With help of panel data, the paper establishes the relationship between the development of renewable energy and (1) the prices of fossil energy, (2) hydrocarbons production to consumption ratio, (3) corruption index and (4) country technological development factor. All observed factors have shown significant influence on renewable energy consumption. Was received 1% change of price for hydrocarbons causes 1.05% change of RES consumption. In the context of cheap fossil energy resources, fundamental technological restructuring of renewable energy will be required to improve its competitiveness.
