Energy Economics最新文献

{"title":"Energy transition under twin shocks: Geopolitical and macrofinancial risks","authors":"Mehmet Ulug, Roxana Andrei","doi":"10.1016/j.eneco.2025.108949","DOIUrl":"https://doi.org/10.1016/j.eneco.2025.108949","url":null,"abstract":"The Greater North European Energy Corridor (GNEEC) – comprising Belgium, Denmark, Finland, Germany, the Netherlands, Norway, Sweden, and the United Kingdom - stands as a vital core for Europe's renewable energy ambitions, while facing rising geopolitical and macro-financial pressures. This study explores how Composite Geopolitical Risk (CGR) and macro-financial pressure have driven the energy transition within the GNEEC from 1990 to 2023, alongside the roles of economic growth and environmental innovation. Using the Method of Moments Quantile Regression (MMQR) approach, the results reveal strong heterogeneity along the green transition pathway. CGR has a consistently positive and rising effect on renewable deployment <mml:math altimg=\"si3.svg\"><mml:mfenced close=\")\" open=\"(\"><mml:mrow><mml:mo>≈</mml:mo><mml:mn>1.05</mml:mn><mml:mspace width=\"0.25em\"></mml:mspace><mml:mi mathvariant=\"italic\">at</mml:mi><mml:mspace width=\"0.25em\"></mml:mspace><mml:mi>τ</mml:mi><mml:mo>=</mml:mo><mml:mn>0.1</mml:mn><mml:mspace width=\"0.25em\"></mml:mspace><mml:mi mathvariant=\"italic\">to</mml:mi><mml:mo>≈</mml:mo><mml:mn>1.81</mml:mn><mml:mspace width=\"0.25em\"></mml:mspace><mml:mi mathvariant=\"italic\">at</mml:mi><mml:mspace width=\"0.25em\"></mml:mspace><mml:mi>τ</mml:mi><mml:mo>=</mml:mo><mml:mn>0.9</mml:mn></mml:mrow></mml:mfenced></mml:math>, showing that geopolitical tensions accelerate diversification, especially among transition leaders. In contrast, macro-financial pressures driven by monetary tightening hinder renewables <mml:math altimg=\"si4.svg\"><mml:mfenced close=\")\" open=\"(\"><mml:mrow><mml:mo>≈</mml:mo><mml:mo>−</mml:mo><mml:mn>0.44</mml:mn><mml:mspace width=\"0.25em\"></mml:mspace><mml:mi mathvariant=\"italic\">at</mml:mi><mml:mspace width=\"0.25em\"></mml:mspace><mml:mi>τ</mml:mi><mml:mo>=</mml:mo><mml:mn>0.1</mml:mn><mml:mspace width=\"0.25em\"></mml:mspace><mml:mi mathvariant=\"italic\">to</mml:mi><mml:mo>≈</mml:mo><mml:mo>−</mml:mo><mml:mn>0.27</mml:mn><mml:mspace width=\"0.25em\"></mml:mspace><mml:mi mathvariant=\"italic\">at</mml:mi><mml:mspace width=\"0.25em\"></mml:mspace><mml:mi>τ</mml:mi><mml:mo>=</mml:mo><mml:mn>0.9</mml:mn></mml:mrow></mml:mfenced><mml:mo>,</mml:mo></mml:math>with financing costs constraining early-stage adopters more severely. Similarly, economic growth slows the clean share <mml:math altimg=\"si5.svg\"><mml:mfenced close=\")\" open=\"(\"><mml:mrow><mml:mo>≈</mml:mo><mml:mo>−</mml:mo><mml:mn>77</mml:mn><mml:mspace width=\"0.25em\"></mml:mspace><mml:mi mathvariant=\"italic\">at</mml:mi><mml:mspace width=\"0.25em\"></mml:mspace><mml:mi>τ</mml:mi><mml:mo>=</mml:mo><mml:mn>0.1</mml:mn><mml:mspace width=\"0.25em\"></mml:mspace><mml:mi mathvariant=\"italic\">to</mml:mi><mml:mo>≈</mml:mo><mml:mo>−</mml:mo><mml:mn>1.25</mml:mn><mml:mspace width=\"0.25em\"></mml:mspace><mml:mi mathvariant=\"italic\">at</mml:mi><mml:mspace width=\"0.25em\"></mml:mspace><mml:mi>τ</mml:mi><mml:mo>=</mml:mo><mml:mn>0.9</mml:mn></mml:mrow></mml:mfenced></mml:math>, as rebound and scale effects o","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"21 1","pages":"108949"},"PeriodicalIF":12.8,"publicationDate":"2025-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145242022","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}

{"title":"Financial literacy and clean energy adoption in South Africa","authors":"Isaac Koomson ,&nbsp;Sefa Awaworyi Churchill ,&nbsp;Russell Smyth","doi":"10.1016/j.eneco.2025.108927","DOIUrl":"10.1016/j.eneco.2025.108927","url":null,"abstract":"<div><div>We examine the causal effect of financial literacy on clean energy adoption in South Africa. Our main estimates, in which we instrument for financial literacy with mathematics education received, suggest that a unit increase in financial literacy causes a 14.1 percentage point increase in the likelihood of adopting clean energy for cooking, heating or lighting. The magnitude of the size effect when clean lighting use is considered separately is similar to the composite measure, while the effect sizes for clean cooking and heating are much larger. The heterogeneity results suggest that the effect of financial literacy on clean energy adoption is larger in households with a male household head and in households located in rural areas. These findings are robust to alternative estimation methods, alternative identification methods that do not rely on an external instrument and ways of measuring financial literacy. We find that entrepreneurship, financial inclusion and generalized trust are channels through which financial literacy influences clean energy adoption. We conclude by suggesting policies for promoting financial literacy and each of the channels through which financial literacy affects clean energy use to enable households to make sustainable energy choices.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"151 ","pages":"Article 108927"},"PeriodicalIF":14.2,"publicationDate":"2025-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145218028","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}

{"title":"Disorderly transitions: How governance and fiscal asymmetries shape clean energy spillovers in Europe","authors":"Vasilis Nikou","doi":"10.1016/j.eneco.2025.108945","DOIUrl":"10.1016/j.eneco.2025.108945","url":null,"abstract":"<div><div>The study explores the institutional and fiscal determinants of clean energy (CLEAN) adoption across 14 European Union member states between 2010 and 2019, uncovering how governance quality, procurement practices, public investment, and banking sector fragility shape renewable energy shares both domestically and across borders. The findings reveal that non-competitive procurement, though occasionally used to expedite renewable projects under decarbonization deadlines, significantly undermines CLEAN outcomes when accounting for endogeneity and generates negative spillovers that erode investor trust in neighboring states. Similarly, banking distress, measured through non-performing loan ratios, stimulates domestic CLEAN investment via compensatory fiscal interventions, yet depresses cross-border capital flows vital to collective decarbonization goals. Public capital expenditure is shown to misalign with CLEAN objectives, often reinforcing fossil-dependent infrastructure, with statistically significant spillover effects that hinder regional progress. While environmental policy stringency is a strong driver of CLEAN in institutionally mature countries, its effects weaken where regulatory enforcement is uneven. The study underscores the critical role of contract monitoring and procurement transparency in shaping effective renewable strategies and highlights the need for coordinated policy frameworks that internalize externalities. These findings offer direct implications for EU cohesion policy, fiscal programming, and regulatory harmonization aimed at a just and efficient energy transition.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"151 ","pages":"Article 108945"},"PeriodicalIF":14.2,"publicationDate":"2025-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145218029","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}

{"title":"Trade, renewable energy, and market power in power markets","authors":"Kurt R. Brekke ,&nbsp;Odd Rune Straume ,&nbsp;Lars Sørgard","doi":"10.1016/j.eneco.2025.108763","DOIUrl":"10.1016/j.eneco.2025.108763","url":null,"abstract":"<div><div>Energy markets are shifting towards renewable sources and increased integration, but the implications under market power remain underexplored. We analyse a model with a home region relying on storable hydropower — where a dominant firm competes with a fringe — and a foreign region with intermittent wind power and competitive pricing. When trade is possible and wind conditions drive high prices in the first period and low prices in the second, the dominant firm may reallocate production towards the low-price period to raise domestic prices. Under constrained transmission, this behaviour can remove the bottleneck in the low-price period, resulting in <em>de facto</em> integration. Paradoxically, increasing production or transmission capacity may raise domestic prices due to strategic withholding. While market power boosts firm profits, it may also benefit domestic consumers, suggesting that more competition does not always improve welfare. Thus, the policy implication is that market power makes the effects of network integration in the presence of renewable energy and large price fluctuations less clear cut.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"151 ","pages":"Article 108763"},"PeriodicalIF":14.2,"publicationDate":"2025-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145218030","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}

{"title":"Electricity consumption: The role of grid reliability in appliance ownership and usage in Rwanda","authors":"Joel Mugyenyi ,&nbsp;Gabriel Gonzalez Sutil ,&nbsp;Vijay Modi","doi":"10.1016/j.eneco.2025.108907","DOIUrl":"10.1016/j.eneco.2025.108907","url":null,"abstract":"<div><div>Using household survey data and electricity reliability data, this study analyzes the relationship between grid reliability and appliance ownership and usage in Rwanda, a low-income country in Sub-Saharan Africa. We estimate the effect of reliability on household appliance ownership by employing lightning as an instrumental variable for grid reliability. The findings reveal that while grid reliability has a limited effect on the total number of appliances owned, it significantly influences the types of appliances households choose to acquire. Higher outage frequencies are linked to reduced ownership of entertainment devices, such as televisions and decoders, particularly in low-income households. Conversely, high-income households in low-reliability areas tend to reduce their ownership of high-energy, costly appliances, like fridges and cookers. The study further explores how appliance ownership affects electricity consumption by estimating the conditional demand. The findings suggest that improving grid reliability could modestly enhance electricity consumption among wealthier households, though complementary policies targeting the affordability gap are needed to encourage low-income households to increase their consumption as well. Consistent with prior research, income remains a significant barrier to both appliance ownership and usage in low-income households.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"151 ","pages":"Article 108907"},"PeriodicalIF":14.2,"publicationDate":"2025-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145218026","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}

{"title":"Does privatization hurt ESG? The role of state-owned imprinting","authors":"Saiya Mou ,&nbsp;Xinquan Wang ,&nbsp;Feng Hu","doi":"10.1016/j.eneco.2025.108946","DOIUrl":"10.1016/j.eneco.2025.108946","url":null,"abstract":"<div><div>Privatization is widely regarded as a strategy to improve corporate financial performance and stimulate economic growth. However, its non-market outcomes, particularly regarding environmental, social, and governance (ESG) performance, remain underexplored. This study investigates how privatization affects ESG performance. We argue that privatization detaches the responsibility associated with ownership origins, allowing firms to refocus on economic goals and reduce political and social constraints. As a result, financial performance may improve at the expense of ESG performance. Using data from 1635 Chinese listed firms and 5006 firm-year observations, we find that privatization boosts financial performance but adversely affects ESG performance, especially governance performance. We further show that the legacy effects of state ownership are contingent: individual-level imprints (i.e., executives and employees) weaken the impact of privatization, while organizational-level imprints strengthen it. These findings offer new insights into the non-economic consequences of privatization and provide policy implications for determining which types of state-owned enterprises to privatize to better balance financial and ESG goals.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"151 ","pages":"Article 108946"},"PeriodicalIF":14.2,"publicationDate":"2025-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145218025","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}

{"title":"Risk-averse transition pathway for China's power system facing high variable renewable energy penetration","authors":"Siqi Zhao ,&nbsp;Dequn Zhou ,&nbsp;Hao Ding ,&nbsp;Qunwei Wang","doi":"10.1016/j.eneco.2025.108943","DOIUrl":"10.1016/j.eneco.2025.108943","url":null,"abstract":"<div><div>The high penetration of variable renewable energy (VRE) poses significant challenges to power system security, due to exacerbated weather vulnerability. To address these risks, a diversified portfolio of flexible options must be deployed, necessitating a multi-technology optimization approach. This study integrates risk aversion into the capacity expansion and grid connection model using the Conditional Value-at-Risk (CVaR) method. Optimal transition pathways for China's power systems are developed under risk-free (RF), risk-neutral (RN) and risk-averse (RA) scenarios. It's revealed that while VRE penetration will continue to rise nationally, resistance intensifies as regional installed capacity approaches its technical ceiling, exacerbating regional heterogeneity, particularly under RA conditions. Effective grid support and operation dispatch are critical for managing source-load uncertainties. A strategic trade-off between risk aversion (ex-ante costs) and risk loss (ex-post costs) is made to achieve an economically optimal transition. Based on these insights, we suggest prioritizing the assessment of VRE-associated risks and strengthening risk management throughout the entire power system transition process.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"151 ","pages":"Article 108943"},"PeriodicalIF":14.2,"publicationDate":"2025-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145156518","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}

{"title":"Corrigendum to ‘Energy poverty in Uganda: Evidence from a multidimensional approach’ [Energy Economics Volume 101, September 2021, 105445]","authors":"Vincent Fred Ssennono ,&nbsp;Joseph M. Ntayi ,&nbsp;Faisal Buyinza ,&nbsp;Francis Wasswa ,&nbsp;Sylvia Manjeri Aarakit ,&nbsp;Chris Ndatira Mukiza","doi":"10.1016/j.eneco.2025.108923","DOIUrl":"10.1016/j.eneco.2025.108923","url":null,"abstract":"","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"151 ","pages":"Article 108923"},"PeriodicalIF":14.2,"publicationDate":"2025-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145156140","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}

{"title":"Optimal carbon emission path under uncertainty: Physical risks and transition risks","authors":"Shuhua Chang ,&nbsp;Kaixuan Hu ,&nbsp;Xinyu Wang","doi":"10.1016/j.eneco.2025.108914","DOIUrl":"10.1016/j.eneco.2025.108914","url":null,"abstract":"<div><div>To quantify the physical risks and transition risks associated with climate change, while analyzing the impact of uncertainty, we develop a dynamic stochastic general equilibrium model. It explores how the social planner maximizes social welfare objectives while accounting for risk preferences over uncertainty in climate, production, and investment. We obtain an optimal carbon tax path within a market economy to inform decisions made by businesses and governments. For a simple scenario, we provide analytical solutions for the Hamilton–Jacobi-Bellman (HJB) equations. We identify the trade-off between physical risks and transition risks affected by climate change. Under the optimal carbon emission path, we further discover the relationship between stock price and carbon tax. Specifically, this is reflected in the consistency of the trends and their impacts. For a complex, empirically realistic scenario, we use a deep learning algorithm to solve this problem. We find that the social planner’s aversion to uncertainty can reduce the stock price benefits through investors’ climate sensitivity (or climate risk premium). This helps enhance efforts to reduce emissions and keeps temperature rises within 2<span><math><mrow><msup><mrow></mrow><mrow><mo>∘</mo></mrow></msup><mtext>C</mtext></mrow></math></span> this century. Additionally, we analyze the impacts of climate damage, technological advancements, and changes in investors’ climate sensitivity. The planner can improve investors’ climate sensitivity and constrain corporate emission behaviors through tighter policies or other measures to achieve a more robust optimal reduction strategy. Therefore, the planner must balance physical risks and transition risks in the decision-making process, while also being clearly aware of the window for emission reductions. Especially, when making long-term decisions, the uncertainty of the model and the aversion to uncertainty should be considered, which implies that carbon emission reduction intensity should be adjusted accordingly.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"151 ","pages":"Article 108914"},"PeriodicalIF":14.2,"publicationDate":"2025-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145156515","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}

{"title":"Sustainable growth like China: The economic effects of clean coal power generation","authors":"Chuanwang Sun ,&nbsp;Xuguang Zuo","doi":"10.1016/j.eneco.2025.108939","DOIUrl":"10.1016/j.eneco.2025.108939","url":null,"abstract":"<div><div>Sustainable growth has become an important goal of national development. The experience of sustainable growth in China deserves to be explored. Based on a difference-in-differences model and nighttime light intensity as the proxy indicator, this study discusses the economic effects of clean coal power generation (CCPG) for Chinese counties. It is found that the additional CCPG has a long-term economic effect on the counties of China. 1 × 660 MW CCPG unit realized an average increase of approximately 1.95 % in regional gross domestic product. CCPG secured industrial and commercial electricity, and created employment. Besides, CCPG promoted the retirement of aging coal-fired power plants, and improved air quality. The economic effects of CCPG were specifically demonstrated by the realization of tertiary and industrial growth. The use of the units with ultra-supercritical steam generators and high-quality coal fuels was more efficient in terms of technology type and fuel type. Relatively backward regions and resource-based regions that need to be transformed need to prioritize the deployment of the clean coal-fired power plants. This study provides a practically relevant reference for developing countries attempting to industrialize to choose the appropriate sustainable growth approach.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"151 ","pages":"Article 108939"},"PeriodicalIF":14.2,"publicationDate":"2025-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145218027","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}