Energy Economics最新文献

Zooming in or zooming out: Energy strategy, developmental parity and regional entrepreneurial dynamism 放大或缩小：能源战略、发展均势和地区创业活力

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-11-10 DOI: 10.1016/j.eneco.2024.108021

Yanru Deng , Rabindra Nepal , Xuefeng Shao , Chante Jian Ding , Zhan Wu

{"title":"Zooming in or zooming out: Energy strategy, developmental parity and regional entrepreneurial dynamism","authors":"Yanru Deng , Rabindra Nepal , Xuefeng Shao , Chante Jian Ding , Zhan Wu","doi":"10.1016/j.eneco.2024.108021","DOIUrl":"10.1016/j.eneco.2024.108021","url":null,"abstract":"<div><div>In this paper, we analyze the economic impacts of the <em>West-East Electricity Transmission Project</em> (WEETP) project using the multi-period <em>difference-in-difference</em> (DID) method based on county-level data from 2000 to 2020. Our findings indicate that the WEETP project inhibits firm entry in electricity-exporting regions while encouraging firm entry in electricity-importing regions, thus hindering regional development equalization. Specifically, the initiation of WEETP discouraged firm activity in the southern and central corridors' exporting regions but boosted firm activity in the northern corridor. Additionally, WEETP exacerbated infrastructure overbuilding and environmental damage in energy-exporting regions, further weakening <em>entrepreneurial dynamism</em> (ED) and widening the development gap with energy-importing regions. Our study provides insights into the real impact of national energy strategies on regional development and highlights the institutional factors contributing to the resource curse. The findings demonstrate the limitations of non-market pricing approaches to resource allocation, thereby offering an empirical basis for narrowing the development gap and promoting developmental affirmative action.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 108021"},"PeriodicalIF":13.6,"publicationDate":"2024-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660763","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

How financial derivatives affect energy firms' ESG 金融衍生品如何影响能源企业的环境、社会和公司治理

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-11-10 DOI: 10.1016/j.eneco.2024.108028

Mengxu Xiong , Chen Liu , Junyi Xiang

引用次数: 0

The performance of renewable-rich wholesale electricity markets with significant energy storage and flexibility 可再生能源丰富的电力批发市场的表现，以及大量的能源储存和灵活性

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-11-10 DOI: 10.1016/j.eneco.2024.108026

Yimin Zhang, Dominic Davis, Michael J. Brear, Andrea Vecchi

{"title":"The performance of renewable-rich wholesale electricity markets with significant energy storage and flexibility","authors":"Yimin Zhang, Dominic Davis, Michael J. Brear, Andrea Vecchi","doi":"10.1016/j.eneco.2024.108026","DOIUrl":"10.1016/j.eneco.2024.108026","url":null,"abstract":"<div><div>This work investigates the technical and financial performance of deeply decarbonised wholesale electricity markets with uncertain variable renewable generation (VRG), uncertain demand and different types of flexibility. It first finds that different combinations of power reserves (i.e. power generation capacity) and energy reserves (i.e. energy storage capacity), can achieve adequate system reliability at similar total costs. However, use of only energy reserves never achieved adequate system reliability, and this looks to be a fundamental challenge to the reliability of systems with only energy reserves but no power reserves. Two independent aspects of wholesale market operations are then found to be the main determinants of system reliability: the length of the unit commitment (UC) schedule <em>prior to dispatch</em> and the degree of operational uncertainty of VRG <em>during dispatch</em>.</div><div>It is then argued that reliable, least cost and efficient wholesale markets with dominant renewables need acceptably low levels of operational uncertainty of VRG, sufficient flexibility in generation and/or demand, and UC schedules that are significantly longer than the longest energy storage durations present. Rather than suggesting that innovation in market design is required, these results therefore suggest that different technical approaches should have important, future roles. These include mitigating the operational uncertainty of VRG via several potential means as well as flexible generation, battery storage of a few hours duration and flexible electrolysis. Long duration energy storage, however, may challenge market performance and all participants’ returns even if it supports system reliability.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 108026"},"PeriodicalIF":13.6,"publicationDate":"2024-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660774","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Retraction notice to “Geopolitical oil price uncertainty transmission into core inflation: Evidence from two of the biggest global players” Energy Economics Volume 126, October 2023, 106,983. 地缘政治油价不确定性传导至核心通胀》的撤回通知：能源经济学》第 126 卷，2023 年 10 月，106,983 页。

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-11-09 DOI: 10.1016/j.eneco.2024.108025

Chien-Chiang Lee , Godwin Olasehinde-Williams , Oktay Özkan

引用次数: 0

Performance of energy ETFs and climate risks 能源 ETF 的表现与气候风险

IF 12.8 2区经济学

Energy Economics Pub Date : 2024-11-08 DOI: 10.1016/j.eneco.2024.108031

Minh Nhat Nguyen, Ruipeng Liu, Youwei Li

引用次数: 0

Revisiting the crisis: An empirical analysis of the NEM suspension 重新审视危机：对非股权激励计划暂停的实证分析

IF 12.8 2区经济学

Energy Economics Pub Date : 2024-11-08 DOI: 10.1016/j.eneco.2024.107983

Arvind Rangarajan, Jiri Svec, Sean Foley, Stefan Trück

{"title":"Revisiting the crisis: An empirical analysis of the NEM suspension","authors":"Arvind Rangarajan, Jiri Svec, Sean Foley, Stefan Trück","doi":"10.1016/j.eneco.2024.107983","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.107983","url":null,"abstract":"This paper examines the suspension of the Australian National Electricity Market (NEM) that occurred in June 2022. Our study aims to (i) identify the key factors leading to the market suspension, (ii) investigate the behaviour of market participants and price outcomes during this period, and (iii) provide important recommendations for policy and decision-makers related to avoiding or managing crises in wholesale electricity markets. We contribute to the literature by focusing on a severe market crisis event, thoroughly examining generator bidding, dispatch and spot price dynamics over different time periods around the suspension event. Our study examines these dynamics at a high degree of granularity, presenting results at the generator fuel level and for different sub-samples, including the pre-crisis period, the built-up of the crisis, the suspension period, and after the crisis. Our empirical findings highlight that policymaking, in particular the set level of the administered price cap, as well as a lack of reliable substitutes for fossil fuel generation, were leading causes for the suspension. Further, our analysis finds limited evidence of strategic bidding on average but does not deny its possibility at granular levels. Finally, we propose policy implications based on our findings to ensure a well-functioning NEM that can facilitate a smooth energy transition.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"22 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142665659","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Novel and old news sentiment in commodity futures markets 商品期货市场的新旧新闻情绪

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-11-08 DOI: 10.1016/j.eneco.2024.108006

Yeguang Chi, Lina El-Jahel, Thanh Vu

引用次数: 0

The interaction of income inequality and energy poverty on global carbon emissions: A dynamic panel data approach 收入不平等与能源贫困对全球碳排放的相互作用：动态面板数据方法

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-11-08 DOI: 10.1016/j.eneco.2024.108027

Feng Wang , Mengdie Qu

{"title":"The interaction of income inequality and energy poverty on global carbon emissions: A dynamic panel data approach","authors":"Feng Wang , Mengdie Qu","doi":"10.1016/j.eneco.2024.108027","DOIUrl":"10.1016/j.eneco.2024.108027","url":null,"abstract":"<div><div>Income inequality and energy poverty are critical obstacles to the worldwide low-carbon transformation and deeply affect human behavior. Applying a dynamic panel data model, this study investigates the effect of income inequality and energy poverty on global carbon emissions. We determine the effect of the interaction between income inequality and energy poverty on the global low-carbon transformation based on a panel data set of 193 countries from 1990 to 2019. A one standard deviation decrease in the Gini coefficient causes a 2.98 % decrease in carbon emissions per capita, with the median value of energy poverty. However, in poor countries where the proportion of population with access to electricity is less than 86.0 %, reducing income inequality will increase carbon emissions. The role of energy poverty on carbon emissions per capita is also affected by income inequality. When the Gini coefficient is lower than 0.461, increasing access to electricity will reduce carbon emissions. In contrast, when the Gini coefficient is higher than the critical value of 0.461, increased access to electricity will raise carbon emissions. These findings indicate a new strategy for advancing low-carbon transformation based on the interrelationship between income equality and energy poverty eradication.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 108027"},"PeriodicalIF":13.6,"publicationDate":"2024-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660768","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Distributive justice concerns when combating air pollution: The joint modelling of attitudes and preferences 治理空气污染时的分配公正问题：态度和偏好的联合建模

IF 12.8 2区经济学

Energy Economics Pub Date : 2024-11-08 DOI: 10.1016/j.eneco.2024.107978

Anna Małgorzata Bartczak, Wiktor Budziński, Ulf Liebe, Jurgen Meyerhoff

引用次数: 0

Systemic risk spillovers among global energy firms: Does geopolitical risk matter? 全球能源企业的系统风险溢出效应：地缘政治风险重要吗？

IF 13.6 2区经济学

Energy Economics Pub Date : 2024-11-07 DOI: 10.1016/j.eneco.2024.108036

Jiahao Liu , Bo Zhu , Xin Hu

{"title":"Systemic risk spillovers among global energy firms: Does geopolitical risk matter?","authors":"Jiahao Liu , Bo Zhu , Xin Hu","doi":"10.1016/j.eneco.2024.108036","DOIUrl":"10.1016/j.eneco.2024.108036","url":null,"abstract":"<div><div>In recent years, the worsening global geopolitical conditions have led investors and policy makers to become increasingly concerned about systemic risk in the global energy market. However, the existing literature has little empirical evidence on this problem from a geopolitical perspective. Based on an Elastic-Net-VAR model for depicting high-dimensional left-tail interdependence, this paper measures time-varying systemic risk spillovers among 212 energy firms in 36 countries. Then, a panel data model is established to examine the impact of geopolitical risk (GPR) on risk spillovers. Our results indicate that the GPR of a country directly intensifies the risk spillovers of the country's energy firms, as well as spreads to other countries based on geographic proximity and energy trade flows and indirectly intensifies the risk spillovers of the energy firms in these countries. Specifically, the indirect effects of GPR are more pronounced than the direct effects for fossil fuel firms, in oil-consuming countries, and during stable periods in global geopolitics. Moreover, the potential firm-level mechanisms through which GPR intensifies risk spillovers are declines in asset turnover, deceleration in corporate investment, and negative market forecasts. These findings can help to mitigate the adverse effects of GPR on energy firm performance, national energy security, and stability in the global energy market.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 108036"},"PeriodicalIF":13.6,"publicationDate":"2024-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660770","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0