Energy Economics最新文献

{"title":"Mechanism of symbiotic interaction in the recycled cement industry chain under the Chinese certified emission reduction scheme","authors":"Xingwei Li,&nbsp;Weihong Chen,&nbsp;Beiyu Yi","doi":"10.1016/j.eneco.2025.108953","DOIUrl":"10.1016/j.eneco.2025.108953","url":null,"abstract":"<div><div>Overreliance on fossil energy drives carbon emissions, exacerbating climate change. The symbiosis model of the recycled cement industry chain (RCIC) under the Chinese Certified Emission Reduction (CCER) scheme offers an innovative solution to the energy-intensive emission bottleneck of traditional cement production. However, existing research lacks an analysis of the dynamic process of strategic interaction and symbiotic evolution among enterprises in the RCIC, and the mechanism of symbiotic evolution in the RCIC remains unclear. To reveal the symbiotic evolution mechanism of the RCIC, this study constructs a tripartite evolutionary game model of construction enterprises, recycled cement enterprises and traditional cement enterprises on the basis of industrial symbiosis theory. In addition, based on industry reports, publicly available data from the Chinese carbon trading market, and existing research, this study conducted numerical simulation analysis of key parameters through the integration of multiple data sources and parameter calibration. The study found: (1) The symbiosis profit distribution coefficient has a heterogeneous effect on the behavior of the main body in the RCIC. (2) The symbiosis coefficient positively influences the symbiotic evolution of the RCIC. (3) The CCER price within a reasonable range will promote the formation of stable symbiotic relationships. The conclusions of this study passed sensitivity tests, incorporated the CCER mechanism into the symbiosis analysis of the RCIC for the first time, and constructed a new model applicable to the symbiosis scenario of the waste treatment industry. At the same time, this study provides a basis for decision-making on symbiosis benefit distribution strategies for enterprises and provides a reference for the government to formulate effective CCER policies for the resource utilization of construction and demolition waste.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"151 ","pages":"Article 108953"},"PeriodicalIF":14.2,"publicationDate":"2025-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145269176","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":"Transition risk beyond carbon intensity","authors":"Tatiana Evdokimova,&nbsp;Laurent Millischer","doi":"10.1016/j.eneco.2025.108913","DOIUrl":"10.1016/j.eneco.2025.108913","url":null,"abstract":"<div><div>As carbon prices rise and their coverage expands across sectors and borders, understanding their financial impact on firms becomes increasingly important for policymakers and investors alike. This paper quantifies how changes in carbon prices affect stock valuations, using a panel dataset of 180 major European firms over 2009–2023. The empirical strategy isolates the stock price response to weekly carbon price fluctuations and exogenous shocks, guided by a theory-based framework. The analysis incorporates firm-level data on direct and indirect carbon cost exposure, free allowance allocation, decarbonization plans, pass-through capacity, and hedging portfolios. The findings show that stock markets price carbon risk in line with economic fundamentals: firms with high net carbon costs and weak abatement plans face stronger valuation losses, while those with mitigation strategies or cost pass-through capacity are less affected. The effects are statistically and economically significant, particularly among the most exposed firms. These results underscore the need for granular transition risk metrics that go beyond headline emissions figures.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"151 ","pages":"Article 108913"},"PeriodicalIF":14.2,"publicationDate":"2025-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145262017","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":"Navigating uncertain generation: The impact of regulation on distributed photovoltaic green electricity trading market participation","authors":"Yong-Heng Shi ,&nbsp;Tao Zhao ,&nbsp;Bai-Chen Xie ,&nbsp;Peng Hao","doi":"10.1016/j.eneco.2025.108925","DOIUrl":"10.1016/j.eneco.2025.108925","url":null,"abstract":"<div><div>Distributed photovoltaic systems play increasingly important roles in the power mix. China is actively promoting the integration of aggregated photovoltaics into the green electricity trading market. However, challenges related to undersupply and oversupply, stemming from uncertain generation, hinder market integration. To address these issues, China has implemented alternative regulatory mechanisms designed to guide generation schedules and mitigate forecasting deviations. It remains to be seen how these mechanisms will promote economic benefits and social welfare. This paper proposes a bi-level differential game model to investigate the effects of three mechanisms: fixed penalties, flexible penalties, and nearby consumption. The results show that: (i) Imposing or increasing undersupply penalties results in a strictly low renewable energy commitment, and distributed energy aggregation can mitigate this detrimental effect; (ii) Reducing the penalty intensity improves social welfare and a moderate fixed penalty helps to increase profits for generators; (iii) Generators can strategically increase their renewable energy commitment to manipulate the penalty under a market-based flexible penalty mechanism; (iv) Generators benefit from the resale of excess generation in a secondary market, but this practice may lead to a loss of social welfare when facing high levelized costs. In addition to cost reductions, a combination of punishment and nearby consumption can be applied to cope with generation uncertainty.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"151 ","pages":"Article 108925"},"PeriodicalIF":14.2,"publicationDate":"2025-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145268174","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":"Energy transition under twin shocks: Geopolitical and macrofinancial risks","authors":"Mehmet Ulug ,&nbsp;Roxana Andrei","doi":"10.1016/j.eneco.2025.108949","DOIUrl":"10.1016/j.eneco.2025.108949","url":null,"abstract":"<div><div>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 <span><math><mfenced><mrow><mo>≈</mo><mn>1.05</mn><mspace></mspace><mi>at</mi><mspace></mspace><mi>τ</mi><mo>=</mo><mn>0.1</mn><mspace></mspace><mi>to</mi><mo>≈</mo><mn>1.81</mn><mspace></mspace><mi>at</mi><mspace></mspace><mi>τ</mi><mo>=</mo><mn>0.9</mn></mrow></mfenced></math></span>, showing that geopolitical tensions accelerate diversification, especially among transition leaders. In contrast, macro-financial pressures driven by monetary tightening hinder renewables <span><math><mfenced><mrow><mo>≈</mo><mo>−</mo><mn>0.44</mn><mspace></mspace><mi>at</mi><mspace></mspace><mi>τ</mi><mo>=</mo><mn>0.1</mn><mspace></mspace><mi>to</mi><mo>≈</mo><mo>−</mo><mn>0.27</mn><mspace></mspace><mi>at</mi><mspace></mspace><mi>τ</mi><mo>=</mo><mn>0.9</mn></mrow></mfenced><mo>,</mo></math></span>with financing costs constraining early-stage adopters more severely. Similarly, economic growth slows the clean share <span><math><mfenced><mrow><mo>≈</mo><mo>−</mo><mn>77</mn><mspace></mspace><mi>at</mi><mspace></mspace><mi>τ</mi><mo>=</mo><mn>0.1</mn><mspace></mspace><mi>to</mi><mo>≈</mo><mo>−</mo><mn>1.25</mn><mspace></mspace><mi>at</mi><mspace></mspace><mi>τ</mi><mo>=</mo><mn>0.9</mn></mrow></mfenced></math></span>, as rebound and scale effects outweigh short-term efficiency gains. Environmental innovation fosters renewables at lower quantiles <span><math><mfenced><mrow><mo>≈</mo><mn>1.50</mn><mspace></mspace><mi>at</mi><mspace></mspace><mi>τ</mi><mo>=</mo><mn>0.1</mn><mspace></mspace><mi>to</mi><mo>≈</mo><mn>0.73</mn><mspace></mspace><mi>at</mi><mspace></mspace><mi>τ</mi><mo>=</mo><mn>0.9</mn></mrow></mfenced></math></span> but becomes insignificant at advanced stages, reflecting diminishing marginal returns. These findings highlight structural asymmetries: leaders convert geopolitical risk into faster deployment, while laggards remain more vulnerable to financial constraints. The study offers clear policy implications, including strengthening de-risking mechanisms, aligning growth with low-carbon strategies, and fostering innovation diffusion, in order to balance energy resilience, security, and financial sustainability across varying stages of the transition.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"151 ","pages":"Article 108949"},"PeriodicalIF":14.2,"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":"Motivating cost reduction in regulated industries with rolling incentive schemes","authors":"Douglas C. Turner,&nbsp;David E.M. Sappington","doi":"10.1016/j.eneco.2025.108916","DOIUrl":"10.1016/j.eneco.2025.108916","url":null,"abstract":"<div><div>We examine whether an incremental rolling incentive scheme (IRIS) can enhance innovation under performance based regulation (PBR). Under an IRIS, the firm is awarded for a full PBR term the incremental profit generated by a cost reduction regardless of when the cost reduction is implemented. An IRIS enhances incentives for innovation toward the end of a PBR plan and also ensures immediate implementation of achieved cost reductions. However, an IRIS can reduce incentives for innovation early in a PBR plan. On balance, an IRIS often reduces innovation when the regulated firm has limited ability to delay the implementation of achieved cost reductions. More generally, an IRIS can enhance innovation.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"151 ","pages":"Article 108916"},"PeriodicalIF":14.2,"publicationDate":"2025-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145262013","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":"Dealing with renewables integration: A comparative study of Belgian and French balancing systems","authors":"M. Richard ,&nbsp;B. Solier","doi":"10.1016/j.eneco.2025.108938","DOIUrl":"10.1016/j.eneco.2025.108938","url":null,"abstract":"<div><div>The rise of renewable energy creates new real-time flexibility challenges for Transmission System Operators (TSOs), affecting the demand for reserve energy. In parallel, reactive and proactive balancing philosophies continue to coexist in Europe. They differ primarily in the incentives provided to Balancing Responsible Parties (BRPs) to support the TSO in actively maintaining system balance, with greater involvement expected under the reactive approach. While there is a harmonization push at the European level towards the reactive model, this study analyzes the impact of renewables on reserve energy demand in two countries relying on contrasting balancing approaches: Belgium’s reactive system and France’s proactive system, which is transitioning to comply with EU directives. Using a SARIMAX model on 2021 data, we find an asymmetrical effect of renewables on reserve energy needs, leading particularly to an increase in downward activation to cope with moments of overproduction. It confirms a pattern already observed in the French context but allows for extending the observation to a very different balancing model, the Belgian one. Additionally, this comparative framework highlights the Belgian reactive model’s greater ability to mitigate the asymmetrical effect. Importantly, we show that this smoother effect observed in Belgium is associated with a lower balancing cost for the TSO relative to load. Finally, we identify market design developments that would mitigate the asymmetric phenomenon in both systems.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"151 ","pages":"Article 108938"},"PeriodicalIF":14.2,"publicationDate":"2025-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145262014","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}