is intended to build a transparent, diversified, and energy efficient system for sustainable development.The Program will identify new power generation facilities, electricity transmission systems, and institutional issues related to market liberalization and associated legislative gaps.
On May 2, 2022, the United States and Armenia signed a Memorandum of Understanding Concerning Civil Nuclear Cooperation (NCMOU).The MOU improves U.S.-Armenia cooperation on energy security and strengthens economic relationship between the countries.
Armenia has made considerable progress in enhancing regional market integration. The country has signed and ratified the Comprehensive and Enhanced Partnership Agreement (CEPA) with the EU that entered into force in March 2021 and includes a timetable for the approximation of Armenian laws and regulations to relevant EU laws over the next few years, and by 2029 at the latest. Armenia is also a member of the EAEU, which aims to establish common EAEU gas and electricity markets by 2025.
Armenia has sufficient electricity-generating capacity to meet current domestic needs, but electricity demand is projected to grow by up to three percent annually. Electricity in Armenia is generated primarily by the Armenian Nuclear Power Plant (ANPP), hydroelectric plants, and thermal plants. Solar energy provides less than two percent of current power generation.
Hydroelectric plants generally provide an additional 20 percent of Armenia''s electricity output, but the levels of generation depend on seasonality and rainfall patterns.Thermal power provides the bulk of the remaining generation.
From 2006 to 2022, Electric Networks of Armenia (ENA)was the sole electric power distributor in the country, and still provides electricity to most users. It is Armenia''s largest employer and serves approximately 985,000 electric utility customers. ENA''s owner, Tashir Group, announced in March 2023 plans to invest $150 million in two new thermal power plants by 2025, following a 2021 pledge to invest up to $600 million in the energy sector over several years.
The High Voltage Electric Networks—a state monopoly operated as a closed joint stock company—manages the assets of Armenia''s transmission network, performs operational and maintenance functions, and implements necessary investment programs. The Electro Power System Operator CJSC is responsible for the strategic functioning of Armenia''s power system. The Public Services Regulatory Commission establishes the procedures for setting and reviewing tariffs. The Settlement Center conducts commercial settlements between generators and the ENA; manages electricity imports and exports; and monitors metering and billing services to wholesale market participants. The PSRC has issued a license to the Settlement Center to serve as Market Operator under the liberalized power market.
The Fund for Renewable Energy and Energy Efficiency of Armenia is a state entity responsible for creating a favorable environment for the development of renewable energy and energy efficiency projects. This organization examines potential opportunities and facilitate investments in solar, wind, and geothermal energy development in Armenia.
Armenia could reap sizable economic benefits from improved energy efficiency. The electric power system of Armenia is considered to have significant potential for sustainable energy because of the presence of hydroelectric, solar, wind, and other renewable energy sources.
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