Digitalization of Economics and New Risks in the Leading Industries of FEC

Abstract

This study is due to the need to accelerate the development of digitalization which will increase the competitiveness of corporations in the global energy markets. So far, the issues of digitalization of the economies of many countries, including Russia, are at the stage of accumulating of data and ensuring free access to them, which increases the possibilities of developing its areas, for example, digital power industry {[}1]. The choice of power industry as a priority object of digitalization in Russia is also due to the fact that in its GDP this industry occupies more than 20\% {[}2]. Meanwhile, this must be done in the way that none of the sectors of the fuel and energy complex (FEC), as part of the system, would begin to dominate the others, eliminating the risks of its ``collapse{''} as a single inter-industry complex of the country {[}3]. In other countries with a developed fuel and energy complex, the mining and manufacturing industries also lack the expected dynamics of the digital economy. Moreover, in some places there has even been a certain lag in the resolution of this issue, in comparison with the planned progress. Global energy companies, especially in the oil and gas sector, which are lagging behind in digitalization, may begin to lose competitiveness if they do not implement high-tech solutions that allow the fuel and energy sector to enter new markets for integrated systems and services of intellectual energy {[}4]. The purpose of this study is to develop a series of recommendations for the accelerated development of the digital economy in the fuel and energy sector, aimed at improving the competitiveness of global companies and increasing economic growth rates.