Energy Security and Sustainable Development of the Energy Sector: Comparative Analysis of the Visegrad Group Countries

Adam Sadowski; Magdalena Kowalska; Anna Misztal; Agata Gniadkowska-Szymańska; Agnieszka Piotrowska-Piątek; Dorota Starzyńska; Per Engelseth

doi:10.18778/1508-2008.29.02

Authors

Adam Sadowski University of Lodz, Faculty of Management, Lodz, Poland https://orcid.org/0000-0002-8608-5118
Magdalena Kowalska University of Lodz, Faculty of Economics and Sociology, Lodz, Poland https://orcid.org/0000-0002-5821-0305
Anna Misztal University of Lodz, Faculty of Economics and Sociology, Lodz, Poland https://orcid.org/0000-0002-7455-5290
Agata Gniadkowska-Szymańska University of Lodz, Faculty of Economics and Sociology, Lodz, Poland https://orcid.org/0000-0002-7321-3360
Agnieszka Piotrowska-Piątek Kielce University of Technology, Faculty of Management and Computer Modelling, Kielce, Poland https://orcid.org/0000-0002-6620-5485
Dorota Starzyńska University of Lodz, Faculty of Management, Lodz, Poland https://orcid.org/0000-0001-5355-016X
Per Engelseth UiT The Arctic University of Norway, Tromso, Norway https://orcid.org/0000-0003-1559-7471

DOI:

https://doi.org/10.18778/1508-2008.29.02

Keywords:

energy sector, sustainable development, economic security

Abstract

A sustainable energy sector is crucial for a country’s stable and environmentally friendly socioeconomic development. Economic security (ES), the basis for the functioning of the state, is one of the major factors affecting the development. The objective of this article is to examine how ES influenced the sustainable development of the energy sector in the Visegrad Group countries, i.e., Poland, Slovakia, Hungary, and Czechia, over the period spanning from 2008 to 2020. To evaluate a meaningful relationship between the indicators (p < 0.05), we used correlation coefficients, the ordinary least squares method, and the seemingly unrelated regression model. The findings indicate that ES impacts the sustainable development of the energy sector, where positive results can be achieved by implementing coordinated macroeconomic policies. Green energy sources and renewable energy are crucial in this process.

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