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The Effectiveness of Creating a Common Energy Market in the Eurasian Economic Union
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The Effectiveness of Creating a Common Energy Market in the Eurasian Economic Union
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Journal Article
The Effectiveness of Creating a Common Energy Market in the Eurasian Economic Union
2020
Overview
The integration of energy markets (gas and oil) is accompanied with growing imbalance in the economic interests pursued by member states of the Eurasian Economic Union (EAEU). The evaluation was based on price and synergy factors (economies of scale), and the production function was solved by building a linear regression model. The model construction involved calculating the indicators of GDP elasticity that reflect changes in consumption and foreign trade for the period 2007 to 2018 and assessing the effects of the price factor (indices of growth in oil and gas transit prices and oil and gas export prices) on GDP changes when a common gas or oil market is created. Finally, the priority conditions for the integration of EAEU gas and oil markets were ascertained to allow the design of optimal scenarios for the establishment of a shared electricity market. The findings confirmed a synergistic effect, which manifests as an increase in GDP growth rate for each of the EAEU member states. The proposed approach enables a comprehensive evaluation of integration effectiveness on the basis of available relevant data.
