Energy Economics最新文献

英文中文

Evaluating the effects of green supply chain, digital technologies, and energy prices on renewable energy innovations: A way forward for an emerging economy 评估绿色供应链、数字技术和能源价格对可再生能源创新的影响：新兴经济体的前进之路

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2024-11-14 DOI: 10.1016/j.eneco.2024.108038

Shuai Huang, Huizhu Tan

In order to establish sustainable energy systems and lessen environmental effects via resource efficiency and technological innovations, green supply chain management and renewable energy innovations are crucial. Thus, in this study, for the first time, we investigate how digitization and green supply chains impact renewable energy innovations. The study also examined how inflation and energy prices influence renewable energy innovations using data between 1990Q1 and 2022Q4. Furthermore, considering the nonlinear nature of the variables, we settle for using nonlinear approaches ranging from quantile Augmented-Dickey-Fuller (QADF) and quantile Phillips-Perron (QPP), wavelet quantile regression (WQR), and wavelet quantile correlation (WQC). The QADF and QPP results validate each other, showing evidence of stationarity at specific quantiles. The results show a significant pattern indicating that green supply chain and digitalization influence renewable energy innovations. There is a stronger positive correlation in the medium and high quantiles, especially in the long run. It is revealed that the effect of these factors increases over time. However, the effect lessens at the lower quantiles and in the short term, suggesting the possibility of fluctuations in short-term factors. Additionally, financial development, inflation, and energy resources are essential in explaining the development of renewable energy innovations to create sustainable energy practices. Furthermore, the results of the WQC validate the outcomes of the WQR. Based on the study findings, recommendations for practical policy decision-making are derived from these broad research results to guide pertinent stakeholders and decision-makers in pursuing more effective promotion of renewable energies and sustainability.

为了建立可持续能源系统，并通过资源效率和技术创新减少对环境的影响，绿色供应链管理和可再生能源创新至关重要。因此，本研究首次探讨了数字化和绿色供应链对可再生能源创新的影响。本研究还利用 1990Q1 至 2022Q4 的数据研究了通货膨胀和能源价格如何影响可再生能源创新。此外，考虑到变量的非线性性质，我们采用了量子增强-迪基-富勒（QADF）和量子菲利普斯-佩伦（QPP）、小波量子回归（WQR）和小波量子相关（WQC）等非线性方法。QADF 和 QPP 的结果相互验证，显示了特定量级的静态证据。结果表明，绿色供应链和数字化对可再生能源创新具有重要影响。中、高数量级的正相关性更强，尤其是在长期。结果表明，这些因素的影响随着时间的推移而增加。然而，在较低的量化值和短期内，其影响有所减弱，这表明短期因素可能存在波动。此外，金融发展、通货膨胀和能源资源对于解释发展可再生能源创新以创造可持续能源实践至关重要。此外，WQC 的结果验证了 WQR 的结果。在研究结果的基础上，从这些广泛的研究成果中得出了实用的政策决策建议，以指导相关利益方和决策者更有效地促进可再生能源和可持续发展。

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引用次数: 0

A multi-objective decision-making framework for the choice between mutually exclusive alternatives under uncertainty: Assessing the competitiveness of offshore wind for a gas field electrification on the NCS 在不确定情况下在相互排斥的备选方案之间进行选择的多目标决策框架：评估海上风能在 NCS 气田电气化方面的竞争力

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2024-11-13 DOI: 10.1016/j.eneco.2024.108032

Daniel Aghajani , Reidar B. Bratvold , Verena Hagspiel , Olga Noshchenko , Vincent K.G. Toutain

Due to rising concerns about climate change and anticipated energy demand increase the Norwegian government advocates for floating offshore wind to decarbonize its oil and gas industry on the Norwegian continental shelf (NCS). To realize this endeavor, small-scale projects are vital for driving technological innovation and cost reduction without incurring the risk of extensive losses. As floating wind is an immature technology, the relevant investment decision is complicated by a highly uncertain commodities market and strengthening environmental regulations. Hence, when making an investment decision, the operator should also consider objectives that are beyond economic value. In this work, we analyze the factors affecting the attractiveness of the floating offshore wind as means to decarbonize brownfield projects on the NCS by applying a multi-objective decision support system for corporate decision-makers. We develop a decision-making framework representing a stepwise approach for decision support based on qualitative and quantitative assessment. In this paper, we combine tools from multi-objective decision analysis and real options valuation to develop a decision framework addressing managerial flexibility under uncertainty. The framework allows for the choice between mutually exclusive alternatives considering multiple objectives and sources of uncertainty. By applying the framework to a case study on the NCS, our findings suggest that higher carbon payments do not enhance the attractiveness of OWFs, underscoring the importance of policy changes such as increased subsidies and cost reductions for promoting investments in the OWFs.

由于对气候变化和预期能源需求增长的担忧日益加剧，挪威政府主张采用漂浮式海上风力发电，以实现挪威大陆架（NCS）石油和天然气工业的去碳化。为了实现这一目标，小型项目对于推动技术创新和降低成本，同时又不承担巨大损失的风险至关重要。由于浮动风能技术尚不成熟，相关的投资决策因商品市场的高度不确定性和环境法规的不断加强而变得复杂。因此，在进行投资决策时，运营商还应考虑经济价值以外的目标。在这项工作中，我们通过为企业决策者应用多目标决策支持系统，分析了影响浮式海上风电作为非大陆架棕地项目脱碳手段吸引力的因素。我们开发了一个决策框架，代表了一种基于定性和定量评估的逐步决策支持方法。在本文中，我们将多目标决策分析和实物期权评估的工具结合起来，开发了一个决策框架，以解决不确定情况下的管理灵活性问题。考虑到多重目标和不确定性来源，该框架允许在相互排斥的备选方案中做出选择。通过将该框架应用于一项关于非沿海地区的案例研究，我们的研究结果表明，较高的碳付款并不能增强开放式森林的吸引力，这突出了政策变化（如增加补贴和降低成本）对于促进开放式森林投资的重要性。

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引用次数: 0

Environmental credit regulatory policies and bank loans of heavily polluting firms 环境信贷监管政策与重污染企业的银行贷款

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2024-11-13 DOI: 10.1016/j.eneco.2024.108049

Xin Ding , Yixuan Kang , Paresh Kumar Narayan , Yusheng Fan

We use the environmental credit rating policy as a quasi-natural experiment to analyze how these policies affect bank loans to heavily polluting firms in China. Utilizing a panel dataset of A-share listed firms and difference-in-differences models, we find that policies (a) reduce the scale and proportion of long-term loans, (b) increase loan costs and financial distress risks, and (c) enhance social responsibility for heavily polluting firms. State-owned firms face stronger regulation, while those in regions with advanced digital financial markets and lower carbon emissions encounter smaller credit constraints.

我们将环境信用评级政策作为一个准自然实验，分析这些政策如何影响银行对中国重污染企业的贷款。利用 A 股上市公司的面板数据集和差分模型，我们发现政策（a）降低了长期贷款的规模和比例，（b）增加了贷款成本和财务困境风险，（c）增强了重污染企业的社会责任。国有企业面临更严格的监管，而在数字金融市场发达、碳排放量较低的地区，国有企业遇到的信贷限制较小。

引用次数: 0

Can government digital transformation improve corporate energy efficiency in resource-based cities? 政府数字化转型能否提高资源型城市的企业能效？

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2024-11-13 DOI: 10.1016/j.eneco.2024.108043

Jiaomei Tang , Wanting Li , Jiahan Hu , Yayun Ren

Corporations in resource-based cities have long faced unique challenges in achieving sustainable development. Digital government construction, a critical strategy for enhancing governance capacity through information technology, presents significant potential to improve corporate energy efficiency and foster sustainable growth. This study explores the impact of digital government construction on corporate energy efficiency in China's resource-based cities, utilizing data from listed companies. The findings are as follows: First, digital government construction significantly enhances corporate energy efficiency in resource-based cities, with this effect remaining robust across a series of robustness checks. Second, the extent of this beneficial effect varies with factors such as digital infrastructure level, environmental policy stringency, local financial constraints, and corporate ownership structure. Third, the improvement in energy efficiency is primarily driven by advances in technological innovation and reductions in non-productive expenditures. These findings underscore the pivotal role of digital government construction as an effective tool for enhancing energy efficiency and supporting sustainable development in resource-based cities.

长期以来，资源型城市的企业在实现可持续发展方面面临着独特的挑战。数字政府建设是通过信息技术提升治理能力的重要战略，在提高企业能效、促进可持续发展方面具有巨大潜力。本研究利用上市公司数据，探讨了数字政府建设对中国资源型城市企业能效的影响。研究结果如下：首先，数字政府建设显著提高了资源型城市的企业能效，并且这一效应在一系列稳健性检验中保持稳健。第二，这种有利影响的程度因数字基础设施水平、环境政策严格程度、地方财政限制和企业所有权结构等因素而异。第三，能源效率的提高主要是由技术创新的进步和非生产性支出的减少推动的。这些发现强调了数字政府建设作为资源型城市提高能源效率和支持可持续发展的有效工具所发挥的关键作用。

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引用次数: 0

Addressing energy poverty through education: How does gender matter? (Please publish this article in the January, 2025 issue) 通过教育解决能源贫困问题：性别问题有多重要？(请在 2025 年 1 月刊上发表本文）

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2024-11-10 DOI: 10.1016/j.eneco.2024.108029

Rabindra Nepal , Jiajia Dong , Jun Zhao , Tooraj Jamasb

Energy poverty (EPT) has emerged as a major policy concern in developed, transition, and developing economies. In China, energy has been a key enabler of economic and social development in recent decades. However, EPT can reduce the positive effects of this development. This paper studies the relationship between the key social-economic-geographic factors and EPT and further discusses the heterogeneity of various aspects and the mechanism roles of income inequality and gender educational inequality by using panel data of 30 Chinese provinces from 2002 to 2021. The main findings are: (1) An increase in per capita education reduces EPT; (2) the negative effect of education on EPT is stronger in the midwestern provinces; (3) the contribution of female education in alleviating urban EPT is substantially greater than that of male education; (4) in towns and villages, the impact of male education on EPT is greater than that of female education; and (5) income inequality and gender educational inequality are valid mechanisms in the education-EPT nexus. We put forward policy recommendations for improving the education level, narrowing education and gender inequality, and decreasing income gaps to alleviate EPT.

能源贫困（EPT）已成为发达经济体、转型经济体和发展中经济体的主要政策问题。在中国，能源是近几十年来经济和社会发展的重要推动力。然而，能源贫困会削弱这一发展所带来的积极影响。本文利用 2002 年至 2021 年中国 30 个省份的面板数据，研究了主要社会-经济-地理因素与 EPT 之间的关系，并进一步讨论了各方面的异质性以及收入不平等和性别教育不平等的机制作用。主要结论如下(1）人均教育水平的提高会降低 EPT；（2）教育对 EPT 的负向影响在中西部省份更强；（3）女性教育对缓解城市 EPT 的贡献远大于男性教育；（4）在城镇和乡村，男性教育对 EPT 的影响大于女性教育；（5）收入不平等和性别教育不平等是教育-EPT 关系中的有效机制。我们提出了提高教育水平、缩小教育和性别不平等、缩小收入差距以缓解 EPT 的政策建议。

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引用次数: 0

Zooming in or zooming out: Energy strategy, developmental parity and regional entrepreneurial dynamism 放大或缩小：能源战略、发展均势和地区创业活力

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2024-11-10 DOI: 10.1016/j.eneco.2024.108021

Yanru Deng , Rabindra Nepal , Xuefeng Shao , Chante Jian Ding , Zhan Wu

In this paper, we analyze the economic impacts of the West-East Electricity Transmission Project (WEETP) project using the multi-period difference-in-difference (DID) method based on county-level data from 2000 to 2020. Our findings indicate that the WEETP project inhibits firm entry in electricity-exporting regions while encouraging firm entry in electricity-importing regions, thus hindering regional development equalization. Specifically, the initiation of WEETP discouraged firm activity in the southern and central corridors' exporting regions but boosted firm activity in the northern corridor. Additionally, WEETP exacerbated infrastructure overbuilding and environmental damage in energy-exporting regions, further weakening entrepreneurial dynamism (ED) and widening the development gap with energy-importing regions. Our study provides insights into the real impact of national energy strategies on regional development and highlights the institutional factors contributing to the resource curse. The findings demonstrate the limitations of non-market pricing approaches to resource allocation, thereby offering an empirical basis for narrowing the development gap and promoting developmental affirmative action.

本文基于 2000 年至 2020 年的县级数据，采用多期差分法（DID）分析了西电东送项目（WEETP）的经济影响。我们的研究结果表明，西电东送工程抑制了电力出口地区的企业进入，同时鼓励了电力进口地区的企业进入，从而阻碍了地区发展的均衡化。具体而言，WEETP 的启动抑制了南部和中部走廊出口地区的企业活动，但促进了北部走廊的企业活动。此外，WEETP 加剧了能源出口地区的基础设施过度建设和环境破坏，进一步削弱了创业活力（ED），扩大了与能源进口地区的发展差距。我们的研究深入揭示了国家能源战略对地区发展的实际影响，并强调了导致资源诅咒的制度因素。研究结果表明了资源分配的非市场定价方法的局限性，从而为缩小发展差距和促进发展平权行动提供了经验依据。

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引用次数: 0

How financial derivatives affect energy firms' ESG 金融衍生品如何影响能源企业的环境、社会和公司治理

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2024-11-10 DOI: 10.1016/j.eneco.2024.108028

Mengxu Xiong , Chen Liu , Junyi Xiang

This paper investigates how the usage of financial derivatives affect energy firm's ESG. Using a sample of Chinese listed energy firms, we document a positive relation between the financial derivatives usage and corporate ESG performance, and the results remain robust under a series of robustness and endogeneity tests. Alleviated financial pressure, enhanced information efficiency and increased risk exposure are potential mechanisms through which financial derivative usage promotes ESG performance. Moreover, the influence of financial derivatives exhibits heterogeneity, and the improvement of corporate ESG performance is more pronounced for state-owned enterprises, large firms, firms receive more investor attention, and firms located in the eastern region in China. Our study may shed lights on the impact of financial derivatives usage on energy firm's sustainable development.

本文研究了金融衍生品的使用如何影响能源企业的环境、社会和公司治理。以中国上市能源企业为样本，我们记录了金融衍生品的使用与企业环境、社会和公司治理绩效之间的正相关关系，并且在一系列稳健性和内生性检验下，结果依然稳健。缓解财务压力、提高信息效率和增加风险敞口是金融衍生品使用促进企业环境、社会和治理绩效的潜在机制。此外，金融衍生工具的影响表现出异质性，对国有企业、大型企业、投资者关注度较高的企业以及位于中国东部地区的企业而言，企业环境、社会和治理绩效的改善更为明显。我们的研究可以揭示金融衍生品的使用对能源企业可持续发展的影响。

引用次数: 0

The performance of renewable-rich wholesale electricity markets with significant energy storage and flexibility 可再生能源丰富的电力批发市场的表现，以及大量的能源储存和灵活性

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2024-11-10 DOI: 10.1016/j.eneco.2024.108026

Yimin Zhang, Dominic Davis, Michael J. Brear, Andrea Vecchi

This work investigates the technical and financial performance of deeply decarbonised wholesale electricity markets with uncertain variable renewable generation (VRG), uncertain demand and different types of flexibility. It first finds that different combinations of power reserves (i.e. power generation capacity) and energy reserves (i.e. energy storage capacity), can achieve adequate system reliability at similar total costs. However, use of only energy reserves never achieved adequate system reliability, and this looks to be a fundamental challenge to the reliability of systems with only energy reserves but no power reserves. Two independent aspects of wholesale market operations are then found to be the main determinants of system reliability: the length of the unit commitment (UC) schedule prior to dispatch and the degree of operational uncertainty of VRG during dispatch.

It is then argued that reliable, least cost and efficient wholesale markets with dominant renewables need acceptably low levels of operational uncertainty of VRG, sufficient flexibility in generation and/or demand, and UC schedules that are significantly longer than the longest energy storage durations present. Rather than suggesting that innovation in market design is required, these results therefore suggest that different technical approaches should have important, future roles. These include mitigating the operational uncertainty of VRG via several potential means as well as flexible generation, battery storage of a few hours duration and flexible electrolysis. Long duration energy storage, however, may challenge market performance and all participants’ returns even if it supports system reliability.

这项研究探讨了具有不确定可再生能源发电（VRG）、不确定需求和不同类型灵活性的深度去碳化电力批发市场的技术和财务表现。研究首先发现，电力储备（即发电能力）和能源储备（即储能能力）的不同组合可以在总成本相近的情况下实现足够的系统可靠性。然而，仅使用能量储备从未实现过足够的系统可靠性，这看起来是对仅使用能量储备而不使用电力储备的系统可靠性的根本性挑战。批发市场运营的两个独立方面被认为是系统可靠性的主要决定因素：调度前机组承诺（UC）计划的长度和调度期间可再生能源发电机组运行的不确定性程度。因此，与其说这些结果表明市场设计需要创新，不如说不同的技术方法在未来应发挥重要作用。这些方法包括通过几种潜在的方式减轻可变蓄能发电机的运行不确定性，以及灵活发电、持续几小时的电池储能和灵活电解。然而，长时间储能即使能支持系统的可靠性，也可能会对市场表现和所有参与者的收益构成挑战。

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引用次数: 0

Retraction notice to “Geopolitical oil price uncertainty transmission into core inflation: Evidence from two of the biggest global players” Energy Economics Volume 126, October 2023, 106,983. 地缘政治油价不确定性传导至核心通胀》的撤回通知：能源经济学》第 126 卷，2023 年 10 月，106,983 页。

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2024-11-09 DOI: 10.1016/j.eneco.2024.108025

Chien-Chiang Lee , Godwin Olasehinde-Williams , Oktay Özkan

引用次数: 0

Performance of energy ETFs and climate risks 能源 ETF 的表现与气候风险

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics

Pub Date : 2024-11-08 DOI: 10.1016/j.eneco.2024.108031

Minh Nhat Nguyen , Ruipeng Liu , Youwei Li

We investigate whether green (brown) portfolios constructed from clean energy ETFs (fossil fuel ETFs) yield positive (negative) returns conditional on climate-related risks. While the green portfolios do not unconditionally outperform the brown ones, the outperformance of green portfolios is statistically significant under the conditional setting using non-parametric estimates with imposing inequality restrictions. Our conditional studies also show that brown portfolios are riskier than green ones with various measurements. We present the heterogeneity in the effect of climate information on the return and risk of green and brown portfolios. Furthermore, we document that fund flows for green assets are higher than those for brown ones during periods of high climate risks. Our findings are robust to alternative specifications.

我们研究了由清洁能源 ETF（化石燃料 ETF）构建的绿色（棕色）投资组合是否会在气候相关风险的条件下产生正（负）回报。虽然绿色投资组合的表现并不是无条件地优于棕色投资组合，但在有条件的情况下，利用施加了不平等限制的非参数估计，绿色投资组合的优于性在统计上是显著的。我们的条件研究还表明，在不同的测量条件下，棕色投资组合的风险高于绿色投资组合。我们介绍了气候信息对绿色和棕色投资组合收益和风险影响的异质性。此外，我们还发现，在气候风险高发期，绿色资产的资金流量高于棕色资产。我们的研究结果对其他规格都是稳健的。

引用次数: 0

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