TIME DESCRIPTION OF ECONOMIC REFORMS

The European energy crisis not only led to an increase in energy prices but also to a recession in the Moldovan economy. After the end of the energy crisis, stagnation was registered in Moldova. The recession and subsequent stagnation led to an increase in the number of people living below the poverty line, as well as to the rise in energy poverty. Thus, in these circumstances, the study of energy vulnerability and its impact on the quality of life has become especially relevant. Therefore, the main research problem in this article is to analyze energy vulnerability as a risk factor for the decline in the quality of life in Moldova. The aim of the research is to assess the relationship between energy vulnerability and quality of life in Moldova. The main objectives of this study are to analyze the theoretical aspects of the concept of energy vulnerability, identify and analyze the determinants of energy vulnerability, and conduct an empirical assessment of the impact of energy vulnerability on households in Moldova. The object of the study is energy vulnerability and its impact on the quality of life. The article examines the theoretical aspects of the concept of energy vulnerability, as well as the determinants of energy vulnerability. Research methods: abstract logical method, comparative analysis method, statistical and economic methods. The central hypothesis: Moldova’s energy vulnerability at the macro level is transformed into a decline in the quality of life and into deprivation of households at the micro level. The statement of basic materials: The conducted empirical analysis showed that Moldova is vulnerable to external energy shocks, as it mainly imports energy resources. Domestic primary energy production covered 22.2% of total energy consumption, while domestic electricity production covered 11.3% of total electricity consumption in 2023. The primary sources of electricity are the CHP (Combined Heat and Power) plants in Chisinau and Balti, as well as the growing green energy. But, unfortunately, the share of renewable energy is still small. Moldova is pursuing a strategy of energy resource diversification to strengthen energy security. To this end, the synchronization of Moldovan power grids with the European ENTSO-E (European Network of Transmission System Operators for Electricity) network and the construction of the Iasi-Ungheni-Chisinau gas pipeline were carried out. However, the implementation of these projects has not yet yielded tangible results. The main reason is the increase in the price of energy resources, which has negatively affected the competitiveness of goods, as their prices have also risen due to the rise in energy costs. As a result, there is a decline in production and an increase in the number of unemployed, which negatively affects the quality of life. At the same time, the increase in tariffs for energy resources has led to a rise in the share of energy expenditure above 10% of total consumer spending, which indicates both energy poverty and a decrease in the quality of life of the population. The originality and practical significance of the study: This study contributes to the scientific literature by presenting the results of an empirical analysis using the example of a country with a high dependence on energy imports. In this paper, the authors examine how the impact of external shocks on energy vulnerability is manifested in the quality of life of the population. Conclusions and prospects for further research: The results of the study revealed that energy vulnerability is a persistent issue in Moldova. It is leading to energy poverty and limiting the basic opportunities of the population to access quality food, to purchase clothes and shoes, since, within the available budget, households are forced to reduce other expenditure items to cover the costs of heating, hot water, and electricity. The transition to lower-quality nutrition leads to health problems. Thus, energy vulnerability will lead to a decrease in the quality of life and is an obstacle to a decent life.

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