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Today the world is faced with an unprecedented uncertainty in energy sector

May 3, 2019 0 Comment

Today the world is faced with an unprecedented uncertainty in energy sector. The basic challenge that underlies the global economic growth and human development is fundamental requirement for reliable, affordable, clean and secure energy supplies. The World Energy Issues Monitor 2014 (World Energy Council, 2014, pp. 6-7) discusses the challenges faced by today’s energy leaders. The three main challenges of energy security, energy equity and environmental sustainability are referred to as the “energy trilemma”. The primary hurdle of economic development faced by the elected governments and policy makers is creating a framework that simultaneously delivers a secure, affordable and environmentally sustainable energy system. So they have to make daunting and critical decisions in developing energy sources and expand the infrastructure for the delivery of energy from the source to the consumer. Amidst all challenges and bottlenecks in sourcing and distribution, the aptitude for energy consumption is on a constant rise. In comparison to 2012 there was a net increase in energy consumption in 2013.