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Assessment of the Impact of Electric Power Production on the Economic Growth of Kazakhstan

Author

Listed:
  • Sholpan Smagulova

    (Department of Finance and Accounting, Kenzhegali Sagadiyev University of International Business, Almaty, Republic of Kazakhstan)

  • Bakhytgul Chereyeva

    (Department of Management, Esil University, Astana, Republic of Kazakhstan)

  • Saltanat Zhakupova

    (Department of Management and Business, Kenzhegali Sagadiyev University of International Business, Almaty, Republic of Kazakhstan)

  • Saule Intykbayeva

    (Department of Finance, Almaty Humanitarian-Economic University, Almaty, Republic of Kazakhstan)

  • Bayan Abdulina

    (PhD Student of the Educational Program Public Administration, Narxoz University, Almaty, Republic of Kazakhstan)

  • Taizhan Sarzhanov

    (Department of Business and Management, International Transport and Humanities University, Almaty, Republic of Kazakhstan)

  • Gulnar Abdulina

    (Doctor of PhD, Educational program HR and Business Planning, Narxoz University, Almaty, Republic of Kazakhstan)

  • Aigerim Abeldanova

    (Department of International Tourism Management, Kazakh University of International Relations and World Languages named after Abylai Khan, Almaty, Republic of Kazakhstan)

Abstract

This scientific research is devoted to the analysis of the impact of the development of the energy industry on economic growth in Kazakhstan. The work assesses the economic development of the country using the example of a comparative analysis of the state of the GDP level from 2011 to 2023. Particular emphasis is placed on increasing industrial production of finished goods. It stands out here that to ensure economic growth, the rapid pace of development of the domestic energy sector is not enough. The study emphasizes that electricity generation mainly comes from thermal power plants using coal. There is a high level of equipment depreciation and wear and tear, which leads to significant harmful emissions, delivery losses and a decline in electricity generation. Some attention is paid to intensifying the construction of renewable energy sources. Here, an economic and mathematical model was built and forecasting was implemented in order to determine the factors affecting the growth of electricity generation in Kazakhstan. To solve energy shortage issues and achieve economic growth, an investment mechanism is proposed using the example of PPP infrastructure energy projects. In order to enhance the influx of investment in the reconstruction and construction of new Kazakh energy facilities, mutually beneficial cooperation between the state and business within the framework of PPP approaches is justified. Key problems are identified and measures for economic growth and stimulation of development of the energy complex are proposed. It is recommended to intensify investments in the construction of nuclear power plants, new renewable energy facilities and innovative power plants.

Suggested Citation

  • Sholpan Smagulova & Bakhytgul Chereyeva & Saltanat Zhakupova & Saule Intykbayeva & Bayan Abdulina & Taizhan Sarzhanov & Gulnar Abdulina & Aigerim Abeldanova, 2024. "Assessment of the Impact of Electric Power Production on the Economic Growth of Kazakhstan," International Journal of Energy Economics and Policy, Econjournals, vol. 14(4), pages 391-407, July.
    • Handle: RePEc:eco:journ2:2024-04-36
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    References listed on IDEAS

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    More about this item

    Keywords

    Economic Growth; GDP; Electric Power Industry; Power Plants; Renewable Energy Sources; Electricity Generation;
    All these keywords.

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • D2 - Microeconomics - - Production and Organizations
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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