Electric power market: Competition in the conditions of global change and digitalization

The present paper examines the actual problem of changing conditions of competition in the electricity market, considering the peculiarities of its development in the context of global changes and digitalization. This study is aimed at developing ap-proaches to mitigate state and interstate regulation of the development of competitive market conditions through the creation of prerequisites for freer compe-tition. The authors analyze the features of the electric-ity market based on the special nature of the electro-magnetic processes in electrical circuits, obeying ob-jective physical laws, causing the technological fea-tures of the process of production, as well as trans-mission and consumption of electrical energy. It is shown that the features of this market, including the active development of digitalization, have a serious impact on the creation of conditions for freer com-petition. In order to improve the efficiency of the elec-tricity supply sector, the necessity of re-forming the conditions of competition in the electricity market is justified regarding the use of digitalization as a tool to improve the industry's technological processes. The materials of the present paper are of practical value for various organizations engaged in business in the field of electricity, the functioning of digital enter-prises, government agencies, as well as specialists in the electric power industry. The approaches formu-lated in the paper can be used in practice in the de-velopment and implementation of a new set of measures to develop competitive conditions in the studied market, making management decisions based on digital technology, big data and artificial intelli-gence. © ExcelingTech Pub, UK