Energy Economics最新文献_第3页

Sovereign green bonds: Risk-mitigating sustainability instruments in emerging markets 主权绿色债券：新兴市场降低风险的可持续性工具

IF 14.2 2区经济学

Energy Economics Pub Date : 2026-03-01 Epub Date: 2026-02-06 DOI: 10.1016/j.eneco.2026.109173

Vedanshi Nevatia

{"title":"Sovereign green bonds: Risk-mitigating sustainability instruments in emerging markets","authors":"Vedanshi Nevatia","doi":"10.1016/j.eneco.2026.109173","DOIUrl":"10.1016/j.eneco.2026.109173","url":null,"abstract":"<div><div>Sovereign green bonds have emerged as a prominent policy instrument to mobilize climate finance, yet evidence on their pricing implications, especially across development levels and relative to unlabeled sustainability bonds, remains limited. This study provides the first global, bond-level analysis of sovereign green and sustainability bond pricing in secondary markets across advanced and emerging economies. Using Bloomberg data on 168 sovereign sustainability bonds issued between 2017 and 2023 across 44 countries, the analysis employs coarsened exact matching to estimate the <em>greenium</em> for green-labeled as well as unlabeled bonds. The results reveal strong regional heterogeneity. In advanced economies, sovereign green bonds trade at a positive yield premium of 20–40 basis points. In contrast, EMDEs exhibit a significant sovereign <em>greenium</em> of approximately 10 basis points for green-labeled bonds, alongside a positive premium for unlabeled sustainability bonds. This suggests that green labeling is associated with lowered perceived risk and informational asymmetry. This is especially true for riskier countries, speculative-grade bonds, and during periods of financial volatility. Overall, the results highlight that while sovereign green bonds may act as effective risk-mitigating instruments for climate finance in emerging economies, institutional heterogeneity and market structures have a role to play in shaping sustainability bond issuances.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"155 ","pages":"Article 109173"},"PeriodicalIF":14.2,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146135454","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

Energy Poverty has a justice dimension: Comparing Bolivia, Côte d’Ivoire and France 能源贫困有一个公正的维度：比较玻利维亚、Côte科特迪瓦和法国

IF 14.2 2区经济学

Energy Economics Pub Date : 2026-03-01 Epub Date: 2026-02-17 DOI: 10.1016/j.eneco.2026.109209

Anna Creti , Alpha Ly , Maria-Eugenia Sanin

{"title":"Energy Poverty has a justice dimension: Comparing Bolivia, Côte d’Ivoire and France","authors":"Anna Creti , Alpha Ly , Maria-Eugenia Sanin","doi":"10.1016/j.eneco.2026.109209","DOIUrl":"10.1016/j.eneco.2026.109209","url":null,"abstract":"<div><div>Energy poverty is a multidimensional issue, as demonstrated by a comparison between two low-income countries, Bolivia (BOL) and Côte d’Ivoire (CIV), and a high-income European country, France (FRA). These three countries represent different stages of access and energy poverty. CIV lags behind BOL and FRA in electricity access but still contends with energy poverty. However, both BOL and CIV face significant energy affordability issues, leading to widespread energy poverty. Moreover, BOL and CIV have very low access to clean cooking, while BOL has achieved universal access to electricity, similar to FRA. This study examines the socio-economic determinants of access to energy infrastructure, energy services, and energy poverty. It finds that as the share of households with access to energy and services increases, the likelihood of an energy poverty trap also rises. The energy-poverty gap, which is the total cash transfer needed to address energy poverty, is higher in BOL and FRA compared to CIV due to higher average energy expenditures and a larger number of energy-poor households. Using clustering techniques, our study identifies the socio-demographic profiles of the most vulnerable households. Targeting these groups is shown to be more effective in bridging the energy poverty gap. Our findings highlight the importance of considering affordability in efforts to ensure universal energy access, to prevent further exclusion, and promote energy justice.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"155 ","pages":"Article 109209"},"PeriodicalIF":14.2,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147278524","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

Corrigendum to “Cross-border cannibalization: Spillover effects of wind and solar energy on interconnected European electricity markets” [Energy Economics, 143, March 2025, 108251] “跨境蚕食：风能和太阳能对互联欧洲电力市场的溢出效应”的勘误表[能源经济，143,March 2025, 108251]

IF 14.2 2区经济学

Energy Economics Pub Date : 2026-03-01 Epub Date: 2026-02-06 DOI: 10.1016/j.eneco.2026.109167

Clemens Stiewe , Alice Lixuan Xu , Anselm Eicke , Lion Hirth

引用次数: 0

Monetary policy and energy installation: Implications for the European green transition 货币政策与能源装置：对欧洲绿色转型的启示

IF 14.2 2区经济学

Energy Economics Pub Date : 2026-03-01 Epub Date: 2026-02-03 DOI: 10.1016/j.eneco.2026.109159

Alexandra Serebriakova (Sasha) , Friedemann Polzin , Mark Sanders

{"title":"Monetary policy and energy installation: Implications for the European green transition","authors":"Alexandra Serebriakova (Sasha) , Friedemann Polzin , Mark Sanders","doi":"10.1016/j.eneco.2026.109159","DOIUrl":"10.1016/j.eneco.2026.109159","url":null,"abstract":"<div><div>Policymakers have raised concerns that the required transition to renewable energy sources in the European Union could be stalled by a period of higher ECB policy rates meant to combat inflation. Prior research shows heterogeneous effects of policy rates on sectors with varying industrial characteristics, meaning that renewable technologies may be hit disproportionately by monetary contractions due to their investment requirements, life-cycle stage, and/or dependence on external finance. This paper uses fixed effects panel analysis of 28 European countries to look at the interactions between installed capacity of 10 utility-scale energy technologies, their characteristics, and monetary policy. Over the period of 2001–2024, fossil fuel, hydropower and nuclear technologies remained unaffected by monetary contractions, while a 25 basis point rise in policy rates was associated with a 3.2% decrease in total installed capacity for onshore wind, and a 5.3% decrease for solar PV. Significant interaction effects, using measures of investment intensity and external finance dependence for energy technologies, yield evidence in favour of the interest rate and balance sheet channels of monetary policy transmission. To address endogeneity concerns, we use a two-stage least squares (2SLS) approach in an LCOE specification for the interest rate channel in the energy sector, which confirms these findings. Our results suggest the existence of an unintended bias in contractionary monetary operations; central banks should consider flanking policies (such as preferred interest rates) to offset the disadvantage for renewables.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"155 ","pages":"Article 109159"},"PeriodicalIF":14.2,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146111041","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

Score-driven global climate zones from 1940 to 2024: A new objective climate classification method 1940 - 2024年评分驱动的全球气候带：一种新的客观气候分类方法

IF 14.2 2区经济学

Energy Economics Pub Date : 2026-03-01 Epub Date: 2026-02-19 DOI: 10.1016/j.eneco.2026.109203

Szabolcs Blazsek , Álvaro Escribano , Erzsébet Kristóf

{"title":"Score-driven global climate zones from 1940 to 2024: A new objective climate classification method","authors":"Szabolcs Blazsek , Álvaro Escribano , Erzsébet Kristóf","doi":"10.1016/j.eneco.2026.109203","DOIUrl":"10.1016/j.eneco.2026.109203","url":null,"abstract":"<div><div>We employ a novel score-driven climate clustering model to analyze global climate change from January 1940 to December 2024. This model dynamically reclassifies global geographic locations using climate variables from ERA5, which is the fifth-generation reanalysis from the European Centre for Medium-Range Weather Forecasts (ECMWF). The dataset includes monthly data from 930 uniformly distributed locations worldwide, covering eight variables: air temperature at 2 m, dew point temperature at 2 m, mean sea level pressure, eastward component of the 10-meter wind, northward component of the 10-meter wind, 10-meter wind gust, total precipitation, and downward short-wave solar radiation flux at the Earth’s surface. Our climate clustering model is a multivariate, score-driven, multi-regime-switching framework that analyzes the conditional mean and covariance matrix of these climate variables. It specifies a dynamic transition probability matrix for the different climate regimes, effectively representing climate clusters. We estimate the transition, filtered, and predictive probabilities for each climate regime. We focus on five distinct climate clusters. We present the evolution of the predictive probabilities for these clusters across various geographic locations experiencing observable climate change. Additionally, we explore alternative data and model specifications, guided by the feasibility of statistical estimation. Our findings include an annual analysis of 110 uniformly distributed locations worldwide for two variables: air and dew point temperatures at 2 m. The results indicate several geographic locations in both the Northern and Southern Hemispheres that transition to higher temperature clusters throughout the sample period.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"156 ","pages":"Article 109203"},"PeriodicalIF":14.2,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146778073","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

Demand response control structure in imperfectly competitive power markets: Independent or integrated? 不完全竞争电力市场的需求响应控制结构：独立还是整合？

IF 14.2 2区经济学

Energy Economics Pub Date : 2026-03-01 Epub Date: 2026-02-11 DOI: 10.1016/j.eneco.2026.109195

Julien Ancel

{"title":"Demand response control structure in imperfectly competitive power markets: Independent or integrated?","authors":"Julien Ancel","doi":"10.1016/j.eneco.2026.109195","DOIUrl":"10.1016/j.eneco.2026.109195","url":null,"abstract":"<div><div>This article investigates different types of actors controlling demand response (DR) operations under Cournot competition. Analytical results linking shiftable load level, market equilibrium, and welfare are obtained for DR operated either by an independent aggregator (price-taker or price-maker), by end-consumers’ suppliers, or within the portfolio of generators. An application to a 2035 French power system with detailed flexible appliances constraints is also proposed. Results show that supplier-integrated DR yields the greatest price reductions and lowest shiftable load withholding, while DR integrated with baseload producers has the weakest effects on prices and may worsen welfare losses compared to a perfectly competitive market. While DR deployment consistently improves welfare and lowers prices, the extent depends on the control structure. Independent aggregation and supplier integration deliver similar welfare gains but shift surplus toward consumers, whereas integration within generators results in up to a 6€/MWh higher producer surplus compared to the other structures. Policy implications highlight the importance of DR deployment overall but caution against DR integration exclusively within baseload generators’ portfolios due to limited market benefits.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"155 ","pages":"Article 109195"},"PeriodicalIF":14.2,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146160352","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

Analysis of short-run and long-run marginal costs of electricity generation in the power market 电力市场中发电的短期和长期边际成本分析

IF 14.2 2区经济学

Energy Economics Pub Date : 2026-03-01 Epub Date: 2026-01-27 DOI: 10.1016/j.eneco.2026.109169

Shamim Homaei , Simon Roussanaly , Asgeir Tomasgard

{"title":"Analysis of short-run and long-run marginal costs of electricity generation in the power market","authors":"Shamim Homaei , Simon Roussanaly , 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}

引用次数: 0

The impacts of community solar projects on housing prices: Evidence from Maryland, the U.S 社区太阳能项目对房价的影响：来自美国马里兰州的证据

IF 14.2 2区经济学

Energy Economics Pub Date : 2026-03-01 Epub Date: 2026-01-29 DOI: 10.1016/j.eneco.2026.109175

Yu Gao , Yueming Qiu (Lucy) , Xiaoli Zhao , Pengfei Liu , Bin Lu

{"title":"The impacts of community solar projects on housing prices: Evidence from Maryland, the U.S","authors":"Yu Gao , Yueming Qiu (Lucy) , Xiaoli Zhao , Pengfei Liu , 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}

引用次数: 0

Wood heating and moral licensing: A survey study 木材供暖与道德许可：一项调查研究

IF 14.2 2区经济学

Energy Economics Pub Date : 2026-03-01 Epub Date: 2026-02-02 DOI: 10.1016/j.eneco.2026.109171

Simon Mathex, Lisette Hafkamp Ibanez, Raphaële Préget

{"title":"Wood heating and moral licensing: A survey study","authors":"Simon Mathex, Lisette Hafkamp Ibanez, 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}

引用次数: 0

Blockchain technology, information asymmetry and corporate ESG performance: Evidence from China 区块链技术、信息不对称与企业ESG绩效：来自中国的证据

IF 14.2 2区经济学

Energy Economics Pub Date : 2026-03-01 Epub Date: 2026-01-21 DOI: 10.1016/j.eneco.2026.109150

Yijun Zhang , Jiajun Yu , Jiale Wang , Yi Song

{"title":"Blockchain technology, information asymmetry and corporate ESG performance: Evidence from China","authors":"Yijun Zhang , Jiajun Yu , Jiale Wang , 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}

引用次数: 0