Energy Economics最新文献_第9页

Fundamentals of carbon emissions scaling: Implications for sector peer comparisons and carbon efficient indexing

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-02-12 DOI: 10.1016/j.eneco.2025.108300

Sunil Dutta , Jinsung Hwang , Panos N. Patatoukas

{"title":"Fundamentals of carbon emissions scaling: Implications for sector peer comparisons and carbon efficient indexing","authors":"Sunil Dutta , Jinsung Hwang , Panos N. Patatoukas","doi":"10.1016/j.eneco.2025.108300","DOIUrl":"10.1016/j.eneco.2025.108300","url":null,"abstract":"<div><div>We show that carbon intensity metrics, used to assess emissions efficiency across firms, vary significantly depending on the financial metric used to scale emissions. This variation—driven by within-sector differences in profit margins, asset and labor utilization, and valuation multiples—results in substantial reshuffling of firms' carbon intensity rankings relative to their peers. At the market level, the choice of scaling variable shapes the composition of carbon-efficient indices, which overweight (underweight) firms with lower (higher) carbon intensity within each sector. While carbon-efficient indices deliver returns comparable to the standard market index, they differ in carbon footprints and transaction costs. Indices scaled by market cap or enterprise value achieve lower carbon footprints by overweighting lower-emitting firms with higher valuation multiples but exhibit higher turnover. These findings underscore the critical role of scaling variable selection in carbon efficiency comparisons and highlight a tradeoff between carbon savings and transaction costs for emissions-focused investors.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"143 ","pages":"Article 108300"},"PeriodicalIF":13.6,"publicationDate":"2025-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143428166","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}

引用次数: 0

Dynamic connectedness between crude oil futures and energy industrial bond credit spread: Evidence from China

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-02-12 DOI: 10.1016/j.eneco.2025.108294

Yi-Shuai Ren , Tony Klein , Yong Jiang , Pei-Zhi Liu , Olaf Weber

{"title":"Dynamic connectedness between crude oil futures and energy industrial bond credit spread: Evidence from China","authors":"Yi-Shuai Ren , Tony Klein , Yong Jiang , Pei-Zhi Liu , Olaf Weber","doi":"10.1016/j.eneco.2025.108294","DOIUrl":"10.1016/j.eneco.2025.108294","url":null,"abstract":"<div><div>This study utilizes a connectedness approach that is based on the quantile vector autoregressive model to analyze the level of connectedness between China's crude oil future market (INE) and the energy industrial bond credit spread across various markets. The findings of our study indicate that (1) The total connectedness index (TCI) exhibits a U-shaped pattern that changes according to conditional quantiles. This suggests that the spillover between the energy industry bond market and oil futures market is greater during extreme market conditions (bullish and bearish markets) compared to normal markets; (2) The TCI increased in size and volatility during the COVID-19 pandemic and the Russia-Ukraine conflict; (3) The electricity sector consistently transmits shocks, whereas INE consistently receives them, irrespective of the market states; (4) The credit risk of the energy sector has a significant impact on INE, particularly in bullish and bearish markets, while the former has a little impact on the latter. The coal and electricity sectors are the primary net spillover transmitters for INE in both bullish and bearish markets. Conversely, the gas sector is the largest net spillover transmitter for INE in a typical market. Lastly, our research offers novel perspectives on the information-sharing channels for the energy sector's bonds and oil futures markets, which could assist traders and investors in making more informed investment decisions.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"143 ","pages":"Article 108294"},"PeriodicalIF":13.6,"publicationDate":"2025-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143429958","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

Geopolitical risk and uncertainty in energy markets: Evidence from wavelet-based methods

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-02-10 DOI: 10.1016/j.eneco.2025.108281

Ivan De Crescenzo , Loretta Mastroeni , Greta Quaresima , Pierluigi Vellucci

{"title":"Geopolitical risk and uncertainty in energy markets: Evidence from wavelet-based methods","authors":"Ivan De Crescenzo , Loretta Mastroeni , Greta Quaresima , Pierluigi Vellucci","doi":"10.1016/j.eneco.2025.108281","DOIUrl":"10.1016/j.eneco.2025.108281","url":null,"abstract":"<div><div>In these recent years, geopolitical studies have gained an increasing interest across mainstream arenas as well as among researchers. The pandemic outbreak in 2020 and warfare tensions in many hot spots across the globe are the prime drivers of the attraction of geopolitical studies speculating the “post-globalized” world. Geopolitical (dis)equilibria and energy markets have demonstrated a solid linking due to the interconnected global economy alongside with uncertainty over both climate and global policy. In this paper, we intend to investigate the relationship between the above-mentioned risks and the energy market, with a special focus on natural gas, coal and oil. To this purpose, we apply wavelet entropy-based measures to assess how much uncertainty indices can predict the dynamics of these three commodities and vice-versa. Both indexes and commodities time series are collected over a period that goes from January 2008 to February 2024 for a total of 195 monthly observations. The results show that the commodities are affected very differently by the risk and uncertainty indexes. Hence we believe these findings may be supportive to policy makers and regulators who are called to puzzle out the future energy mix for power generation in times of geopolitical turmoil and climate crisis. We eventually support our findings with a comprehensive dissertation over the most relevant geopolitical phenomena of last years.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"143 ","pages":"Article 108281"},"PeriodicalIF":13.6,"publicationDate":"2025-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143387065","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

Going with the flow: How does global energy value chain adapt to geopolitical risks?

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-02-10 DOI: 10.1016/j.eneco.2025.108288

Rabindra Nepal , Youyi Deng , Kangyin Dong

{"title":"Going with the flow: How does global energy value chain adapt to geopolitical risks?","authors":"Rabindra Nepal , Youyi Deng , Kangyin Dong","doi":"10.1016/j.eneco.2025.108288","DOIUrl":"10.1016/j.eneco.2025.108288","url":null,"abstract":"<div><div>Geopolitics is a significant risk that affects the global energy system and impacts countries' participation in the global energy value chain (EGVC). Based on this, this paper provides a thorough analysis and empirical examination of the impact of geopolitics risks (GPR) on the EGVC with 41 countries around the world from 2010 to 2019. The results of the study found that: (1) Compared to energy importing countries, energy exporting countries have lower participation and are in the upstream of EGVC, obtaining less value added. (2) The GPR can reduce EGVC participation and push countries to move upstream of EGVC, thus crowding out activities with higher value-added such as new energy technology innovation while guaranteeing energy security. (3) Influenced by trade barriers and other factors, GPR affects countries' participation in EGVC mainly by reducing the scale of international trade, and the increase in the level of financial development can mitigate the impact of the GPR on EGVC. (4) The quantile regression results show that GPR affects countries' participation in EGVC mainly by increasing the level of forward participation as well as decreasing the level of backward participation, and GPR has a greater impact on countries located upstream and with higher participation in the EGVC. This study contributes to the research on EGVC and guides for countries to participate in EGVC under uncertain external conditions.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"144 ","pages":"Article 108288"},"PeriodicalIF":13.6,"publicationDate":"2025-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143453829","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}

引用次数: 0

Assessing the effects of digitalization on the amenity of clean energy supply chains: Policy insights from OECD countries

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-02-10 DOI: 10.1016/j.eneco.2025.108273

Yanmei Zhang , Junxi Gong , Xin Liu

{"title":"Assessing the effects of digitalization on the amenity of clean energy supply chains: Policy insights from OECD countries","authors":"Yanmei Zhang , Junxi Gong , Xin Liu","doi":"10.1016/j.eneco.2025.108273","DOIUrl":"10.1016/j.eneco.2025.108273","url":null,"abstract":"<div><div>The integration of digital solutions into existing energy infrastructure is crucial for enhancing the efficiency, reliability, and sustainability of energy systems. However, successful integration requires careful planning and implementation. Digitalization also brings efficiency, flexibility, and reliability to an energy system, which requires a strong supply chain mechanism. This paper seeks to analyze the effect of energy system digitalization on the vulnerabilities of clean energy technology value chains in the OECD countries from 2000 to 2021, controlling for ecological footprint, renewable energy consumption, non-renewable energy consumption, and economic performance. Digitalization of energy systems, renewable energy consumption and Non-renewable energy consumption are found to be inversely related to securing the supply chain. The secure supply chain of clean energy technology has a direct and positive relationship with the ecological footprint and energy system digitalization, renewable energy consumption, non-renewable energy consumption and securing supply chains for clean energy technology are interrelated. Energy system digitalization supports clean energy technology supply chain resilience by positively correlated with renewable energy consumption but negatively correlated with non-renewable energy consumption. OECD countries should set up an overarching and coordinated system for reviewing, evaluating or auditing the performance of current and proposed schemes and steps linked to sustainability, distributed generation and electricity technologies, carbon dioxide emissions, and enhancement of energy systems.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"143 ","pages":"Article 108273"},"PeriodicalIF":13.6,"publicationDate":"2025-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143464849","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

Pricing climate transition risk: Evidence from European corporate CDS

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-02-10 DOI: 10.1016/j.eneco.2025.108248

Michele Costola , Katia Vozian

引用次数: 0

Tail risk premium in the crude oil market

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-02-10 DOI: 10.1016/j.eneco.2025.108282

Bingxin Li , Shenru Li

引用次数: 0

Climate transition spillovers and sovereign risk: Evidence from Indonesia

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-02-10 DOI: 10.1016/j.eneco.2025.108211

Régis Gourdel , Irene Monasterolo , Kevin Gallagher

{"title":"Climate transition spillovers and sovereign risk: Evidence from Indonesia","authors":"Régis Gourdel , Irene Monasterolo , Kevin Gallagher","doi":"10.1016/j.eneco.2025.108211","DOIUrl":"10.1016/j.eneco.2025.108211","url":null,"abstract":"<div><div>We analyze the impacts of climate transition spillover risk on fiscal sustainability and sovereign risk in Indonesia. Spillover risk emerges from the introduction of energy decarbonization policies by Indonesia’s main trading partners, such as China. Spillover risk is modeled as a demand shock for Indonesia’s fossil fuels that affects its exports, building on the Network for Greening the Financial System’s scenarios. By tailoring the EIRIN Stock-Flow Consistent model, we quantify the impact of spillover risk on the Indonesian economy, on the sovereign fiscal and financial dimensions. We find that spillover risk weakens the Indonesian balance of payment, leading to indirect and cascading effects on public finance and public debt, which increases by up to 23 percent of GDP by 2050. Thus, potential trade-offs between energy decarbonization and sovereign financial stability could emerge, along with the materialization of carbon-stranded assets. Our results highlight the importance of coordinated climate policy introduction. They also bring out the importance to include spillover risks in the climate financial risk monitoring and assessment programs of national and international supervisory authorities (e.g. the Debt Sustainability Analyses and Financial Stability Assessment Programmes of the International Monetary Fund) for better risk management and climate policy design.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"143 ","pages":"Article 108211"},"PeriodicalIF":13.6,"publicationDate":"2025-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143445913","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}

引用次数: 0

Alberta's electricity futures market: An empirical analysis of price formation

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-02-07 DOI: 10.1016/j.eneco.2025.108284

Derek E.H. Olmstead , Adonis Yatchew

{"title":"Alberta's electricity futures market: An empirical analysis of price formation","authors":"Derek E.H. Olmstead , Adonis Yatchew","doi":"10.1016/j.eneco.2025.108284","DOIUrl":"10.1016/j.eneco.2025.108284","url":null,"abstract":"<div><div>Alberta operates an energy-only electricity market, which allows the unilateral exercise of market power to create investment incentives and resolve the ‘missing money’ problem. This stands in contrast to other jurisdictions that have implemented administratively complex capacity markets to ensure adequate supply. A key feature of Alberta's market is its futures market, where contracts that settle against realized spot prices are exchanged. The futures market enables market participants to hedge against price volatility. It informs investment decision, enhances price transparency and aids in competitive price formation by diminishing the incentive to exercise market power in the spot market. Our empirical work explores Alberta's electricity futures market in two main areas: the relationship between futures and realized spot prices, and the evolution of futures prices influenced by expected spot market conditions. We find that (i) electricity futures prices do not provide an unbiased forecast of spot prices, (ii) a portion of the realized futures premium can be explained by information that is obtained after the futures price has been set, and (iii) futures prices appear to efficiently reflect changes in available information.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"143 ","pages":"Article 108284"},"PeriodicalIF":13.6,"publicationDate":"2025-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143395351","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

Alleviating energy poverty globally: Does digital government matter?

IF 13.6 2区经济学

Energy Economics Pub Date : 2025-02-07 DOI: 10.1016/j.eneco.2025.108272

Yanchao Feng , Yizhuo Han , Shilei Hu , Yuxi Pan

{"title":"Alleviating energy poverty globally: Does digital government matter?","authors":"Yanchao Feng , Yizhuo Han , Shilei Hu , Yuxi Pan","doi":"10.1016/j.eneco.2025.108272","DOIUrl":"10.1016/j.eneco.2025.108272","url":null,"abstract":"<div><div>Against the context of the global energy crisis and the digital transformation of governance, energy poverty remains a critical global issue, how to effectively leverage digitalization to address energy transitions requires further exploration. Using panel data from 91 countries spanning 2010 to 2019, the alleviating effect of digital government on energy poverty is supported. This observation remains robust even after conducting a range of robustness tests and addressing endogeneity concerns. Of special note, this alleviating effect exhibits marked nonlinear (U-shaped) and differentiated characteristics, with the former showing a diminishing marginal effect as energy poverty intensifies, and the latter showing a more pronounced effect in resource-rich OECD countries. Meanwhile, the relationship between digital government and energy poverty is moderated by government efficiency and financial development. Mechanism analysis reveals that digital government alleviates energy poverty through technological effects and informational effects rather than scale effects. The findings offer new insights into alleviating energy poverty in the context of digitalization, highlighting the importance of digital government in the global energy governance framework. In addition, it provides practical evidence for countries with different resource endowments to tailor sustainable development goals based on their specific situations.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"143 ","pages":"Article 108272"},"PeriodicalIF":13.6,"publicationDate":"2025-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143387064","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