Author, Institution: Darius Karaša, Lithuanian Energy Institute
Science area, field of science: Social Sciences, Economics, S004
Research supervisor: Prof. Dr. Dalia Štreimikienė (Lithuanian Energy Institute, Social Sciences, Economics, S004)
Research consultant: Prof. Dr. Stasys Albinas Girdzijauskas (Vilnius University, Social Sciences, Economics, S004)
Dissertation Defence Board of Economics Science Field:
Chief Researcher Dr. Inga Konstantinavičiūtė (Lithuanian Energy Institute, Social Sciences, Economics, S004) – chairperson
Assoc. Prof. Dr. Asta Baliutė (Kaunas University of Technology, Social Sciences, Economics, S004)
Prof. Dr. Hab. Tudor Edu (Kaunas University of Technology, Social Sciences, Management, S003)
Prof. Dr. Astrida Miceikienė (Vytautas Magnus University, Social Sciences, Economics, S004)
Prof. Dr. Vytautas Snieška (Kaunas University of Technology, Social Sciences, Economics, S004)
Dissertation defence meeting will be at the conference room at Lithuanian Energy Institute (Breslaujos 3 – 202, Kaunas)
The doctoral dissertation is available at the library of Kaunas University of Technology (Gedimino 50, Kaunas) and on the internet
© D. Karaša, 2026 “The text of the thesis may not be copied, distributed, published, made public, including by making it publicly available on computer networks (Internet), reproduced in any form or by any means, including, but not limited to, electronic, mechanical or other means. Pursuant to Article 25(1) of the Law on Copyright and Related Rights of the Republic of Lithuania, a person with a disability who has difficulties in reading a document of a thesis published on the Internet, and insofar as this is justified by a particular disability, shall request that the document be made available in an alternative form by e-mail to doktorantura@ktu.lt.”
Annotation: Rapidly growing investments in renewable energy promote its expansion, but also increase the risks of saturation and financial bubbles. These processes are examined through Financial Saturation Theory based on the logic of limited growth. The theoretical analysis focuses on saturation level, elasticity, feedback mechanisms, Market Duality, and the Saturation Paradox. Financial bubbles are explained as an endogenous phenomenon in systems with limited capacity. Based on this analysis, the dissertation develops and applies a model that assesses saturation level using price, accumulated capital, and installed capacity indicators. The model identifies growth stages and Bifurcation Points and distinguishes between productive and destructive bubbles according to saturation dynamics and the subsequent development of the system. The model is applied to the biomass-based district heating system in the Kaunas region, renewable energy equity indices, and global installed capacity projections for solar, wind, battery storage, and renewable energy as a whole. The results show that increasing saturation may accelerate growth and increase profitability, but at the same time reduce system stability and increase sensitivity to shocks. Sustainable development based on renewable energy may therefore become unsustainable when investment-driven expansion exceeds the system’s capacity to absorb capital. The developed model can be used as an early warning tool for identifying growth stages, Bifurcation Points, and financial bubble risks.
18th of September, 2026, 10:00
Conference room at Lithuanian Energy Institute (Breslaujos 3 – 202)
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