Energy Economics最新文献

英文中文

Diffusion of electric vehicles – The spillover effect of charging facilities and government demonstrations for neighbouring and peer regions 电动汽车的扩散——充电设施和政府示范对邻近和同行地区的溢出效应

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-01-23 DOI: 10.1016/j.eneco.2026.109164

Ronghui Zhu , Tieju Ma , Jingbing Feng

Promoting the adoption of electric vehicles (EVs) is important for the decarbonisation of the transportation sector. Existing research indicates that the diffusion of new technologies tends to be highly spatially correlated. This study explores whether a region's adoption of EVs is positively related with the availability of charging facilities and government demonstrations promoting EVs in peer regions. This study develops a dynamic spatial panel data model based on the Spatial Dubin Model to explore this question using panel data from 28 provinces in China from 2013 to 2020. The main findings of this study include the following: 1) Not surprisingly, the high availability of charging facilities in a region and its local government's demonstration effort contribute to the adoption of EVs in the region; 2) the adoption of EVs in one region can contribute to EV adoption in its peer regions – so-called spillover effect; in particular, the government's demonstration effort contributes significantly to this effect, but the high availability of charging facilities does not; and 3) such spillover effects are more significant in regions with higher economic levels or regions with warm temperatures. Our study provides implications for EV makers to identify further potential markets for EVs.

推动电动汽车（ev）的采用对交通运输部门的脱碳至关重要。现有研究表明，新技术的扩散往往具有高度的空间相关性。本研究探讨了一个地区对电动汽车的采用是否与充电设施的可用性和政府在同行地区推广电动汽车的示范呈正相关。本文利用2013 - 2020年中国28个省份的面板数据，建立了基于空间杜宾模型的动态空间面板数据模型来探讨这一问题。本研究的主要发现包括：1)毫无疑问，充电设施的高可用性以及当地政府的示范努力有助于该地区采用电动汽车；2)一个地区对电动汽车的采用可以促进其同级地区对电动汽车的采用，即所谓的溢出效应；特别是，政府的示范努力对这种效果有很大贡献，但充电设施的高可用性却没有；③这种溢出效应在经济水平较高的地区和气温较高的地区更为显著。我们的研究为电动汽车制造商确定电动汽车的进一步潜在市场提供了启示。

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引用次数: 0

Coal-fired peak regulation for integrating photovoltaic and wind power: Impact analysis and optimization of capacity tariff 光伏与风电并网的燃煤调峰：容量电价影响分析与优化

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-01-23 DOI: 10.1016/j.eneco.2026.109158

Min Wang , Chunhai Jiang

The large-scale development and utilization of green electricity, particularly photovoltaic (PV) and wind power, is a key pathway for China's energy system to achieve low-carbon transition. However, the inherent intermittency and instability of PV and wind power pose significant challenges to the stable operation of the power system. Coal-fired utilization hours decreased from 5876 h in 2005 to 4476 h in 2023(−23.8%). This study designs a quasi-natural experiment based on China's policies for integrating PV and wind power into the grid. Using intensity-based DID methods at both the provincial coal-fired power macro level and the coal-fired power enterprise micro level, we examine the impact of PV and wind power integration on the utilization efficiency of coal-fired power equipment. The results indicate that the integration of PV and wind power significantly reduces the utilization levels of coal-fired power units. Mechanism analysis reveals that PV and wind power substantially substitute for coal-fired power while also exhibiting complementary effects. Heterogeneity analysis shows that the negative impact of PV and wind power integration on coal-fired power is stronger in provinces/regions with higher wind power potential relative to total PV and wind power potential, higher electricity supply rates, slower progress in the transformation and upgrading of coal-fired power, and lower levels of economic development. Further analysis indicates that large-scale coal-fired power enterprises, leveraging cost synergies, are more actively participating in the integration of PV and wind power. Finally, this study develops an optimization model for coal-fired power capacity tariffs based on the coefficient of variation method, enabling province- and region-level differentiation in the adjustment of current capacity tariffs. This study provides empirical evidence and reference solutions to alleviate green electricity integration pressures and accelerate the construction of a new energy system.

大规模开发利用绿色电力，特别是光伏和风电，是中国能源系统实现低碳转型的重要途径。然而，光伏发电和风电固有的间歇性和不稳定性对电力系统的稳定运行提出了重大挑战。燃煤利用小时数从2005年的5876小时下降到2023年的4476小时（- 23.8%）。本研究基于中国光伏和风电并网政策设计了一个准自然实验。采用基于强度的DID方法，从省级煤电宏观层面和煤电企业微观层面考察了光伏与风电并网对煤电设备利用效率的影响。结果表明，光伏与风力发电的结合显著降低了燃煤机组的利用率水平。机理分析表明，光伏发电和风电对燃煤发电具有较强的替代作用，同时又具有互补效应。异质性分析表明，风电潜力相对光伏和风电潜力高、供电率高、煤电转型升级速度慢、经济发展水平较低的省份/地区，光伏和风电并网对煤电的负面影响更大。进一步分析表明，大型煤电企业利用成本协同效应，更积极地参与光伏与风电的整合。最后，本文基于变异系数法构建了煤电容量电价优化模型，实现了当前容量电价调整的省域差异化。本研究为缓解绿色电力一体化压力，加快新能源体系建设提供了实证依据和参考方案。

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引用次数: 0

Does ESG performance mitigate ESG-negative events? Examining the insurance-like vs. greenwashing effect ESG绩效能否缓解ESG负面事件？检验类似保险与洗绿效应

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-01-22 DOI: 10.1016/j.eneco.2026.109163

Yin-Hua Yeh , Chen-Chieh Liao

This paper examines how ESG performance moderates the impact of ESG-negative events on stock prices, using Taiwanese listed companies as the sample due to investors' easy access to ESG scores and a comprehensive database on event severity. The study contrasts two competing perspectives: the insurance-like effect and the greenwashing effect. The results indicate that the insurance-like effect diminishes when firms face severe ESG-negative events or financial constraints, with the effect being most pronounced in firms with high information asymmetry. Furthermore, the cost of equity capital serves as a transmission channel for this effect. Conversely, firms with high ESG exposure risks and elevated ESG scores experience more severe stock price declines following ESG-negative events, confirming the greenwashing effect. Notably, the insurance-like effect is observed only in companies with low ESG exposure risks. These findings highlight the dual role of ESG performance: acting both as a protective mechanism and as a source of heightened scrutiny in stock markets.

本研究以台湾上市公司为样本，考察ESG绩效如何调节ESG负面事件对股价的影响，因为台湾上市公司的ESG评分比较容易获得，且事件严重程度资料库比较完备。该研究对比了两种相互竞争的观点：类似保险的效应和洗绿效应。结果表明，当企业面临严重的esg负面事件或财务约束时，类保险效应减弱，在信息不对称程度较高的企业中效果最为明显。此外，权益资本成本是这种效应的传导渠道。相反，ESG暴露风险高、ESG得分高的公司在ESG负面事件发生后股价下跌更严重，证实了“漂绿效应”。值得注意的是，类似保险的效应仅在ESG暴露风险较低的公司中观察到。这些发现突出了ESG绩效的双重作用：既是保护机制，也是股票市场加强审查的来源。

引用次数: 0

Impacts of market shocks and policy interventions on electric vehicle diffusion: An agent-based model 市场冲击与政策干预对电动汽车扩散的影响：一个基于主体的模型

IF 12.8 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-01-22 DOI: 10.1016/j.eneco.2026.109161

Shuo Yang, Wen Wen, Peng Zhou

引用次数: 0

Supply chain hotspot analysis of the Nexus between energy costs and CO2 emissions: Evidence from Japan 能源成本与二氧化碳排放关系的供应链热点分析：来自日本的证据

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-01-22 DOI: 10.1016/j.eneco.2026.109152

Aoi Tsukioka

This study identifies cost-emission hotspots where rising imported energy costs and CO₂ emissions driven by final demand are most concentrated. To address these dual pressures, an integrated assessment framework was developed that combines the energy cost-push structure (forward-type unit structure) and CO₂ emission demand–pull structure (backward-type unit structure). A composite index was also introduced to evaluate the impact of energy costs and CO₂ emissions on industries, and a supply chain cluster analysis was used to identify industries that were closely interrelated within a cost-emission hotspot. The study reveals that (1) Japan’s industrial structure is strongly shaped by its dependence on imported crude oil, coal, and natural gas, as well as by final demand from retail trade, food services, and motor vehicles; (2) approximately 4% of all commodity transactions are subject to substantial combined impacts of both energy costs and CO₂ emissions and should therefore be prioritized in policy design; and (3) cost-emission hotspots are concentrated in clusters that are highly interconnected through electricity supply and iron and steel manufacturing, indicating the need for coordinated energy efficiency improvements within these clusters. Policymakers should prioritize decarbonization efforts within cost-emission hotspots to alleviate energy cost pressures while advancing sustainability.

该研究确定了成本排放热点，其中进口能源成本上升和最终需求驱动的二氧化碳排放最为集中。为了解决这一双重压力，开发了能源成本推动结构（前向型单元结构）和二氧化碳排放需求拉动结构（后向型单元结构）相结合的综合评估框架。引入综合指数来评价能源成本和CO₂排放对产业的影响，并采用供应链聚类分析来识别成本-排放热点内密切相关的产业。研究表明：(1)日本的产业结构受到其对进口原油、煤炭和天然气的依赖，以及零售业、食品服务业和机动车的最终需求的强烈影响；(2)大约4%的商品交易受到能源成本和二氧化碳排放的综合影响，因此应在政策设计中优先考虑；(3)成本排放热点集中在电力供应和钢铁制造业高度互联的集群中，表明这些集群内部需要协调提高能效。决策者应优先考虑成本排放热点地区的脱碳工作，以缓解能源成本压力，同时促进可持续性。

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引用次数: 0

Carbon asset pledge financing under allowance allocation mechanisms: Strategies for capital-constrained manufacturers 配额分配机制下的碳资产质押融资：资金紧张制造商的策略

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-01-22 DOI: 10.1016/j.eneco.2026.109156

Cong Liu , Xiqiang Xia , Yarong Hou

Under carbon trading policies, research and development (R&D) in carbon emission reduction (CER) technologies has become a key strategy for manufacturing industries to mitigate carbon compliance costs. However, limited attention has been given to how specific carbon allowance allocation methods interact with capital constraints in supply chains. To address this gap, this paper develops a carbon-emission-dependent supply chain model that incorporates two allocation mechanisms, namely the grandfathering system and the benchmarking system, involving a capital-constrained manufacturer and a retailer. Based on the manufacturer's initial capital and carbon allowance endowment, three financing scenarios are examined: no financing, pure carbon asset pledge financing (PCAPF), and hybrid carbon asset pledge financing (HCAPF). The results show that: 1) The threshold for adopting the no-financing strategy is lower under the grandfathering system, while the PCAPF thresholds in both systems depend on the total carbon allowance. 2) From a profitability perspective, the retailer's profit is higher under the benchmarking system, whereas the manufacturer achieves higher profit under the grandfathering system when the total allowance is relatively abundant. 3) From an environmental perspective, the benchmarking system imposes stricter constraints and induces higher CER efforts, but when the R&D cost coefficient exceeds a certain threshold, the environmental impact under benchmarking surpasses that under grandfathering. 4) Under both systems, the no-financing scenario achieves the highest CER efforts, product output, and retailer's profit, while excessive reliance on HCAPF weakens all three.

在碳交易政策下，碳减排技术的研发已成为制造业降低碳合规成本的关键策略。然而，很少有人关注具体的碳配额分配方法如何与供应链中的资本约束相互作用。为了解决这一差距，本文建立了一个碳排放依赖的供应链模型，该模型包含两种分配机制，即祖父制度和基准制度，涉及资本受限的制造商和零售商。基于制造商的初始资金和碳配额禀赋，考察了三种融资方案：不融资、纯碳资产质押融资（PCAPF）和混合碳资产质押融资（HCAPF）。结果表明：1)祖父制度下企业采取不融资策略的门槛较低，而两种制度下的PCAPF门槛均取决于碳排放总量。2)从盈利能力的角度来看，在标杆制度下零售商的利润更高，而在津贴总额相对充裕的祖父制下制造商的利润更高。3)从环境角度看，对标制度对环境的约束更严格，对标制度对环境的影响更大，但当研发成本系数超过一定阈值时，对标制度对环境的影响大于祖父制制度。4)在两种制度下，无融资情景的CER努力、产品产出和零售商利润最高，而过度依赖HCAPF会削弱这三者。

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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 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-01-21 DOI: 10.1016/j.eneco.2026.109150

Yijun Zhang , Jiajun Yu , Jiale Wang , Yi Song

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.

ESG作为一种新兴的企业可持续发展评估框架，在其发展过程中遇到了与信息不对称相关的挑战。这个问题可以通过区块链技术衍生的创新解决方案来解决；然而，关于其对企业ESG绩效影响的研究有限。本文利用2009 - 2023年中国a股上市公司的非平衡面板数据，分析区块链技术对企业ESG绩效的影响，并探讨其潜在机制。研究结果表明：(1)区块链技术显著提高了企业ESG绩效，这一结论通过稳定性和内生性检验得以维持。(2)异质性分析表明，区块链技术对中小企业、东部地区企业和非重污染企业的ESG绩效提升更为显著。(3)机理分析表明，区块链技术通过增强企业信息披露和增强空间区位竞争来提高企业ESG绩效。(4)公司财务风险和验证过程对b区块链技术对ESG绩效的正向影响具有负向调节作用。(5)在区块链技术驱动下企业ESG绩效提升的过程中，社会维度的提升最为显著。本研究为区块链技术对促进企业可持续发展的影响提供了理论支持和实证证据。

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引用次数: 0

Price competition and market dynamics under asymmetric costs: Evidence from discount gas station policy 非对称成本下的价格竞争与市场动态：来自折扣加油站政策的证据

IF 12.8 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-01-21 DOI: 10.1016/j.eneco.2026.109144

Yenjae Chang, Junyeol Ryu

引用次数: 0

Carbon–agriculture market connectedness under the EU ETS: Evidence on sectoral heterogeneity and market states 欧盟碳排放交易体系下的碳农业市场连通性：部门异质性和市场状态的证据

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-01-20 DOI: 10.1016/j.eneco.2026.109160

Kejia Yan , Boqiang Lin

This study examines the dynamic connectedness structure between European Union Allowance (EUA) futures and agricultural commodity futures, with the aim of assessing how climate policy–related unintended economic impacts may be reflected across different agricultural sectors and market states. Rather than focusing on causal transmission, the analysis adopts a connectedness-based monitoring perspective, using futures markets as forward-looking indicators of evolving cost pressures and market sensitivities associated with climate policy implementation. Using daily data spanning all four trading phases of the EU Emissions Trading System (EU ETS) from 2007 to 2024, we document pronounced sectoral heterogeneity and state dependence in carbon–agriculture market linkages. Grain futures consistently exhibit directional dominance in their bilateral connectedness with EUA futures across market conditions, indicating strong structural resilience in staple food markets. In contrast, non-grain agricultural futures display greater heterogeneity, with their directional exposure to carbon market dynamics becoming more pronounced in later trading phases and under specific quantile conditions. These findings suggest that climate policy–related unintended economic impacts are unlikely to manifest uniformly across food systems, but may emerge more selectively along specific segments of the agricultural value chain and under particular market states. By highlighting where and when such sensitivities become more visible within market interactions, this study contributes to a more nuanced understanding of the broader economic implications of climate policy implementation, while offering a policy-relevant diagnostic framework that complements traditional price- or outcome-based evaluations.

本研究考察了欧盟配额（EUA）期货与农产品期货之间的动态联系结构，旨在评估气候政策相关的意外经济影响如何在不同的农业部门和市场状态中得到反映。该分析不关注因果传递，而是采用基于连通性的监测视角，将期货市场作为与气候政策实施相关的不断变化的成本压力和市场敏感性的前瞻性指标。利用2007年至2024年欧盟排放交易体系（EU ETS）所有四个交易阶段的日常数据，我们证明了碳农业市场联系中明显的部门异质性和国家依赖性。粮食期货在不同市场条件下与EUA期货的双边联系中始终表现出方向性优势，表明主粮市场具有强大的结构性弹性。相比之下，非粮食农产品期货表现出更大的异质性，在交易后期和特定分位数条件下，其对碳市场动态的定向暴露变得更加明显。这些发现表明，与气候政策相关的意外经济影响不太可能在整个粮食系统中统一表现出来，而可能在农业价值链的特定环节和特定市场状态下更有选择性地出现。通过强调这种敏感性在市场相互作用中何时何地变得更加明显，本研究有助于更细致地了解气候政策实施的更广泛的经济影响，同时提供与政策相关的诊断框架，补充传统的基于价格或结果的评估。

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引用次数: 0

A pathway towards energy transition: Urbanization and clean fuel adoption in Chinese homes 能源转型之路：城市化和清洁燃料在中国家庭中的应用

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2026-01-20 DOI: 10.1016/j.eneco.2026.109153

Han Yan

The transition from traditional cooking fuels to cleaner alternatives is essential for addressing environmental and public health challenges in developing countries. Economic growth and urbanization influence household cooking fuel choices by improving access to modern energy infrastructure. Using data from the China Family Panel Study (CFPS), this study develops a structural model with an indirect utility framework to evaluate how fuel prices, household characteristics, internal migration, and infrastructure expansion shape cooking fuel preferences. A key contribution is the use of data on natural gas pipeline length and built-up area to capture the extent of urbanization and to support counterfactual policy analysis. The policy experiments examine how household registration reforms that affect internal migration, as well as changes in natural gas prices and infrastructure, alter residential energy choices and household welfare. The results show that both increased internal migration and expanded infrastructure substantially raise the likelihood that households adopt cleaner cooking fuels.

从传统烹饪燃料过渡到更清洁的替代品对于解决发展中国家的环境和公共卫生挑战至关重要。经济增长和城市化通过改善获得现代能源基础设施的机会，影响家庭烹饪燃料的选择。利用中国家庭面板研究（CFPS）的数据，本研究开发了一个具有间接效用框架的结构模型，以评估燃料价格、家庭特征、内部迁移和基础设施扩张如何影响烹饪燃料偏好。一项关键贡献是利用天然气管道长度和建筑面积的数据来捕捉城市化程度，并支持反事实政策分析。政策实验考察了户籍改革对国内移民的影响，以及天然气价格和基础设施的变化，如何改变居民的能源选择和家庭福利。结果表明，国内移民的增加和基础设施的扩大都大大提高了家庭采用更清洁的烹饪燃料的可能性。

引用次数: 0

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