Pub Date : 2022-09-21DOI: 10.1080/15567249.2022.2118403
Jinyang Cai, Munir Ahmad, M. Irfan, Irfan Khan, Asif Razzaq
ABSTRACT Since a variety of barriers pose challenges to the Indian wind energy sector, the extent to which these barriers hamper this sector and the alternative solutions are largely unknown. We identify several barriers using existing literature, and then using the modified Delphi approach, refine 25 barriers and classify them into five significant dimensions. Later, the Analytical Hierarchical Process determined the ranking of barriers using pairwise comparison matrices. The Grey Technique for Order Preference by Similarity to Ideal Solution method ranked alternative solutions to these barriers. Results indicate that “financial barrier” is the most important barrier among all dimensions, while “limited government subsidy” is most influential among all sub-barriers. “Availability of adequate funds” is the best alternative to overcome these barriers. Finally, a sensitivity analysis is performed to validate the study findings. The study findings may assist practitioners and policymakers in boosting the current sluggish growth of the Indian wind sector.
{"title":"Modeling wind energy development barriers: implications for promoting green energy sector","authors":"Jinyang Cai, Munir Ahmad, M. Irfan, Irfan Khan, Asif Razzaq","doi":"10.1080/15567249.2022.2118403","DOIUrl":"https://doi.org/10.1080/15567249.2022.2118403","url":null,"abstract":"ABSTRACT Since a variety of barriers pose challenges to the Indian wind energy sector, the extent to which these barriers hamper this sector and the alternative solutions are largely unknown. We identify several barriers using existing literature, and then using the modified Delphi approach, refine 25 barriers and classify them into five significant dimensions. Later, the Analytical Hierarchical Process determined the ranking of barriers using pairwise comparison matrices. The Grey Technique for Order Preference by Similarity to Ideal Solution method ranked alternative solutions to these barriers. Results indicate that “financial barrier” is the most important barrier among all dimensions, while “limited government subsidy” is most influential among all sub-barriers. “Availability of adequate funds” is the best alternative to overcome these barriers. Finally, a sensitivity analysis is performed to validate the study findings. The study findings may assist practitioners and policymakers in boosting the current sluggish growth of the Indian wind sector.","PeriodicalId":51247,"journal":{"name":"Energy Sources Part B-Economics Planning and Policy","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2022-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88821234","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-09-11DOI: 10.1080/15567249.2022.2118899
Alejandro Castillo-Ramírez, D. Mejía-Giraldo
ABSTRACT Policy makers offer fiscal incentives to encourage companies to invest in renewable technologies. This work considers generation companies that take advantage of fiscal incentives to minimize income tax. Thus, a novel mixed-integer linear optimization model that minimizes total tax payments of a company owning a portfolio of energy projects is designed. The model strategically manages depreciation, tax loss carryforward, and tax incentive use for minimizing discounted income tax. A set of revenue scenarios was employed to analyze model results. The proposed model yields tax savings between 8.2% and 19.2% of the company’s taxes. Tax savings are significantly larger for companies with a large generation portfolio; which represents a clear advantage over small generation companies. The proposed model can also be employed by policy makers to adjust future ITA policies by taking advantage of the anticipative knowledge of the optimal tax strategies implemented by generation companies.
{"title":"Maximizing financial benefits of investment tax allowances in renewable energy portfolios","authors":"Alejandro Castillo-Ramírez, D. Mejía-Giraldo","doi":"10.1080/15567249.2022.2118899","DOIUrl":"https://doi.org/10.1080/15567249.2022.2118899","url":null,"abstract":"ABSTRACT Policy makers offer fiscal incentives to encourage companies to invest in renewable technologies. This work considers generation companies that take advantage of fiscal incentives to minimize income tax. Thus, a novel mixed-integer linear optimization model that minimizes total tax payments of a company owning a portfolio of energy projects is designed. The model strategically manages depreciation, tax loss carryforward, and tax incentive use for minimizing discounted income tax. A set of revenue scenarios was employed to analyze model results. The proposed model yields tax savings between 8.2% and 19.2% of the company’s taxes. Tax savings are significantly larger for companies with a large generation portfolio; which represents a clear advantage over small generation companies. The proposed model can also be employed by policy makers to adjust future ITA policies by taking advantage of the anticipative knowledge of the optimal tax strategies implemented by generation companies.","PeriodicalId":51247,"journal":{"name":"Energy Sources Part B-Economics Planning and Policy","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2022-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78894944","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-09-08DOI: 10.1080/15567249.2022.2118902
Fengrong Wang, Chenxi Zhang, William Mbanyele, Hongyun Huang, T. Baležentis
ABSTRACT Financial agglomeration (FA) may play an essential role in enhancing energy efficiency (EE) and, thus, is important from both theoretical and empirical viewpoints. However, few studies have investigated the causal nonlinear relationship between FA and EE. Hence, we first extend the novel ray slacks-based measure with global technology to evaluate the urban EE in China during 2003–2018. Next, we reexamine the nonlinear causality of FA on EE and then explore the underlying impact mechanism. The empirical results show that China’s urban EE is generally relatively low with distinct patterns of regional differences. Moreover, we find that the causal relationship between FA and EE follows an inverted U-shaped function rather than a linear one. FA promotes the improvement of EE only up to a certain threshold point, after which it reverses into an inhibitory effect. A further analysis based on the two-regime spatial Durbin panel model suggests that FA can indeed improve the EE of surrounding cities through positive externalities when the degree of FA in focal cities is not substantially greater than that in surrounding cities. However, when financial resources absorbed in certain focal cities become increasingly higher than that in most surrounding cities, the positive spillover effect would gradually disappear and even reverse into an undesirable siphon, thereby inhibiting the improvement of overall EE. These findings provide new insights for understanding the role of FA in sustainable development.
{"title":"Revisiting the nexus between financial agglomeration and energy efficiency: A spatial spillover approach","authors":"Fengrong Wang, Chenxi Zhang, William Mbanyele, Hongyun Huang, T. Baležentis","doi":"10.1080/15567249.2022.2118902","DOIUrl":"https://doi.org/10.1080/15567249.2022.2118902","url":null,"abstract":"ABSTRACT Financial agglomeration (FA) may play an essential role in enhancing energy efficiency (EE) and, thus, is important from both theoretical and empirical viewpoints. However, few studies have investigated the causal nonlinear relationship between FA and EE. Hence, we first extend the novel ray slacks-based measure with global technology to evaluate the urban EE in China during 2003–2018. Next, we reexamine the nonlinear causality of FA on EE and then explore the underlying impact mechanism. The empirical results show that China’s urban EE is generally relatively low with distinct patterns of regional differences. Moreover, we find that the causal relationship between FA and EE follows an inverted U-shaped function rather than a linear one. FA promotes the improvement of EE only up to a certain threshold point, after which it reverses into an inhibitory effect. A further analysis based on the two-regime spatial Durbin panel model suggests that FA can indeed improve the EE of surrounding cities through positive externalities when the degree of FA in focal cities is not substantially greater than that in surrounding cities. However, when financial resources absorbed in certain focal cities become increasingly higher than that in most surrounding cities, the positive spillover effect would gradually disappear and even reverse into an undesirable siphon, thereby inhibiting the improvement of overall EE. These findings provide new insights for understanding the role of FA in sustainable development.","PeriodicalId":51247,"journal":{"name":"Energy Sources Part B-Economics Planning and Policy","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2022-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85336463","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-09-07DOI: 10.1080/15567249.2022.2118900
Ceyda Aktan, Tolga Omay, E. E. Sahin
ABSTRACT Stock market efficiency has been one of the most investigated topics of the last century. Knowing the efficiency of a market has major implications for both investors and policymakers, as a perfectly efficient market eliminates any arbitrage opportunity and the possibility of actually beating the market. For this reason, this study aims to examine the weak-form market efficiency of the European energy markets using linear and nonlinear unit root tests for the period covering February 2012 to April 2021. The results indicated that while the Augmented Dickey–Fuller test captured the stationarity in only Austria’s Oil, and Gas index, using nonlinear tests showed stationarity in 17 of the 20 indices tested. Overall, the European Energy Market can be considered inefficient under the weak form of the Efficient Market Hypothesis. Therefore, there is an indication of profitable arbitrage opportunities among energy stocks. Signs of stationarity also suggest that shocks to energy stocks will have temporary effects. Energy markets of Austria, Finland, France, Greece, Italy, Netherlands, Russia, Spain, Sweden, and the United Kingdom, for this reason, could benefit from policy changes to support increased information flow to achieve more transparency and utilize better trading technologies.
{"title":"Examining the non-linear stochastic behavior of the European energy market: evidence from nonlinear unit root tests","authors":"Ceyda Aktan, Tolga Omay, E. E. Sahin","doi":"10.1080/15567249.2022.2118900","DOIUrl":"https://doi.org/10.1080/15567249.2022.2118900","url":null,"abstract":"ABSTRACT Stock market efficiency has been one of the most investigated topics of the last century. Knowing the efficiency of a market has major implications for both investors and policymakers, as a perfectly efficient market eliminates any arbitrage opportunity and the possibility of actually beating the market. For this reason, this study aims to examine the weak-form market efficiency of the European energy markets using linear and nonlinear unit root tests for the period covering February 2012 to April 2021. The results indicated that while the Augmented Dickey–Fuller test captured the stationarity in only Austria’s Oil, and Gas index, using nonlinear tests showed stationarity in 17 of the 20 indices tested. Overall, the European Energy Market can be considered inefficient under the weak form of the Efficient Market Hypothesis. Therefore, there is an indication of profitable arbitrage opportunities among energy stocks. Signs of stationarity also suggest that shocks to energy stocks will have temporary effects. Energy markets of Austria, Finland, France, Greece, Italy, Netherlands, Russia, Spain, Sweden, and the United Kingdom, for this reason, could benefit from policy changes to support increased information flow to achieve more transparency and utilize better trading technologies.","PeriodicalId":51247,"journal":{"name":"Energy Sources Part B-Economics Planning and Policy","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2022-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75870338","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-08-21DOI: 10.1080/15567249.2022.2109776
F. Duarte, A. Silva, M. Barbosa, L. Carvalho
ABSTRACT With the growing need for cleaner energy sources, research into the energy harvesting industry has increased over the last years. Roadways and transport infrastructure are promising contexts for energy harvesting due to their global coverage, being continuously exposed to everyday traffic-induced pressures. This study presents a model for Technical and Economic Analysis, as well as a Cost-Benefit Analysis model for Road Pavement Energy Harvesting systems. These models are then applied in a grid injection scenario, testing their applicability on a system developed by a startup company. Results show that the tested technology is economically viable for scenarios under subsidized regimes, but not yet for grid injection applications, suggesting the need for financial incentives in the field. However, it is argued that these systems hold major social and environmental value, enabling different types of business models that might increase stakeholders’ motivation to invest.
{"title":"Road pavement energy harvesting: A technological, economical and cost-benefit analysis","authors":"F. Duarte, A. Silva, M. Barbosa, L. Carvalho","doi":"10.1080/15567249.2022.2109776","DOIUrl":"https://doi.org/10.1080/15567249.2022.2109776","url":null,"abstract":"ABSTRACT With the growing need for cleaner energy sources, research into the energy harvesting industry has increased over the last years. Roadways and transport infrastructure are promising contexts for energy harvesting due to their global coverage, being continuously exposed to everyday traffic-induced pressures. This study presents a model for Technical and Economic Analysis, as well as a Cost-Benefit Analysis model for Road Pavement Energy Harvesting systems. These models are then applied in a grid injection scenario, testing their applicability on a system developed by a startup company. Results show that the tested technology is economically viable for scenarios under subsidized regimes, but not yet for grid injection applications, suggesting the need for financial incentives in the field. However, it is argued that these systems hold major social and environmental value, enabling different types of business models that might increase stakeholders’ motivation to invest.","PeriodicalId":51247,"journal":{"name":"Energy Sources Part B-Economics Planning and Policy","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2022-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88064663","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-08-07DOI: 10.1080/15567249.2022.2094035
Wanshan Wu, Xi Li, Zhou Lu, Giray Gozgor, Keke Wu
ABSTRACT Based on the Data Envelopment Analysis, this paper examines the economic effects of energy subsidies on carbon emission efficiency in the Chinese regions from 2003 to 2018. The special roles are given to fiscal decentralization and foreign direct investment competition of local governments. It is observed that an increase in energy subsidies per capita negatively affects carbon emission efficiency. The green-growth-oriented local energy subsidies, targeted at clean energy and low-carbon industries, positively affect carbon emission efficiency. Therefore, local economies can balance economic growth and carbon emission reduction requirements. Given these results, policymakers should change the original performance evaluation mechanism with economic growth as the goal and promote local governments to implement green growth and low-carbon economic development policies.
{"title":"Energy subsidies and carbon emission efficiency in Chinese regions: the role of the FDI competition in local governments","authors":"Wanshan Wu, Xi Li, Zhou Lu, Giray Gozgor, Keke Wu","doi":"10.1080/15567249.2022.2094035","DOIUrl":"https://doi.org/10.1080/15567249.2022.2094035","url":null,"abstract":"ABSTRACT Based on the Data Envelopment Analysis, this paper examines the economic effects of energy subsidies on carbon emission efficiency in the Chinese regions from 2003 to 2018. The special roles are given to fiscal decentralization and foreign direct investment competition of local governments. It is observed that an increase in energy subsidies per capita negatively affects carbon emission efficiency. The green-growth-oriented local energy subsidies, targeted at clean energy and low-carbon industries, positively affect carbon emission efficiency. Therefore, local economies can balance economic growth and carbon emission reduction requirements. Given these results, policymakers should change the original performance evaluation mechanism with economic growth as the goal and promote local governments to implement green growth and low-carbon economic development policies.","PeriodicalId":51247,"journal":{"name":"Energy Sources Part B-Economics Planning and Policy","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2022-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91236466","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-08-02DOI: 10.1080/15567249.2022.2101712
P. Siskos, I. Tsiropoulos, Panagiotis Karkatsoulis, P. Capros
ABSTRACT To reach climate neutrality by mid-century, the EU needs to decarbonize its transport sector. Transition options include electrification, biofuels, hydrogen, and e-fuels (synthetic fuels). Owing to their uncertain and disruptive role, we assess the potential contribution of e-fuels deployment to the EU transport decarbonization in line with the region’s climate neutrality ambition in 2050. To do so, we enhance the representation of competing fuels in the PRIMES-TREMOVE transport model. We quantify two contrasting transport scenarios: one with notable contribution from e-fuels, and a second scenario without e-fuels but with maximum use of the alternative options. Findings are arrayed in a Strengths-Weaknesses-Opportunities-Threats analysis. Electrification of private transport mobility in urban and sub-urban areas emerges as a key option in both pathways. However, the two scenarios differ in the other technology and fuel choices, with implications on road freight transport, infrastructure, R&D spending, and maturity requirements for alternative vehicles.
{"title":"Long-term transport decarbonization pathways in the European Union: a strategic energy-economy analysis","authors":"P. Siskos, I. Tsiropoulos, Panagiotis Karkatsoulis, P. Capros","doi":"10.1080/15567249.2022.2101712","DOIUrl":"https://doi.org/10.1080/15567249.2022.2101712","url":null,"abstract":"ABSTRACT To reach climate neutrality by mid-century, the EU needs to decarbonize its transport sector. Transition options include electrification, biofuels, hydrogen, and e-fuels (synthetic fuels). Owing to their uncertain and disruptive role, we assess the potential contribution of e-fuels deployment to the EU transport decarbonization in line with the region’s climate neutrality ambition in 2050. To do so, we enhance the representation of competing fuels in the PRIMES-TREMOVE transport model. We quantify two contrasting transport scenarios: one with notable contribution from e-fuels, and a second scenario without e-fuels but with maximum use of the alternative options. Findings are arrayed in a Strengths-Weaknesses-Opportunities-Threats analysis. Electrification of private transport mobility in urban and sub-urban areas emerges as a key option in both pathways. However, the two scenarios differ in the other technology and fuel choices, with implications on road freight transport, infrastructure, R&D spending, and maturity requirements for alternative vehicles.","PeriodicalId":51247,"journal":{"name":"Energy Sources Part B-Economics Planning and Policy","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2022-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78044916","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-08-02DOI: 10.1080/15567249.2022.2101713
M. Sajjadi, M. Javadi, Zahra Ashoorzadeh, Mohammad Emami Niri
ABSTRACT In enhanced geothermal systems (EGS), the efficiency of the energy recovery process is highly dependent on the produced fluid’s temperature. In this work, a new analytical scheme is proposed for predicting the spatiotemporal evolution of temperature profile based on the three-dimensional energy conservation equation solved on the vertical plane passing through the wells. The solution is given in an error-function form which suits well for feasibility studies. An economic study is then conducted on the cost of operation based on the analytically described temperature and pressure distribution. The cumulative gain of operation, including the cost of pumping and reduced gain due to thermal breakthrough, is optimized with respect to the well spacing and the water injection rate. Optimum well spacing – injection rate combinations have been obtained for varied project life times. The maximum cumulative gain calculated by this method can be used for capex analyses and project lifetime predictions.
{"title":"Economic optimization of enhanced geothermal systems using a fully analytical temperature profile","authors":"M. Sajjadi, M. Javadi, Zahra Ashoorzadeh, Mohammad Emami Niri","doi":"10.1080/15567249.2022.2101713","DOIUrl":"https://doi.org/10.1080/15567249.2022.2101713","url":null,"abstract":"ABSTRACT In enhanced geothermal systems (EGS), the efficiency of the energy recovery process is highly dependent on the produced fluid’s temperature. In this work, a new analytical scheme is proposed for predicting the spatiotemporal evolution of temperature profile based on the three-dimensional energy conservation equation solved on the vertical plane passing through the wells. The solution is given in an error-function form which suits well for feasibility studies. An economic study is then conducted on the cost of operation based on the analytically described temperature and pressure distribution. The cumulative gain of operation, including the cost of pumping and reduced gain due to thermal breakthrough, is optimized with respect to the well spacing and the water injection rate. Optimum well spacing – injection rate combinations have been obtained for varied project life times. The maximum cumulative gain calculated by this method can be used for capex analyses and project lifetime predictions.","PeriodicalId":51247,"journal":{"name":"Energy Sources Part B-Economics Planning and Policy","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2022-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73021513","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-07-28DOI: 10.1080/15567249.2022.2099038
Easmond Baah Nketia, Yusheng Kong, I. A. Mensah, Sabina Ampon-Wireko, Kingsley Anfom
ABSTRACT This study investigates how inclusive growth is affected by carbon emission, renewable energy, and the new financial development index using 48 African countries categorized into low-income countries (LIC) and middle-income countries (MIC) spanning from 2000 to 2018. Bearing in mind the presence of residual cross-sectional reliance and heterogeneity in a panel data settings, the study employed robust estimations econometric approaches which includes the Augmented Mean group (AMG), Driscoll-Kraay (DK) standard errors method together with the Correlated Effects Mean Group (CCEMG) technique. The study’s outcomes from the mentioned approaches showed that; carbon emission positively affects inclusive growth in aggregate African panel, and LIC but not in MIC panels correspondingly. Furthermore, renewable energy significantly mitigates inclusive growth in LIC group African nations, but not significant in Africa as a whole or in MIC country grouping. Financial development is homogeneously positive and significant, with inclusive growth across all panels of African economies. The outlined outcomes were also confirmed by the Generalized Method of Moments (System-GMM). Based on the outlined study preferably suggest that carbon emission in LIC must be focused on attracting investments with low carbon footprints. On renewable energy, it is further recommended that both LIC and MIC should sticks to the African Renewable Energy Initiative.
{"title":"Inclusive growth and the sophisticated influence of carbon emissions, renewable energy, and financial development: An introspective analysis of Africa","authors":"Easmond Baah Nketia, Yusheng Kong, I. A. Mensah, Sabina Ampon-Wireko, Kingsley Anfom","doi":"10.1080/15567249.2022.2099038","DOIUrl":"https://doi.org/10.1080/15567249.2022.2099038","url":null,"abstract":"ABSTRACT This study investigates how inclusive growth is affected by carbon emission, renewable energy, and the new financial development index using 48 African countries categorized into low-income countries (LIC) and middle-income countries (MIC) spanning from 2000 to 2018. Bearing in mind the presence of residual cross-sectional reliance and heterogeneity in a panel data settings, the study employed robust estimations econometric approaches which includes the Augmented Mean group (AMG), Driscoll-Kraay (DK) standard errors method together with the Correlated Effects Mean Group (CCEMG) technique. The study’s outcomes from the mentioned approaches showed that; carbon emission positively affects inclusive growth in aggregate African panel, and LIC but not in MIC panels correspondingly. Furthermore, renewable energy significantly mitigates inclusive growth in LIC group African nations, but not significant in Africa as a whole or in MIC country grouping. Financial development is homogeneously positive and significant, with inclusive growth across all panels of African economies. The outlined outcomes were also confirmed by the Generalized Method of Moments (System-GMM). Based on the outlined study preferably suggest that carbon emission in LIC must be focused on attracting investments with low carbon footprints. On renewable energy, it is further recommended that both LIC and MIC should sticks to the African Renewable Energy Initiative.","PeriodicalId":51247,"journal":{"name":"Energy Sources Part B-Economics Planning and Policy","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2022-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76122431","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-07-12DOI: 10.1080/15567249.2022.2083728
Parviz Sohrabi, Hesam Dehghani, Ramin Rafie
ABSTRACT The current study predicts West Texas Intermediate (WTI) petroleum prices using an artificial neural network (ANN) with a whale optimization algorithm (WOA). In implementing the model, five parameters, including gold price, coal price, natural gas price, Dollar-Euro exchange rate, and Dollar-Yuan exchange rate, have been used as input to the combined model. The intelligent and basic ANN algorithm results compared to finding the ANN-WOA algorithm capacity in predicting the future price of WTI oil. ANN-WOA model improved the WTI price predicting accuracy up to 22% compared to the ANN. The ANN-WOA method with a value of R2 = 0.93 compared to the ANN method with a value of R2 = 0.75 was able to reduce the model error well. According to the significant impact that the input parameters of the combination model had on the WTI oil price prediction, therefore, in studies that predict price or other variables, highly correlated variables can significantly increase the accuracy of the forecast.
{"title":"Forecasting of WTI crude oil using combined ANN-Whale optimization algorithm","authors":"Parviz Sohrabi, Hesam Dehghani, Ramin Rafie","doi":"10.1080/15567249.2022.2083728","DOIUrl":"https://doi.org/10.1080/15567249.2022.2083728","url":null,"abstract":"ABSTRACT The current study predicts West Texas Intermediate (WTI) petroleum prices using an artificial neural network (ANN) with a whale optimization algorithm (WOA). In implementing the model, five parameters, including gold price, coal price, natural gas price, Dollar-Euro exchange rate, and Dollar-Yuan exchange rate, have been used as input to the combined model. The intelligent and basic ANN algorithm results compared to finding the ANN-WOA algorithm capacity in predicting the future price of WTI oil. ANN-WOA model improved the WTI price predicting accuracy up to 22% compared to the ANN. The ANN-WOA method with a value of R2 = 0.93 compared to the ANN method with a value of R2 = 0.75 was able to reduce the model error well. According to the significant impact that the input parameters of the combination model had on the WTI oil price prediction, therefore, in studies that predict price or other variables, highly correlated variables can significantly increase the accuracy of the forecast.","PeriodicalId":51247,"journal":{"name":"Energy Sources Part B-Economics Planning and Policy","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2022-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84740915","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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