Pub Date : 2024-12-27DOI: 10.1016/j.eneco.2024.108139
Marco Amendola
The paper develops a Multi-Regional Input–Output analytical framework to study the EU’s recently adopted carbon border adjustment mechanism (CBAM). This policy introduces carbon tariffs to replace free allowances in several Emission Trading System (ETS) industries to reinforce and extend the EU carbon price signal while mitigating the risk of carbon leakage. Yet, the policy has prompted immediate international equity concerns, particularly regarding its potential burden-shifting effect, especially on low-income countries. In this context, the analysis provides a comprehensive examination of the distributional impacts of the EU CBAM, shedding light on the countries and industries most affected by the policy. Contrary to the apprehensions, the findings indicate limited evidence of burden shifting, with such a phenomenon being confined to a few specific geographical areas and industries. Instead, the results unveil more pronounced redistributive impacts within the EU, with certain Eastern EU countries facing particular losses from replacing free allowances with CBAM. Adverse competitiveness effects and carbon leakage in various downstream industries are also identified.
{"title":"Winners and losers of the EU carbon border adjustment mechanism. An intra-EU issue?","authors":"Marco Amendola","doi":"10.1016/j.eneco.2024.108139","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108139","url":null,"abstract":"The paper develops a Multi-Regional Input–Output analytical framework to study the EU’s recently adopted carbon border adjustment mechanism (CBAM). This policy introduces carbon tariffs to replace free allowances in several Emission Trading System (ETS) industries to reinforce and extend the EU carbon price signal while mitigating the risk of carbon leakage. Yet, the policy has prompted immediate international equity concerns, particularly regarding its potential burden-shifting effect, especially on low-income countries. In this context, the analysis provides a comprehensive examination of the distributional impacts of the EU CBAM, shedding light on the countries and industries most affected by the policy. Contrary to the apprehensions, the findings indicate limited evidence of burden shifting, with such a phenomenon being confined to a few specific geographical areas and industries. Instead, the results unveil more pronounced redistributive impacts within the EU, with certain Eastern EU countries facing particular losses from replacing free allowances with CBAM. Adverse competitiveness effects and carbon leakage in various downstream industries are also identified.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"41 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142889254","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}
Pub Date : 2024-12-26DOI: 10.1016/j.eneco.2024.108146
Loretta Mastroeni, Alessandro Mazzoccoli, Greta Quaresima
The economic impact of climate change on agriculture is complex and multifaceted, with public sentiment playing a crucial role. Public perception of climate events can significantly influence consumer behavior and investment decisions, adding uncertainty and volatility to agricultural markets. Beyond the direct effects of climate change, it is essential to understand how public reactions can shape and amplify economic consequences. This study analyzes the impact of climate-related sentiment and equity market performance on agricultural commodity spot prices using a novel approach that examines the most important intrinsic properties of time series related to their deterministic, stochastic, or chaotic behavior. We focus on the predictability of time series, applying our techniques to the spot prices of soybean, cotton, corn, wheat, coffee, and orange juice. Our method combines Rényi entropy and wavelet analysis to capture low- and high-probability events and distinguish between short-term and long-term trends. The main finding suggests that climate-related sentiment and equity market performance help to predict extreme events in long-term agricultural spot price distributions, though predictability decreases for short-term fluctuations. This has important implications with regard to forecasting models in agricultural markets.
{"title":"Effects of the climate-related sentiment on agricultural spot prices: Insights from Wavelet Rényi Entropy analysis","authors":"Loretta Mastroeni, Alessandro Mazzoccoli, Greta Quaresima","doi":"10.1016/j.eneco.2024.108146","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108146","url":null,"abstract":"The economic impact of climate change on agriculture is complex and multifaceted, with public sentiment playing a crucial role. Public perception of climate events can significantly influence consumer behavior and investment decisions, adding uncertainty and volatility to agricultural markets. Beyond the direct effects of climate change, it is essential to understand how public reactions can shape and amplify economic consequences. This study analyzes the impact of climate-related sentiment and equity market performance on agricultural commodity spot prices using a novel approach that examines the most important intrinsic properties of time series related to their deterministic, stochastic, or chaotic behavior. We focus on the predictability of time series, applying our techniques to the spot prices of soybean, cotton, corn, wheat, coffee, and orange juice. Our method combines Rényi entropy and wavelet analysis to capture low- and high-probability events and distinguish between short-term and long-term trends. The main finding suggests that climate-related sentiment and equity market performance help to predict extreme events in long-term agricultural spot price distributions, though predictability decreases for short-term fluctuations. This has important implications with regard to forecasting models in agricultural markets.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"31 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142889287","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}
Pub Date : 2024-12-26DOI: 10.1016/j.eneco.2024.108161
Ying Liu, Hongyun Huang, William Mbanyele, Xin Li, Tomas Balezentis
Seeking to implement the sustainable development goals (SDGs), the integration of digital technologies in supply chains emerges as a promising tool to address environmental challenges and improve operational efficiency. Utilizing the supply chain innovation and application pilot policy as a quasi-natural experiment, we assess the causal impact of supply chain digitization on corporate environmental practices. Our findings reveal that supply chain digital innovation substantially enhances corporate environmental practices. We discuss four underlying economic mechanisms behind this causality: efficiency, governance, resource allocation, and innovation improvements. Furthermore, the impact is more pronounced for industries with high transportation costs, as well as for non-high-tech sectors and non-state-owned enterprises. When companies face weaker environmental regulations, this effect is further amplified. Moreover, we examine the spillover effects of supply chain digital innovation on the environmental practices of upstream and downstream enterprises. The results suggest that supply chain digital innovation could trigger desirable economic consequences by exerting positive impacts on sales volume and market value. These findings offer practical implications for policymakers to leverage smart and digital supply chain systems in attaining SDGs.
{"title":"Harnessing supply chain digital innovation for enhanced corporate environmental practices and sustainable growth","authors":"Ying Liu, Hongyun Huang, William Mbanyele, Xin Li, Tomas Balezentis","doi":"10.1016/j.eneco.2024.108161","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108161","url":null,"abstract":"Seeking to implement the sustainable development goals (SDGs), the integration of digital technologies in supply chains emerges as a promising tool to address environmental challenges and improve operational efficiency. Utilizing the supply chain innovation and application pilot policy as a quasi-natural experiment, we assess the causal impact of supply chain digitization on corporate environmental practices. Our findings reveal that supply chain digital innovation substantially enhances corporate environmental practices. We discuss four underlying economic mechanisms behind this causality: efficiency, governance, resource allocation, and innovation improvements. Furthermore, the impact is more pronounced for industries with high transportation costs, as well as for non-high-tech sectors and non-state-owned enterprises. When companies face weaker environmental regulations, this effect is further amplified. Moreover, we examine the spillover effects of supply chain digital innovation on the environmental practices of upstream and downstream enterprises. The results suggest that supply chain digital innovation could trigger desirable economic consequences by exerting positive impacts on sales volume and market value. These findings offer practical implications for policymakers to leverage smart and digital supply chain systems in attaining SDGs.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"66 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142929198","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}
Pub Date : 2024-12-25DOI: 10.1016/j.eneco.2024.108163
Kwamie Dunbar, Daniel N. Treku
The transition to renewable energy is critical in meeting global climate commitments, particularly those outlined in the Paris Agreement and the United Nations Sustainable Development Goals. This study examines the influence of energy transition investment (ETI) flows on the issuance of green bonds in the green finance market. Green bonds fund sustainable projects and align investments with environmental goals. Our research reveals a positive correlation between ETI flows and the volume of green bonds issued, indicating that increased investments in energy transitions spur the growth of green bond markets. This relationship underscores the significance of impact investments in advancing the green finance market and supporting climate-resilience initiatives. Our findings suggest that fostering ETI flows can significantly enhance green bond issuances, thereby promoting sustainable development. Policymakers should consider these insights when designing effective strategies to incentivize impact investments, which are pivotal in achieving long-term environmental and economic sustainability.
{"title":"Do energy transition investment flows aid climate commitments?","authors":"Kwamie Dunbar, Daniel N. Treku","doi":"10.1016/j.eneco.2024.108163","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108163","url":null,"abstract":"The transition to renewable energy is critical in meeting global climate commitments, particularly those outlined in the Paris Agreement and the United Nations Sustainable Development Goals. This study examines the influence of energy transition investment (ETI) flows on the issuance of green bonds in the green finance market. Green bonds fund sustainable projects and align investments with environmental goals. Our research reveals a positive correlation between ETI flows and the volume of green bonds issued, indicating that increased investments in energy transitions spur the growth of green bond markets. This relationship underscores the significance of impact investments in advancing the green finance market and supporting climate-resilience initiatives. Our findings suggest that fostering ETI flows can significantly enhance green bond issuances, thereby promoting sustainable development. Policymakers should consider these insights when designing effective strategies to incentivize impact investments, which are pivotal in achieving long-term environmental and economic sustainability.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"5 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142889420","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}
The development of environmental technologies has played a significant role in socio-economic development, including economic growth, life expectancy, and employment levels in societies. However, this development has also resulted in various environmental consequences. The novel aspect of this study is to fill gaps in the literature by offering a unique perspective on the combined influence of supply chain disruptions and digital technologies, along with economic factors, on the advancement of environmental technologies in G7 nations. Fixed-effects regression and Prais–Winsten regression with correlated panels corrected standard errors (PCSEs) were utilized to examine the relationships among variables from 1990 to 2020. The findings show that supply chain disruptions, digitalization, foreign direct investment, and economic growth have positive effects on the development of environment-related technologies. In contrast, consumption and inflation have negative effects. The findings suggest that enhancing supply chain, digitalization, and foreign investment while managing consumption and inflation can promote sustainable technological development. Policymakers in G7 nations should incorporate these insights into strategies for advancing environmental technologies.
{"title":"The impact of supply chain and digitization on the development of environmental technologies: Unveiling the role of inflation and consumption in G7 nations","authors":"Hanzhen Liu, Ningxin Li, Shenghan Zhao, Pengcheng Xue, Chenyuan Zhu, Yun He","doi":"10.1016/j.eneco.2024.108165","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108165","url":null,"abstract":"The development of environmental technologies has played a significant role in socio-economic development, including economic growth, life expectancy, and employment levels in societies. However, this development has also resulted in various environmental consequences. The novel aspect of this study is to fill gaps in the literature by offering a unique perspective on the combined influence of supply chain disruptions and digital technologies, along with economic factors, on the advancement of environmental technologies in G7 nations. Fixed-effects regression and Prais–Winsten regression with correlated panels corrected standard errors (PCSEs) were utilized to examine the relationships among variables from 1990 to 2020. The findings show that supply chain disruptions, digitalization, foreign direct investment, and economic growth have positive effects on the development of environment-related technologies. In contrast, consumption and inflation have negative effects. The findings suggest that enhancing supply chain, digitalization, and foreign investment while managing consumption and inflation can promote sustainable technological development. Policymakers in G7 nations should incorporate these insights into strategies for advancing environmental technologies.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"27 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142929195","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}
Pub Date : 2024-12-19DOI: 10.1016/j.eneco.2024.108123
Son Duy Pham, Hung Xuan Do, Rabindra Nepal, Tooraj Jamasb
The tail risks can exhibit different and important features than average measures of risk in interconnected electricity markets. This paper examines the interconnectedness of tail risks within the regionally interconnected Australian National Electricity Market. We use the Conditional Autoregressive Value-at-Risk (CAViaR) and time-varying parameter vector autoregression (TVP-VAR) connectedness approach. Analysing historical data between 01 January 2006 and 04 February 2024. The results show significant levels of connectedness for both negative and positive tail risks, highlighting the dynamic and interdependent nature of these markets. Notably, we identify asymmetries in the transmission of tail risks and their key drivers, including oil market volatility and global geopolitical risks. Our findings show that some regions play a pivotal role in the risk dynamics across the regions of the network and the influence of energy source diversity on risk profiles. The study underscores the complexity of managing the expected increase in tail risks in interconnected electricity markets, emphasizing the need for adaptive, forward-thinking strategies tailored to evolving global and local conditions.
{"title":"Tail risk connectedness in the Australian National Electricity Markets: The impact of rare events","authors":"Son Duy Pham, Hung Xuan Do, Rabindra Nepal, Tooraj Jamasb","doi":"10.1016/j.eneco.2024.108123","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108123","url":null,"abstract":"The tail risks can exhibit different and important features than average measures of risk in interconnected electricity markets. This paper examines the interconnectedness of tail risks within the regionally interconnected Australian National Electricity Market. We use the Conditional Autoregressive Value-at-Risk (CAViaR) and time-varying parameter vector autoregression (TVP-VAR) connectedness approach. Analysing historical data between 01 January 2006 and 04 February 2024. The results show significant levels of connectedness for both negative and positive tail risks, highlighting the dynamic and interdependent nature of these markets. Notably, we identify asymmetries in the transmission of tail risks and their key drivers, including oil market volatility and global geopolitical risks. Our findings show that some regions play a pivotal role in the risk dynamics across the regions of the network and the influence of energy source diversity on risk profiles. The study underscores the complexity of managing the expected increase in tail risks in interconnected electricity markets, emphasizing the need for adaptive, forward-thinking strategies tailored to evolving global and local conditions.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"13 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142889322","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}
Pub Date : 2024-12-19DOI: 10.1016/j.eneco.2024.108147
Hongying Wang, Jia Wang, Yufei Lyu, Xuetao Li
To deal with climatic changes and resource depletion, sustainable development has become a focal strategy in global discussion. Digitization in the supply chain sector is flourishing and its impact is not limited to one aspect of life but further extended to sustainable development. The present work estimates the role of supply chain digitization and energy efficiency in sustainable development. The study mainly explores different dimensions of sustainable development, for instance economic, social, and environmental aspects. The study uses produced capital as a measure of the economic aspect of sustainability, human capital as a social measure of sustainable development and emissions footprint, and natural capital as an environmental measure of sustainable development. The study investigates the empirical analysis of panel data of 146 economies from 1990 to 2023. The estimation has performed with the assistance of pooled OLS, the Driscoll and Kraay method, and rigorous Simultaneous Quantile Regression model. The findings indicate the constructive role of both supply chain digitization and energy efficiency in all aspects of sustainable development. The analysis highlighted the negative association between supply chain digitization and sustainable development in economic and social aspects. Whereas the correlation coefficient of +0.484 suggests the positive association between supply chain digitization and social measure of sustainable development. Furthermore, the analysis reports a more intense impact of supply chain digitization and energy efficiency on sustainable development in the highest quantiles. The research suggests to implement policies supporting sustainable supply chain practices such as carbon pricing, renewable energy targets and circular economic initiatives. Furthermore, promoting supply chain digitization and energy efficiency investments can, not only enhance social, economic and environmental sustainability but can foster global cooperation and knowledge sharing to develop standardized sustainable supply chain operations.
{"title":"The impact of supply chain digitisation on sustainable development in global panel data. Does the energy efficiency matter?","authors":"Hongying Wang, Jia Wang, Yufei Lyu, Xuetao Li","doi":"10.1016/j.eneco.2024.108147","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108147","url":null,"abstract":"To deal with climatic changes and resource depletion, sustainable development has become a focal strategy in global discussion. Digitization in the supply chain sector is flourishing and its impact is not limited to one aspect of life but further extended to sustainable development. The present work estimates the role of supply chain digitization and energy efficiency in sustainable development. The study mainly explores different dimensions of sustainable development, for instance economic, social, and environmental aspects. The study uses produced capital as a measure of the economic aspect of sustainability, human capital as a social measure of sustainable development and emissions footprint, and natural capital as an environmental measure of sustainable development. The study investigates the empirical analysis of panel data of 146 economies from 1990 to 2023. The estimation has performed with the assistance of pooled OLS, the Driscoll and Kraay method, and rigorous Simultaneous Quantile Regression model. The findings indicate the constructive role of both supply chain digitization and energy efficiency in all aspects of sustainable development. The analysis highlighted the negative association between supply chain digitization and sustainable development in economic and social aspects. Whereas the correlation coefficient of +0.484 suggests the positive association between supply chain digitization and social measure of sustainable development. Furthermore, the analysis reports a more intense impact of supply chain digitization and energy efficiency on sustainable development in the highest quantiles. The research suggests to implement policies supporting sustainable supply chain practices such as carbon pricing, renewable energy targets and circular economic initiatives. Furthermore, promoting supply chain digitization and energy efficiency investments can, not only enhance social, economic and environmental sustainability but can foster global cooperation and knowledge sharing to develop standardized sustainable supply chain operations.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"4 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142889320","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}
Pub Date : 2024-12-19DOI: 10.1016/j.eneco.2024.108145
Yifei Cai, Yahua Zhang, Yuchao Xu
Fuel is one of the airline industry's most significant inputs and accounts for 30 % of an airline's total expenses on average. Airline companies' prices are sensitive to the crude oil market fluctuations. Unfortunately, no existing literature has focused on the influences of unplanned oil supply outages on the airline stock market performance. By employing the connectedness method proposed by Diebold and Yilmaz (2009, 2012), we first contribute to existing studies by investigating the predictability relationship between the total spillovers index and unplanned oil supply disruptions in both OPEC and non-OPEC countries. Notably, we observe that fluctuations in the total spillovers index closely align with events in the oil market. Furthermore, it becomes evident that non-OPEC oil supply disruptions exert a more substantial influence on the total volatility spillovers index in comparison to their OPEC counterparts. Finally, we conclude by highlighting the significant policy implications arising from our findings including diversifying oil supply sources and prioritizing risk management strategies in airlines' fuel hedging practices.
{"title":"Assessing the influence of unplanned oil supply outages on airline stock connectedness","authors":"Yifei Cai, Yahua Zhang, Yuchao Xu","doi":"10.1016/j.eneco.2024.108145","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108145","url":null,"abstract":"Fuel is one of the airline industry's most significant inputs and accounts for 30 % of an airline's total expenses on average. Airline companies' prices are sensitive to the crude oil market fluctuations. Unfortunately, no existing literature has focused on the influences of unplanned oil supply outages on the airline stock market performance. By employing the connectedness method proposed by Diebold and Yilmaz (2009, 2012), we first contribute to existing studies by investigating the predictability relationship between the total spillovers index and unplanned oil supply disruptions in both OPEC and non-OPEC countries. Notably, we observe that fluctuations in the total spillovers index closely align with events in the oil market. Furthermore, it becomes evident that non-OPEC oil supply disruptions exert a more substantial influence on the total volatility spillovers index in comparison to their OPEC counterparts. Finally, we conclude by highlighting the significant policy implications arising from our findings including diversifying oil supply sources and prioritizing risk management strategies in airlines' fuel hedging practices.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"3 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142889321","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}
Pub Date : 2024-12-19DOI: 10.1016/j.eneco.2024.108102
Eleftheria G. Paschalidou, Nikolaos S. Thomaidis
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.
{"title":"Risk factors in the formulation of day-ahead electricity prices: Evidence from the Spanish case","authors":"Eleftheria G. Paschalidou, Nikolaos S. Thomaidis","doi":"10.1016/j.eneco.2024.108102","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108102","url":null,"abstract":"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.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"40 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-12-19","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}
Pub Date : 2024-12-19DOI: 10.1016/j.eneco.2024.108150
Xu Du, Shuanxi Fang
Energy efficiency improvements leading to cleaner output have recently emerged as a hot topic in sustainable development research. At this time, OECD nations are not generating enough money to guarantee that energy efficiency measures can be purchased. Artificial intelligence (AI) is causing a revolution in optimizing energy efficiency by allowing for sophisticated analysis and management of energy systems. Thus, in this stage of digital economic growth, energy resilience might be impacted by the fast development of AI technology, the energy internet, and other emerging forms of the network economy. This study aims to analyze the effects of digitalization in the supply chain, artificial intelligence, and finance on energy resilience (ENR) in seventeen OECD countries by using panel data from 2006 to 2021. Three dynamic panel data models are employed: one-step difference GMM, one-step system GMM, and two-step system GMM. The findings show that population growth and tax environmental regulations decrease energy resilience in OECD countries. On the other hand, digitalization of the supply chain, advancements in finance, and AI have increased energy resilience. Moreover, the study uses SQR and panel quantile regression (PQR) tests to ensure that the dynamic panel model is robust. Based on the findings, significant policy implications are proposed to enhance energy quality in OECD nations. Finally, AI has enormous potential to improve energy efficiency by facilitating more innovative optimization and management of energy systems. Organizations may save much money, cut expenses, and help build a better energy future by using AI to save energy.
{"title":"Does the lack of energy resilience a serious problem at the forefront of policy analysts? Role of supply chain digitalization and environmental law in OECD countries","authors":"Xu Du, Shuanxi Fang","doi":"10.1016/j.eneco.2024.108150","DOIUrl":"https://doi.org/10.1016/j.eneco.2024.108150","url":null,"abstract":"Energy efficiency improvements leading to cleaner output have recently emerged as a hot topic in sustainable development research. At this time, OECD nations are not generating enough money to guarantee that energy efficiency measures can be purchased. Artificial intelligence (AI) is causing a revolution in optimizing energy efficiency by allowing for sophisticated analysis and management of energy systems. Thus, in this stage of digital economic growth, energy resilience might be impacted by the fast development of AI technology, the energy internet, and other emerging forms of the network economy. This study aims to analyze the effects of digitalization in the supply chain, artificial intelligence, and finance on energy resilience (ENR) in seventeen OECD countries by using panel data from 2006 to 2021. Three dynamic panel data models are employed: one-step difference GMM, one-step system GMM, and two-step system GMM. The findings show that population growth and tax environmental regulations decrease energy resilience in OECD countries. On the other hand, digitalization of the supply chain, advancements in finance, and AI have increased energy resilience. Moreover, the study uses SQR and panel quantile regression (PQR) tests to ensure that the dynamic panel model is robust. Based on the findings, significant policy implications are proposed to enhance energy quality in OECD nations. Finally, AI has enormous potential to improve energy efficiency by facilitating more innovative optimization and management of energy systems. Organizations may save much money, cut expenses, and help build a better energy future by using AI to save energy.","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"4 1","pages":""},"PeriodicalIF":12.8,"publicationDate":"2024-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142889318","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}
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