Energy Economics最新文献_第3页

Does excess futures market demand affect the spot price of oil? 过剩的期货市场需求会影响石油现货价格吗？

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-07-07 DOI: 10.1016/j.eneco.2025.108621

Joseph DeCoste

引用次数: 0

Reinforcement learning for bidding strategy optimization in day-ahead energy market 日前能源市场竞价策略优化的强化学习

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-07-07 DOI: 10.1016/j.eneco.2025.108673

Luca Di Persio , Matteo Garbelli , Luca Maria Giordano

{"title":"Reinforcement learning for bidding strategy optimization in day-ahead energy market","authors":"Luca Di Persio , Matteo Garbelli , Luca Maria Giordano","doi":"10.1016/j.eneco.2025.108673","DOIUrl":"10.1016/j.eneco.2025.108673","url":null,"abstract":"<div><div>In day-ahead markets, participants submit bids specifying the amounts of energy they wish to buy or sell and the price they are prepared to pay or receive. However, the dynamic for forming the Market Clearing Price (MCP) dictated by the bidding mechanism is frequently overlooked in the literature on energy market modeling. Forecasting models usually focus on predicting the MCP rather than trying to build the optimal supply and demand curves for a given price scenario. This article develops a data-driven approach for generating optimal offering curves using Deep Deterministic Policy Gradient (DDPG), a reinforcement learning algorithm capable of handling continuous action spaces. Our model processes historical Italian electricity price data to generate stepwise offering curves that maximize profit over time. Numerical experiments demonstrate the effectiveness of our approach, with the agent achieving up to 85% of the normalized reward, i.e. the ratio between actual profit and the maximum possible revenue obtainable if all production capacity were sold at the highest feasible price. These results demonstrate that reinforcement learning can effectively capture complex temporal patterns in electricity price data without requiring explicit forecast models, providing market participants with adaptive bidding strategies that improve profit margins while accounting for production constraints.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"149 ","pages":"Article 108673"},"PeriodicalIF":13.6,"publicationDate":"2025-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144613161","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

Green power-TGC-CET conversion mechanism design, dynamic evaluation and selection: Enhancing multi-market synergy 绿色电力- tgc - cet转换机制设计、动态评价与选择：增强多市场协同效应

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-07-05 DOI: 10.1016/j.eneco.2025.108696

Lili Liu , Tiantian Feng , Yan Li , Cheng Zhong , Haoran Wang , Jiadong Xuan

{"title":"Green power-TGC-CET conversion mechanism design, dynamic evaluation and selection: Enhancing multi-market synergy","authors":"Lili Liu , Tiantian Feng , Yan Li , Cheng Zhong , Haoran Wang , Jiadong Xuan","doi":"10.1016/j.eneco.2025.108696","DOIUrl":"10.1016/j.eneco.2025.108696","url":null,"abstract":"<div><div>The design of conversion mechanisms for environmental equity products is crucial to strengthen the synergistic development of the carbon emission trading (CET), tradable green certificate (TGC) and green power trading markets. First, this paper measures the carbon reduction of renewable energy generators (REGs) by using the life cycle assessment (LCA) method, and designs the conversion mechanisms between green power, TGC, China certified emission reduction (CCER) and carbon allowance (CA) from the perspective of carbon offset, carbon reduction and techno-economic cost. Then, the multi-time coupled model with the synergy of green power-TGC-CET is constructed to evaluate the effect of various conversion mechanisms on the multiple markets and participants' behavioral decisions. Finally, the best conversion mechanism is selected from the perspectives of effectiveness and efficiency. The results show that green power-TGC-CCER-CA conversion mechanisms promote the development of renewable energy (RE) and carbon reduction, and effectively help China's national CET market to include more key emitting sectors. The green power-TGC-CCER-CA conversion mechanism, based on carbon reduction, is optimal for improving the economic and environmental effects, and enhancing the vitality and competitiveness of markets. These insights can enrich research on the conversion mechanism between environmental equity products and provide mechanisms selection for the future dynamic adjustment of favorable linkage and synergy between green power-TGC- CET markets.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"149 ","pages":"Article 108696"},"PeriodicalIF":13.6,"publicationDate":"2025-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144623857","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

High-speed railway opening, firm agglomeration and carbon emission: Evidence from China 高铁开放、企业集聚与碳排放：来自中国的证据

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-07-04 DOI: 10.1016/j.eneco.2025.108710

Jingjun Hao , Peiting Dong , Xin Yao

引用次数: 0

How does FinTech promote the low-carbon transformation of energy consumption in China? 金融科技如何促进中国能源消费的低碳转型？

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-07-04 DOI: 10.1016/j.eneco.2025.108704

Wei Zhou , Yan Chen , Cesheng Zhang

{"title":"How does FinTech promote the low-carbon transformation of energy consumption in China?","authors":"Wei Zhou , Yan Chen , Cesheng Zhang","doi":"10.1016/j.eneco.2025.108704","DOIUrl":"10.1016/j.eneco.2025.108704","url":null,"abstract":"<div><div>FinTech significantly influences consumer behaviors and the demand and supply of energy consumption, making it meaningful to explore its relationship with the low-carbon transformation (LCT) of energy consumption in China, which are two emerging and interconnected issues. In this study, we conduct a multidimensional analysis of how FinTech promotes the LCT of energy consumption in China, encompassing empirical studies, pathway identification, and mechanism analysis. The results show that: (1) FinTech can significantly promote the LCT of energy consumption in China. (2) Mechanism analysis reveals that FinTech facilitates this transition through three pathways, namely household income growth, corporate innovation promotion, and industrial upgrading propulsion. (3) Heterogeneity tests indicate that the impact of FinTech on LCT is more pronounced in northern provinces and central-western regions. (4) From the supply perspective, FinTech significantly promotes LCT following the implementation of the new Environmental Protection Law. (5) From the demand perspective, FinTech also advances this transformation even before the enactment of the law. Based on these findings, we offer policy recommendations to further promote the LCT of energy consumption in China and support the continued development of FinTech.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"149 ","pages":"Article 108704"},"PeriodicalIF":13.6,"publicationDate":"2025-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144605046","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

Bridging the energy gap: Macro-drivers of access-based energy poverty in West Africa 弥合能源差距：西非能源贫困的宏观驱动因素

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-07-03 DOI: 10.1016/j.eneco.2025.108707

Alfusainey Touray , Yu Hao

{"title":"Bridging the energy gap: Macro-drivers of access-based energy poverty in West Africa","authors":"Alfusainey Touray , Yu Hao","doi":"10.1016/j.eneco.2025.108707","DOIUrl":"10.1016/j.eneco.2025.108707","url":null,"abstract":"<div><div>In 2022, approximately 694 million people worldwide lacked access to electricity, with 29 % living in West Africa. This elevated level of access-based energy poverty (<strong>AB-EP</strong>) highlights the need to understand its driving factors in the region. While micro-level studies on AB-EP are abundant, macro-level assessments are limited, particularly for West Africa. Furthermore, existing studies often lack robust methods for constructing AB-EP indices and handling panel data. This study addresses these gaps by exploring the impact of macroeconomic factors on AB-EP in West Africa. We utilized a new AB-EP index containing clean energy and technology and a panel-corrected standard error estimator to address data issues. The findings demonstrate that domestic macroeconomic factors such as energy intensity, urbanization, and income are the primary causes of AB-EP in West Africa. In contrast, external macroeconomic factors (official development assistance, external debt, trade, remittances, and foreign direct investment) have a negligible influence. This result underscores the need for local solutions. Policymakers should focus on sustainable urban development, improving energy efficiency, and enhancing per capita income, as these factors contribute significantly to reducing AB-EP. Furthermore, trade and financial inflow policies should strategically be directed to enhance West Africa's energy access.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"148 ","pages":"Article 108707"},"PeriodicalIF":13.6,"publicationDate":"2025-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144587867","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

Fiercer competition for greater savings: Policy mix, competition, and spatial analysis of fuel tax reduction effects 更激烈的竞争，更大的节省：政策组合，竞争，以及燃油税减免效果的空间分析

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-07-03 DOI: 10.1016/j.eneco.2025.108627

Byunggeor Moon

引用次数: 0

Who does not advance loses ground: Green investment as a strategic response by small and medium-sized enterprises to economic policy uncertainty 不进则退：绿色投资是中小企业对经济政策不确定性的战略回应

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-07-03 DOI: 10.1016/j.eneco.2025.108712

Shuai Yue, Hamish D. Anderson, Jing Liao

引用次数: 0

Counting the carbon burden: Evidence from municipal bonds in China 计算碳负担：来自中国市政债券的证据

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-07-03 DOI: 10.1016/j.eneco.2025.108690

Yi Li , Yang Li , Zhaohua Wang

引用次数: 0

On spot revenues, capital structure and trade off theory: Analysing investment risk for contracted renewables 现货收入、资本结构和交易理论：分析签约可再生能源的投资风险

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-07-03 DOI: 10.1016/j.eneco.2025.108703

Nicholas Gohdes

{"title":"On spot revenues, capital structure and trade off theory: Analysing investment risk for contracted renewables","authors":"Nicholas Gohdes","doi":"10.1016/j.eneco.2025.108703","DOIUrl":"10.1016/j.eneco.2025.108703","url":null,"abstract":"<div><div>In decarbonising power systems, shifting dynamics require that investors lend careful consideration when structuring plant revenues – or risk violating the constraints of private capital markets. In Australia's National Electricity Market, new variable renewable energy (VRE) plant was traditionally ∼100 % revenue contracted via power purchase agreement (PPA) to facilitate bankability and provide stable returns. However, sharply falling VRE costs have enabled the emergence of a new asset class, viz. VRE with ‘semi-merchant’ cashflows, comprising both PPA contracted and spot market (i.e. merchant) exposed revenue streams. This blended revenue mix, which has dominated new entry in Australia, raises questions vis-à-vis capital structure optimisation as both investors and financiers grapple with the re-introduction of spot revenue variability. In this paper, stochastic modelling techniques are applied to stress-test new entrant wind plant cashflows under a full spectrum of PPA cover levels and within capital market (i.e. project finance) constraints. Under ordinary market conditions, a run-of-plant PPA with at least ∼50 % revenue cover is found sufficient to mitigate technical default risk and secure commercial debt levels. However, the relationship between PPA cover and default (i.e. distress cost) risk is also found to be decidedly non-linear, with some semi-merchant structures capable of supporting debt levels equivalent to 100 % PPA plant without introducing material default risk – an unexpected finding. Presented results identify the limits of a PPA to extract equity capital risk from a stand-alone VRE asset and, by implication, the limits of cost of capital optimisation in line with Modigliani and Miller's seminal writings on capital structure.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"148 ","pages":"Article 108703"},"PeriodicalIF":13.6,"publicationDate":"2025-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144595897","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