Effects of Costly Power on Industrial Market Growth and Significance of Promoting Cost-Effectiveness Using Renewable Energy Sources


Authors : Abdirizak Yasin Yusuf; Abdullahi Aweis Afwah; Mohamed Abdirahman Sid Ahmed

Volume/Issue : Volume 9 - 2024, Issue 5 - May

Google Scholar : https://tinyurl.com/2z7bec5u

Scribd : https://tinyurl.com/28hxdtmc

DOI : https://doi.org/10.38124/ijisrt/IJISRT24MAY1605

Abstract : Over the next 20 years, a rising portion of the world's energy demand will be accounted for using electricity. A renewed interest in the development of alternative energy sources has emerged in recent years because of rising fossil fuel prices and worries about the environmental effects of greenhouse gas emissions. Renewable energy is currently being compared to nuclear energy because of its low risk and disaster. Investment in renewable energy and energy efficiency is important to reduce the negative economic, social, and environmental impacts of energy production and consumption in Somalia. Currently, renewable energy contributes relatively little to primary energy and even less to the consumption of commercial energy. In this regard, several strategies can be implemented to reduce high-cost electricity, such as increasing the use of renewable energy sources and promoting technological innovation. Reduction of high electricity costs and creation of a sustainable energy source to advance, two main solutions can be implemented: replacing fossil fuels with renewable energy sources as much as possible and improving energy efficiency. In this article, we discuss the use of renewable energy sources and alternative technologies to improve energy efficiency.

Keywords : Renewable Energy, Electricity, Energy Resources, Energy use Efficiency, Industrial Market Growth, Cost Reduction.

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Over the next 20 years, a rising portion of the world's energy demand will be accounted for using electricity. A renewed interest in the development of alternative energy sources has emerged in recent years because of rising fossil fuel prices and worries about the environmental effects of greenhouse gas emissions. Renewable energy is currently being compared to nuclear energy because of its low risk and disaster. Investment in renewable energy and energy efficiency is important to reduce the negative economic, social, and environmental impacts of energy production and consumption in Somalia. Currently, renewable energy contributes relatively little to primary energy and even less to the consumption of commercial energy. In this regard, several strategies can be implemented to reduce high-cost electricity, such as increasing the use of renewable energy sources and promoting technological innovation. Reduction of high electricity costs and creation of a sustainable energy source to advance, two main solutions can be implemented: replacing fossil fuels with renewable energy sources as much as possible and improving energy efficiency. In this article, we discuss the use of renewable energy sources and alternative technologies to improve energy efficiency.

Keywords : Renewable Energy, Electricity, Energy Resources, Energy use Efficiency, Industrial Market Growth, Cost Reduction.

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