Energy Economics最新文献

{"title":"The impact of pilot carbon market on firms' performance in China","authors":"Limin Luan ,&nbsp;Pengfei Liu ,&nbsp;Yingdan Mei","doi":"10.1016/j.eneco.2024.108164","DOIUrl":"10.1016/j.eneco.2024.108164","url":null,"abstract":"<div><div>The pilot carbon market is a vital policy tool in China's pursuit of its carbon peak and neutrality goals. Different trading mechanisms within these pilot markets create varying economic incentives in carbon trading, leading to differentiated impacts on corporate financial performance. This study analyzes the effects of carbon market trading mechanisms on firm performance by examining trading regulations in pilot carbon markets. Our findings reveal that regulated enterprises exhibit significantly better average economic performance than unregulated enterprises following the implementation of carbon market pilots. We also identify that total volume determination, initial quota allocation mechanisms, and quota offset mechanisms significantly influence corporate performance. Specifically, carbon emissions trading enhances enterprise economic performance more effectively when pilot carbon markets adopt predetermined total allowances, conduct allowance auctions, or allow for a higher proportion of allowance offsets.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"142 ","pages":"Article 108164"},"PeriodicalIF":13.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143145222","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 impact of digital-real integration on energy productivity under a multi-governance framework: The mediating role of AI and embodied technological progress","authors":"Yafei Wang ,&nbsp;Ming Shi ,&nbsp;Junnan Liu ,&nbsp;Min Zhong ,&nbsp;Rong Ran","doi":"10.1016/j.eneco.2024.108167","DOIUrl":"10.1016/j.eneco.2024.108167","url":null,"abstract":"<div><div>The integration of digital technology with the real economy has emerged as a pivotal trend in global economic development, accelerating technological progress and artificial intelligence (AI) applications to enhance factor allocation efficiency and optimize enterprise production and operations. This process introduces new opportunities for improving total factor energy productivity (TFEP). This paper establishes a multi-governance framework encompassing market financial incentives, governmental environmental regulations, and public participation, using a sample of Chinese listed companies from 2012 to 2022 and quantifies the integration of digital and real economies within enterprises through patent citation data. From the perspectives of AI development and embodied technological progress, this paper uncovers the mechanisms through which digital-real integration influences enterprises' TFEP. Findings indicate that the technology integration of digital and real economy industries within enterprises significantly enhances TFEP, exhibiting a dynamic trend of increasing impact over time. This effect is more pronounced in foreign-invested enterprises, privately-owned enterprises, and those positioned at the center of green technology networks; it is also more significant in labor-intensive, capital-intensive, and pollution-intensive industries, as well as in regions with higher levels of intellectual property protection and advanced development of new infrastructure. Mechanism tests reveal that the promotion of AI application, the facilitation of embodied technological progress in energy and labor, and the suppression of deepening trends in capital-embodied technological progress are key pathways through which the technology integration of digital and real economy industries enhances TFEP. Additionally, green finance and environmental regulation play significant positive moderating roles in this effect. The conclusions of this study provide empirical evidence and policy implications for countries worldwide, particularly developing nations, in advancing the technology integration of digital and real economy industries and promoting green and sustainable development within enterprises.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"142 ","pages":"Article 108167"},"PeriodicalIF":13.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143145642","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":"Social norms and individual climate protection activities: A survey experiment for Germany","authors":"Daniel Engler ,&nbsp;Gunnar Gutsche ,&nbsp;Amantia Simixhiu ,&nbsp;Andreas Ziegler","doi":"10.1016/j.eneco.2024.108103","DOIUrl":"10.1016/j.eneco.2024.108103","url":null,"abstract":"<div><div>Based on the well-known observation that social norms can guide individual behavior, this paper empirically examines the causal effect of related information interventions on climate protection activities, measured through incentivized donations. In our experimental setting, we distinguish between descriptive social norms by providing information about individual climate protection activities in Germany, injunctive social norms by providing information about what people in Germany think about the need for climate protection activities, and a combination of both social norms. Based on representative survey data from more than 1,600 individuals in Germany, our econometric analysis shows some weak evidence that information about both descriptive and injunctive social norms increases donations for climate protection. The decomposition of this estimated average treatment effect reveals that the corresponding treatment particularly has a significantly positive effect at the extensive margin, i.e. on the probability to donate for climate protection. These results suggest that a combined information intervention referring to both descriptive and injunctive social norms is at least able to stimulate the general willingness for climate protection.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"142 ","pages":"Article 108103"},"PeriodicalIF":13.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143145752","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Multiscale systemic risk spillovers in Chinese energy market: Evidence from a tail-event driven network analysis","authors":"Sitong Zhou ,&nbsp;Di Yuan ,&nbsp;Feipeng Zhang","doi":"10.1016/j.eneco.2024.108151","DOIUrl":"10.1016/j.eneco.2024.108151","url":null,"abstract":"<div><div>This paper investigates multiscale systemic risk spillovers in the Chinese energy market by combing the maximal overlap discrete wavelet transform (MODWT) with the tail-event driven network (TENET) model, which could analyze tail events and multiscale network dynamics. It creates multiscale extreme risk spillover networks consisting of energy companies in the coal, oil, natural gas, and new energy. To examine the transmission of risk between different subsectors and companies within the network, we assess overall, subsector, and company-level connectedness across different time scales, respectively. Empirical results show the OPEC oil production cut in 2017, the Sino-US trade war in 2018, the COVID-19 outbreak in 2020, and the Russia-Ukraine conflict started in 2022 boosted overall connectedness and concentration, suggesting that systemic risk connectedness tends to be intersectoral during market crises. The coal subsector appears to be the most integrated and exposed to systemic risk in the short term, while the oil subsector acts as the most influential subsector in the long term. The short-term risk spillover of the new energy subsector from 2018 to 2020 affects all energy subsectors, but it has moderated. The new energy subsector has a greater long-term impact on the energy market after 2020. Brent crude oil and domestic coal and LNG prices in China significantly drive systemic risk transmission in the Chinese energy sector, especially during the COVID-19 pandemic and the Russia-Ukraine conflict. This research may benefit governments, regulators, energy companies, and investors under different market conditions and investment horizons.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"142 ","pages":"Article 108151"},"PeriodicalIF":13.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143145213","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 consumption transition and green total factor productivity in Chinese prefecture-level cities","authors":"Shihong Zeng ,&nbsp;Yuxiao Gu ,&nbsp;Bin Su ,&nbsp;Tengfei Li","doi":"10.1016/j.eneco.2024.108156","DOIUrl":"10.1016/j.eneco.2024.108156","url":null,"abstract":"<div><div>Actively promoting the energy consumption transition (ECT) and realizing green growth is a critical way for China to achieve its sustainable development goals, and it is also a core task for the current economic development of Chinese cities. Therefore, we explore the spatial effect of ECT on green total factor productivity (GTFP) through the spatial Durbin model (SDM) via balanced panel data from 279 prefecture-level cities in China from 2007 to 2019 and reveal the heterogeneous characteristics of this relationship. In addition, we investigate their nonlinear relationship characteristics. The results of the study are as follows. (1) ECT significantly enhances GTFP with an obvious spatial spillover effect. (2) ECT in the eastern region (EAR) positively affects GTFP in both local and neighboring cities, but the spatial spillover effect in the central region (CTR) is not significant, and the western region (WER) has a suppressed spatial spillover effect. (3) ECT in resource-based cities (RCs) positively affects GTFP in both local and neighboring cities. However, its spatial spillover effect is not significant in non-resource-based cities (non-RCs). (4) The results for the double-threshold effect show a nonlinear relationship. Only after crossing the second threshold does ECT contribute significantly to GTFP. Formal environmental regulation (FER) and informal environmental regulation (IER) are nonlinear characteristics of the ECT and GTFP. Moreover, we find that IER has a greater effect on the relationship than FER does. This research provides an effective reference for China to move toward green growth.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"142 ","pages":"Article 108156"},"PeriodicalIF":13.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143145220","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":"Economic performance and investments under emissions trading: Untangling the effects of a staggered regulation","authors":"Leon Bremer ,&nbsp;Konstantin Sommer","doi":"10.1016/j.eneco.2024.108170","DOIUrl":"10.1016/j.eneco.2024.108170","url":null,"abstract":"<div><div>We study the effects of the EU Emissions Trading System on the economic performance and investments of Dutch manufacturing firms. Motivated both by sizable differences between firms that became regulated in different phases and by a gradual increase in regulatory stringency, we pay close attention to the staggered design of the ETS as well as to potential treatment effect heterogeneity. We base our estimation on recent advances in the estimation of treatment effects and make use of administrative microdata. Our results align with those of the previous literature. Even when studying the more stringent third phase and when using estimators appropriate for the staggered ETS setting, there seems to be no discernible effects of the ETS on firms’ economic performance. We also do not find any statistically significant effect on the investment behavior of regulated firms.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"142 ","pages":"Article 108170"},"PeriodicalIF":13.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142990178","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Risk factors in the formulation of day-ahead electricity prices: Evidence from the Spanish case","authors":"Eleftheria G. Paschalidou ,&nbsp;Nikolaos S. Thomaidis","doi":"10.1016/j.eneco.2024.108102","DOIUrl":"10.1016/j.eneco.2024.108102","url":null,"abstract":"<div><div>This study investigates the dynamic connection between Spanish day-ahead electricity prices and various fundamental determinants, including average surface temperature, forecasted electricity demand, predicted renewable energy injection, natural gas futures prices and CO2 emission rights cost. Structural Dynamic Factor Models (SDFM) are employed to decompose each hourly price signal into systematic components linked to any of the fundamental indices mentioned above and unveil structural shocks moving the entire panel of variables. Empirical results indicate that Spanish day-ahead electricity prices have a strong fundamental basis; a great deal of their observed short- or long-run variations are explained by changes in temperature, load, renewable energy supply, natural gas and carbon permit cost.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"142 ","pages":"Article 108102"},"PeriodicalIF":13.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142873878","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":"Digitizing energy supply chains for enhanced resilience: Exploring the nexus between supply chain digitization, carbon neutrality, and natural resource extraction","authors":"Zhenjing Gu ,&nbsp;Saeed Mousa ,&nbsp;Da Meng ,&nbsp;Ahmed M. Elkady ,&nbsp;Lin Woon Leong","doi":"10.1016/j.eneco.2024.108177","DOIUrl":"10.1016/j.eneco.2024.108177","url":null,"abstract":"<div><div>In this era of rapid change, natural resource extraction (NRE) plays a pivotal role in securing an energy-resilient future and fostering sustainable socio-economic development. Carbon neutrality and supply chain digitization have emerged as key strategies in the global battle against susutaining climate. This research explores how supply chain digitization contributes to energy resilience, specifically examining the nexus between carbon neutrality and natural resource extraction in South Asia. Through panel data analysis (employing both random and fixed effect models), the study assesses the impact of supply chain digitization on energy security, sustainable development, and green innovation. The findings indicate that for every 1 % increase in the trade balance of GDP, NRE rises by an average of 0.06 % of gross domestic product (GDP). Additionally, the research reveals that a 1 % reduction in carbon emissions leads to a significant boost in NRE, with an average increase of 1.01 % of GDP, highlighting its substantial contribution to economic growth. Moreover, the study forecasts carbon emissions based on the selected variables using a Feed-forward Neural Network (FFNN), achieving high levels of accuracy with respect to Root Mean Square Error (RMSE) i.e. 21 %. In conclusion, the study emphasizes that supply chain digitization and carbon neutrality are integral to fostering resilient NRE. These insights can guide policymakers in internalizing environmental costs, promoting sustainable practices, improving industrial production by minimizing the polluting elements and investing in conservation initiatives. By recognizing the importance of natural resources, energy resilience, and their economic returns, South Asian economies can make informed decisions that drive long-term resilience and prosperity.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"142 ","pages":"Article 108177"},"PeriodicalIF":13.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142968122","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":"Determining the profitability of energy storage over its life cycle using levelized cost of storage","authors":"W. Hill Balliet ,&nbsp;Patrick Balducci ,&nbsp;Venkat Durvasulu ,&nbsp;Thomas Mosier","doi":"10.1016/j.eneco.2024.108174","DOIUrl":"10.1016/j.eneco.2024.108174","url":null,"abstract":"<div><div>Levelized cost of storage (LCOS) can be a simple, intuitive, and useful metric for determining whether a new energy storage plant would be profitable over its life cycle and to compare the cost of different energy storage technologies. However, researchers and industry decision makers still use conflicting definitions of LCOS. For example, some include charging cost, while others only include round trip efficiency (RTE) losses. Additionally, inputs to the existing formulations are not specific enough to generate repeatable results across studies, which reduces trust in the metric. To push for standardization in economic assessment of batteries and other energy storage devices, the authors review existing definitions of LCOS and identify the desired characteristics for a standard. They then propose a new definition and demonstrate that it fits these characteristics very well relative to other prominent options. Unit analysis is applied to this proposed definition to provide a deeper understanding of the equations and to demonstrate its effectiveness. Finally, the sensitivity of LCOS to different input parameters is investigated to help users understand how to compare analyses from literature to their own. The authors also provide a spreadsheet and a Python script to streamline adoption of the proposed definition.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"142 ","pages":"Article 108174"},"PeriodicalIF":13.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142968124","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does high gasoline price spur electric vehicle adoption? Evidence from Chinese cities","authors":"Yinxin Fei ,&nbsp;Ping Qin ,&nbsp;Yanlai Chu ,&nbsp;Huanhuan Zheng ,&nbsp;Jie-Sheng Tan-Soo ,&nbsp;Xiao-Bing Zhang","doi":"10.1016/j.eneco.2025.108188","DOIUrl":"10.1016/j.eneco.2025.108188","url":null,"abstract":"<div><div>Promoting the adoption of electric vehicles (EVs) is crucial for curbing carbon emissions in the transportation sector and combating climate change. Higher gasoline prices could accelerate the transition to EVs by raising the operating costs of vehicles powered by internal combustion engines (ICEVs). This study examines the impact of gasoline prices on EV adoption by analyzing monthly sales data at the product level from 36 major cities in China over the period of 2017 to 2022. Our analysis reveals that a 1 Chinese Yuan (CNY)/L increase in gasoline prices is associated with a 4.67 % surge in EV sales, indicating that consumers opt for EVs in response to the higher operating costs of ICEVs. Furthermore, we find that the effect is more pronounced for EVs with lower purchase costs, lower electricity consumption, and those within the Mini/Small vehicle segment. Using our results, we simulate the effects of a 1 CNY/L increase in gasoline price and show that it would reduce 1.97 million tons/year of carbon emissions from the vehicle fleet sold annually. This research underscores the efficacy of gasoline taxes as a policy instrument to mitigate carbon emissions by accelerating EV adoption.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"142 ","pages":"Article 108188"},"PeriodicalIF":13.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143145217","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}