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JOURNAL OF MONETARY ECONOMICS AND MANAGEMENT
Journals / JOURNAL OF MONETARY ECONOMICS AND MANAGEMENT / Energy development of the Arctic
UDC 332.13 UDC 332.14

ENERGY DEVELOPMENT OF THE ARCTIC Energy development of the Arctic

Published in JOURNAL OF MONETARY ECONOMICS AND MANAGEMENT · Pages 222–229 · Rubric: SCIENTIFIC ARTICLES
DOI: https://doi.org/10.26118/2782-4586.2025.75.48.078
Received: 06.11.2025 Accepted: 17.11.2025 Published: 17.11.2025
Authors
DM
Dmitriy Yakovenko
ABSTRACT
The Northern Sea Route is the cornerstone of the development strategy not only for the Arctic zone, but also for the Russian Far East. The development of the entire region can be attributed to the development of the Northern Sea Route. However, successful development requires a foundation, and the energy sector serves as such a foundation. Taking into account the climatic conditions of the Arctic, a sufficient amount of energy capacity is a mandatory basis for the realization of any projects. In the USSR, the GOELRO Plan began to be implemented several years before the start of the country's industrialization programme and became the foundation for the development of heavy industry. Now, considering the foreign policy situation, the development of the Arctic is especially relevant. The Northern Sea Route Development Plan envisages the establishment of a chain of seaports, the multiplier effect of which is expected to lead to population growth, the emergence of new energy consumers, and a significant increase in electricity and heat consumption. In recent years, significant investment has been made in the Russian Arctic, and new extractive and processing industries have been established. Without sufficient energy supply, industry cannot develop in the Arctic zone. The need to assess and continuously monitor the sufficiency of the created and emerging energy potential underscores the relevance of this topic. Based on the analysis of statistical data—such as the number of permanent residents, existing and under-construction Arctic extractive enterprises, industrial, transport, logistics, scientific, and other facilities, as well as implemented and planned energy projects—the author assesses the capabilities of the energy sector to support the development of the Arctic economy, including attracting interested foreign investors.
KEYWORDS
Northern Sea Route, electric power, Arctic, diesel power plants, floating nuclear thermal power plant, wind power plant, small nuclear power plant
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