Outcomes of innovative technologies and smart transformation of the energy sector

Smart energy transformation processes include the use of innovative energy technologies and infrastructure and contribute to decreasing the environmental load by reducing greenhouse gas emissions, increasing the quality of service to consumers, ensuring a stable and uninterrupted supply of electricity, and providing the possibility of effective management of energy consumption. Multiple correlation regression analysis is used to test the relationship between the final consumption of electricity and the cost of electricity, import of electricity supply or production meters, including their calibration, electricity production from renewable sources except for hydroelectric power in Ukraine, and total electricity production per person. The study period is 2010–2022. There is a strong direct relationship between the total electricity production per person and the final consumption of electricity, which indicates that an increase in electricity consumption leads to an increase in its output of 17.98% under an optimistic scenario and 50.2% under a pessimistic scenario. Management decisions based on the understanding of the strong dependence between the production and consumption of electricity should be aimed at the balanced development of the energy system, increasing energy efficiency and sustainability, and minimising environmental impact. The smart transformation of the electric power industry should include introducing innovative technologies to improve the efficiency, reliability, and sustainability of energy systems.