Assessment the Role of Renewable Energy in Socio-Economic Development of Rural and Arctic Regions

The paper overviews Russian and foreign studies on renewable energy. In view of some economic and environmental premises, namely depletion of the traditional energy sources and growing costs of their exploitation, a new alley is being paved in scientific literature and global practices for displacing traditional energy resources and providing for a substantial contribution of renewable sources to total energy consumption. In this context, the aim of this study is to determine what role renewable energy will play in the socio-economic security of territories, to identify the potential and possible applications of renewable energy. The main tasks for the study were to: identify the socio-economic implications of the transition from traditional to renewable energy sources, study the foreign experience of implementing renewable energy policies, estimate the potential and evaluate the prospects for renewable energy with the focus on rural northern regions. The potential for renewable energy market growth in Russia was estimated, specifically for the Northwestern macro-region. To provide for socio-economic security, the energy policy being developed must have an environmental and economic orientation. Primary focus in the development of renewable energy sources should be on peripheral regions, which have no electrical grids of their own and are energy deficient