Energy Economics最新文献

{"title":"Analysis of short-run and long-run marginal costs of electricity generation in the power market","authors":"Shamim Homaei ,&nbsp;Simon Roussanaly ,&nbsp;Asgeir Tomasgard","doi":"10.1016/j.eneco.2026.109169","DOIUrl":"10.1016/j.eneco.2026.109169","url":null,"abstract":"<div><div>This paper examines the roles of long-run and short-run marginal costs (LRMC and SRMC) in shaping electricity prices and ensuring investment cost recovery, particularly when generation capacity is used across multiple long-term periods. Using a stylized capacity expansion model with two generators and two periods, we developed a five-step methodology to characterize all possible LRMC pricing profiles and prove cost recovery under each case. We showed how shared capacity affects intertemporal cost allocation, revealing that even when cheaper technologies are marginal, more expensive shared capacity can still recover its cost through distribution across periods. On the SRMC side, we identified a form of degeneracy caused by fixed invested capacities, leading to multiple valid marginal prices. To resolve price degeneracy, we add a small demand elasticity centered on the LRMC reference point. This yields a unique SRMC price that coincides with LRMC and guarantees cost recovery under energy-only pricing. Extensions to the model, such as increasing temporal resolution, adding storage, or including more generators, demonstrated the robustness of our findings.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"155 ","pages":"Article 109169"},"PeriodicalIF":14.2,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146072174","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":"The impacts of community solar projects on housing prices: Evidence from Maryland, the U.S","authors":"Yu Gao ,&nbsp;Yueming Qiu (Lucy) ,&nbsp;Xiaoli Zhao ,&nbsp;Pengfei Liu ,&nbsp;Bin Lu","doi":"10.1016/j.eneco.2026.109175","DOIUrl":"10.1016/j.eneco.2026.109175","url":null,"abstract":"<div><div>Community solar projects (CSPs) lower the cost threshold of residents' access to clean solar energy, especially for the low- and middle-income households and disadvantaged communities with low homeownership rates, and contribute to advancing renewable energy utilization in the broader public and reducing more household carbon emissions. While the impacts of solar farms and rooftop photovoltaic systems on local property prices are well-documented, the effects of CSPs remain largely unexplored. This paper provides empirical evidence on the impact of CSPs on nearby housing prices in Maryland based on multiple approaches, including a hedonic price model with fixed effects, propensity score matching, instrumental variable, and difference-in-differences methods. We find that CSPs are associated with a 1.8–2.1% average increase in surrounding housing prices, with stronger effects in urban regions, Democratic-leaning regions, regions with higher income and education levels, and near large-scale CSPs and CSPs built on brownfield. These findings reveal that CSPs can generate synergistic economic, social, and environmental benefits, highlighting their role as a promising mechanism for promoting renewable energy utilization and global sustainable development goals while enhancing community well-being. For policymakers and investors, integrating CSPs into broader sustainable development strategies and considering these local preferences can help expand CSP development, facilitate solar energy access among broader communities, and contribute to global sustainable development goals.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"155 ","pages":"Article 109175"},"PeriodicalIF":14.2,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146072922","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":"Wood heating and moral licensing: A survey study","authors":"Simon Mathex,&nbsp;Lisette Hafkamp Ibanez,&nbsp;Raphaële Préget","doi":"10.1016/j.eneco.2026.109171","DOIUrl":"10.1016/j.eneco.2026.109171","url":null,"abstract":"<div><div>A rebound effect occurs when an energy efficiency improvement results in less energy savings than expected. Usually, this phenomenon is attributed to a price effect, as improvements in the energy efficiency of a technology reduce its cost of use, thereby encouraging increased usage. Recent studies taking into account environmental preferences suggest that the rebound effect is not only due to a price effect. A behavioral phenomenon, called moral licensing effect, may also lead users of a more efficient technology (often less damaging to the environment) to feel less guilt to use it more, and thus to increase the rebound effect. We conducted a survey involving 1510 French households to explore the moral licensing effect in the context of heating behavior. First, we show that most people declare they would increase their heating consumption if it had a lesser environmental impact. Second, we show that wood heating is perceived as a heating fuel with less environmental impact than oil, gas and electricity. Based on these results we conclude that policies promoting wood heating as a more environmentally friendly energy source may indeed induce a moral licensing effect, leading people to increase their heating usage and potentially counteracting expected environmental benefits of wood heating.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"155 ","pages":"Article 109171"},"PeriodicalIF":14.2,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146109862","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":"Blockchain technology, information asymmetry and corporate ESG performance: Evidence from China","authors":"Yijun Zhang ,&nbsp;Jiajun Yu ,&nbsp;Jiale Wang ,&nbsp;Yi Song","doi":"10.1016/j.eneco.2026.109150","DOIUrl":"10.1016/j.eneco.2026.109150","url":null,"abstract":"<div><div>ESG, as an emerging framework for assessing corporate sustainability, encounters challenges related to information asymmetry during its development. This issue can be tackled with innovative solutions derived from blockchain technology; however, limited research has investigated its effects on corporate ESG performance. This study analyzes the impact of blockchain technology on corporate ESG performance and explores its potential mechanisms, utilizing unbalanced panel data from Chinese A-share listed companies spanning from 2009 to 2023. The findings suggest that: (1) Blockchain technology significantly improves corporate ESG performance, a conclusion that persists through stability and endogeneity tests. (2) Heterogeneity analysis reveals that blockchain technology leads to more substantial enhancement in ESG performance for smaller firms, companies located in eastern China, and non-heavy polluting enterprises. (3) Mechanism analysis suggests that blockchain technology improves ESG performance through enhanced corporate information disclosure and heightened spatial location competition. (4) Corporate financial risk and verification processes have a negative moderating effect on the positive influence exerted by blockchain technology on ESG performance. (5) In the process of enhancing ESG performance driven by blockchain technology, the most significant improvement is observed in the social dimension. This research offers theoretical support and empirical evidence regarding the influence of blockchain technology on enhancing firms' sustainable development.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"155 ","pages":"Article 109150"},"PeriodicalIF":14.2,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146049115","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":"A climate stress testing exercise on loans to European small and medium enterprises","authors":"Yujia Chen ,&nbsp;Zhenghong Ding ,&nbsp;Luca Barbaglia ,&nbsp;Raffaella Calabrese ,&nbsp;Serena Fatica","doi":"10.1016/j.eneco.2026.109177","DOIUrl":"10.1016/j.eneco.2026.109177","url":null,"abstract":"<div><div>We develop a micro-level climate stress testing framework to evaluate the financial performance of small business loans under diverse climate scenarios. Focusing on European small and medium-sized enterprises (SMEs), we estimate the impact of coastal, flash, and river floods on loan default risk using a discrete-time survival model. Our analysis reveals that flood events significantly increase SME loan default probabilities in countries such as Spain and France. However, this effect is notably reduced in regions with strong infrastructure or effective support mechanisms. To complement the empirical findings, we conduct a forward-looking stress testing exercise that projects default probability trajectories under varying flood severity scenarios. This approach enables financial institutions and regulators to quantify the loan-level credit risk associated with climate-related flooding, offering valuable insights for risk management and policy design.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"155 ","pages":"Article 109177"},"PeriodicalIF":14.2,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146135459","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":"Special issue of energy economics: Sustainable governance and energy transition","authors":"Renatas Kizys ,&nbsp;Ramzi Benkraiem ,&nbsp;Panagiotis Tzouvanas","doi":"10.1016/j.eneco.2026.109204","DOIUrl":"10.1016/j.eneco.2026.109204","url":null,"abstract":"<div><div>This Special Issue on <em>Sustainable Governance and the Energy Transition</em> brings together 14 papers that examine the ways in which corporate governance, financial markets, public policy, and social factors shape the energy transition. Across a diverse set of contexts, the papers examine the impact of sustainable finance, corporate decision-making, and policy interventions on the low-carbon energy transition. Several papers show that climate transition risks are increasingly reflected in credit and equity markets, although the extent and mechanisms of this incorporation vary across countries and economic regimes. Strong governance emerges as an important condition for translating sustainable finance initiatives and divestment strategies into meaningful changes in investment behaviour. Other papers demonstrate that market-based climate policies, incentives for electric vehicles, and financial innovations driven by digital technologies can accelerate shifts in energy production and consumption, particularly when supported by credible and stable institutions. At the household and community level, the evidence points to the importance of perceptions of affordability, fairness, and institutional trust in shaping public acceptance and behavioural responses to the energy transition. These findings emphasise that governance acts as a critical enabling framework for the energy transition, influencing how technologies are adopted, how risks and costs are distributed, and how benefits are shared. Strengthening sustainable governance across financial markets, firms, public institutions, and local communities is therefore fundamental to achieving a low-carbon energy transition that is effective, resilient, and socially inclusive.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"155 ","pages":"Article 109204"},"PeriodicalIF":14.2,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146208844","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":"The role of socially responsible firms and government subsidies in the sustainability transition: A multi-objective game","authors":"Lijue Lu,&nbsp;Fouad Ben Abdelaziz","doi":"10.1016/j.eneco.2026.109198","DOIUrl":"10.1016/j.eneco.2026.109198","url":null,"abstract":"<div><div>This paper develops a multi-stage game-theoretic model to examine how different institutional mechanisms influence firms’ incentives to invest in sustainability. In the base model, two competing firms decide first whether to join a sustainability initiative. Then, participating firms choose both their production quantities and levels of sustainability effort. Sustainability investments generate a green premium, reflecting consumers’ willingness to pay for environmentally responsible products, but also produce spillover effects that benefit competitors. We further analyse two contrasting scenarios. In Scenario <span><math><mi>G</mi></math></span>, a government offers subsidies to incentivize participation and align private actions with social goals. In Scenario <span><math><mi>R</mi></math></span>, firms are intrinsically motivated by corporate responsibility and pursue both profit and environmental performance. Using the <span><math><mi>ϵ</mi></math></span>-constraint method, we characterize the Pareto frontier for each scenario compare the results. Our findings reveal that well-calibrated subsidies can overcome free-rider problems and coordinate firms toward higher joint performance, while voluntary participation alone may lead to inefficient outcomes. However, at high levels of environmental ambition, both mechanisms converge in effectiveness. The results offer policy and managerial insights on how to design incentive systems that support industry-wide sustainability transitions.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"155 ","pages":"Article 109198"},"PeriodicalIF":14.2,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146208847","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":"Will hydrogen prolong the price coupling between gas and electricity?","authors":"Martin Densing ,&nbsp;Yi Wan ,&nbsp;Evangelos Panos ,&nbsp;Tom Kober ,&nbsp;Thomas J. Schmidt ,&nbsp;Russell McKenna","doi":"10.1016/j.eneco.2026.109221","DOIUrl":"10.1016/j.eneco.2026.109221","url":null,"abstract":"<div><div>Currently, market prices of methane gas influence prices of electricity. In future energy markets, the influence may be bidirectional via the energy carrier hydrogen, which can be produced both from electricity and methane. To investigate how future hydrogen deployment may affect market prices, we develop a numerical model of coupled spot markets of electricity, methane gas, and hydrogen, where wholesale hydrogen is assumed to be traded on an hourly market with elastic demand in an equilibrium model with conjectural variations. While our numerical study is stylized, input data reflects the Central Western Europe region, and we consider an exogenous energy-systems’ capacity expansion scenario in years 2040 and 2050 under a stringent climate policy. We consider price changes induced by switching off electrolyzers and hydrogen storage, and by increasing import gas prices. While electrolyzers lower hydrogen prices and increase electricity prices, they also increase electricity price volatility in our model because peak-demand periods of electricity and hydrogen may intersect. Storage of hydrogen barely reduces the short-term volatility of electricity prices. By allowing hydrogen production other than through electrolyzers, price influences become complex: for example, hydrogen storage favors mostly steam-methane reforming, and electrolyzers amplify electricity price hikes under gas import price hikes. Hence, future market designs for promoting renewables may consider guidelines on the usage of hydrogen storage and may closely monitor the marginal technologies that determine the prices on the hydrogen and electricity markets.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"155 ","pages":"Article 109221"},"PeriodicalIF":14.2,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146778889","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":"The role of artificial intelligence in global green energy products trade pattern evolution: Based on the international trade network perspective","authors":"Gang Wu ,&nbsp;Xiaomin Liu ,&nbsp;Yu Zhao","doi":"10.1016/j.eneco.2026.109210","DOIUrl":"10.1016/j.eneco.2026.109210","url":null,"abstract":"<div><div>Artificial intelligence (AI) technology has been extensively applied in green technological innovation and green energy system, effectively facilitating production and consumption of green energy. However, the role of AI in shaping the green energy products trade pattern remains understudied. From the perspective of the international trade networks, this study constructs the global green energy trade networks (GGETNs) and global industrial robot trade networks (GIRTNs) representing AI interaction among economies from 2010 to 2022, analyzing their evolution of network structure and node importance. Using the temporal exponential random graph model (TERGM), this study explores the influencing mechanism of AI on the evolution of the GGETNs. The research findings suggest that (1) Although most structural indicators of GGETNs exceed those of GIRTNs, their evolution trends and growth directions demonstrate remarkable similarities. Trade reciprocity and trade clique among economies play important roles in their evolution. Both GGETNs and GIRTNs gradually exhibit “China-the United States-Germany” trade pattern, emerging markets and developing economies play pivotal bridging roles in GGETNs, with Ireland and South Africa as key connectors in GIRTNs. China, Japan, and the United States wield more significant trade influence on both networks. (2) AI trade interaction among economies significantly promotes network evolution, reciprocal trade and trade clique of GGETNs. Economies with higher trade strength and stronger central influence for industrial robot products are more likely to develop green energy products trade, and economies with higher trade strength and stronger central influence are more likely to engage in reciprocal trade and trade clique. The GGETNs exhibit strong evolutionary stability when embedded in the GIRTNs. (3) Heterogeneity tests demonstrate that the promoting effect of AI on GGETNs' evolution is more pronounced in emerging markets and developing economies. These findings carry significant implications for harnessing AI to accelerate the global green energy transition.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"155 ","pages":"Article 109210"},"PeriodicalIF":14.2,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146778888","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":"How to sustainably spur R&D of energy storage? Policy options and combinations","authors":"Haowei Jin ,&nbsp;Ju-e Guo ,&nbsp;Yanzhao Li ,&nbsp;Shouyang Wang","doi":"10.1016/j.eneco.2026.109226","DOIUrl":"10.1016/j.eneco.2026.109226","url":null,"abstract":"<div><div>Governmental incentives (e.g. production subsidy, R&amp;D subsidy, and tax benefit) could spur the research and development (R&amp;D) of energy storage enterprises (ESEs), thereby reducing the cost of energy storage. However, long-term high-intensity incentives may increase fiscal burden and disrupt the sustainability of incentive policies. We develop a compound real option model to identify and compare the influence mechanisms and consequences of individual or combined incentives on ESEs’ R&amp;D decisions, and further explore the effects of different incentives on fiscal burden. The main conclusions are as follows. (1) Production subsidy and R&amp;D subsidy can promote early start of R&amp;D, while tax benefit does the opposite. R&amp;D subsidy leads to longer duration of R&amp;D and faster cost reduction than other incentives. (2) With increasing incentive intensity, R&amp;D subsidy enables faster cost reduction and more investment revenue than production subsidy and tax benefit, thereby increasing ESE’s total taxes and reducing governmental fiscal burden. (3) Incentive combinations bring longer duration of R&amp;D and more social welfare, but increase fiscal burden and fail to spur early start of R&amp;D. There are also differences in the effects of these incentive combinations. (4) Simulations of dynamic changes in incentives for China and the United States reveal that China’s approach yields longer duration of R&amp;D and faster cost reduction, but with bigger fiscal burden. We finally discuss how governments select reasonable incentive policies and combinations according to regional endowments.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"156 ","pages":"Article 109226"},"PeriodicalIF":14.2,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147412545","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}