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A special issue of Energies (ISSN 1996-1073). This special issue belongs to the section "C: Energy Economics and Policy".

Deadline for manuscript submissions: 21 August 2024 | Viewed by 11229

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Special Issue Editors

Prof. Dr. Periklis Gogas

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Guest Editor

Department of Economics, Democritus University of Thrace, 69100 Komotini, Greece
Interests: banking; finance; machine learning; Artificial Intelligence; econometrics
Special Issues, Collections and Topics in MDPI journals

Prof. Dr. Theophilos Papadimitriou

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Guest Editor

Department of Economics; Democritus University of Thrace, 69100 Komotini, Greece
Interests: banking; finance; machine learning; artificial intelligence; data analysis
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

This Special Issue will focus on emerging methodologies of analysis, description, modeling, and forecasting in the area of Energy Economics.

We seek submissions of empirical work in energy economics, i.e., production, distribution, storing, forecasting, financing, risk, taxation, trading, exchanges, networks, etc., in spot and derivatives markets. These may refer to electricity, hydrocarbons, fossil fuels, renewable energy, CO₂, etc.

We are focusing on emerging and innovative methodological approaches from the areas of machine learning, artificial intelligence, complex networks, operations research, econometrics and statistics aiming to model, describe or forecast the energy markets at all levels. The practical importance of the results to policy makers and the relevant stakeholders in terms of regulating, pricing, and even the environmental and social welfare aspects of energy in income and poverty is a plus.

Theoretical robustness, methodological innovation, and possible applicability of the conclusions are the basic requirements for a paper to be considered for publication.

Prof. Dr. Periklis Gogas
Prof. Dr. Theophilos Papadimitriou
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Energies is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2600 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

energy
machine learning
econometrics
complex
networks
operations
research
statistics
modelling
forecasting

Published Papers (4 papers)

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Research

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14 pages, 1902 KiB

Open AccessArticle

Forecasting East and West Coast Gasoline Prices with Tree-Based Machine Learning Algorithms

by Emmanouil Sofianos, Emmanouil Zaganidis, Theophilos Papadimitriou and Periklis Gogas

Energies 2024, 17(6), 1296; https://doi.org/10.3390/en17061296 - 8 Mar 2024

Viewed by 972

Abstract

This study aims to forecast New York and Los Angeles gasoline spot prices on a daily frequency. The dataset includes gasoline prices and a big set of 128 other relevant variables spanning the period from 17 February 2004 to 26 March 2022. These variables were fed to three tree-based machine learning algorithms: decision trees, random forest, and XGBoost. Furthermore, a variable importance measure (VIM) technique was applied to identify and rank the most important explanatory variables. The optimal model, a trained random forest, achieves a mean absolute percent error (MAPE) in the out-of-sample of 3.23% for the New York and 3.78% for the Los Angeles gasoline spot prices. The first lag, AR (1), of gasoline is the most important variable in both markets; the top five variables are all energy-related. This paper can strengthen the understanding of price determinants and has the potential to inform strategic decisions and policy directions within the energy sector, making it a valuable asset for both industry practitioners and policymakers. Full article

(This article belongs to the Special Issue Emerging Trends in Energy Economics II)

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20 pages, 550 KiB

Open AccessArticle

Electricity Prices in the European Union Region: The Role of Renewable Energy Sources, Key Economic Factors and Market Liberalization

by George E. Halkos and Apostolos S. Tsirivis

Energies 2023, 16(6), 2540; https://doi.org/10.3390/en16062540 - 8 Mar 2023

Cited by 7 | Viewed by 1765

Abstract

Electricity is by far the most valuable energy commodity for households; hence, it is of the utmost importance for national regulatory authorities and the European Commission (EC) to guarantee affordable and unimpeded access for European citizens to this vital social good. The existing academic literature mainly focuses on the effect of specific renewable energy resources (RES), such as solar, wind, etc., on electricity prices, thus neglecting the crucial impact of the electricity market structure. In an effort to fill this gap, the present paper attempts to clarify whether the real effect of the share of total renewable energy production in the generation scheme and certain electricity market liberalization indices constitute key determinants of household electricity prices. The study is further innovative on the grounds that the empirical analysis utilizes both static and dynamic panel methodologies for a dataset including several variables introduced for the first time in academia. The dataset consists of yearly observations regarding 26 EU countries for a time horizon from 2003 until 2019. The econometric outcomes revealed the complex relationship between RES deployment and generation concentration with the level of household electricity prices. In contrast, the deregulation of the retail market and especially the presence of many retailers with a market share exceeding 5% can benefit European consumers by reducing electricity prices. Additionally, the relative costs concerning the outward-orientation of the economy and the power system’s upgrade were found to be transferred to the final electricity price. The opposite applies to environmental taxes, allowing European governments to accumulate considerable funds for ecological and environmental protection actions. Lastly, due to the estimated slow adjustment rate of electricity prices, policymakers are advised to develop long-term strategic energy planning. Full article

(This article belongs to the Special Issue Emerging Trends in Energy Economics II)

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Review

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22 pages, 4305 KiB

Open AccessReview

Energy Efficiency and Economic Policy: Comprehensive Theoretical, Empirical, and Policy Review

by Muhammad Mushafiq, Muzammil Muhammad Khan Arisar, Hanan Tariq and Stanislaw Czapp

Energies 2023, 16(5), 2381; https://doi.org/10.3390/en16052381 - 2 Mar 2023

Cited by 11 | Viewed by 2960

Abstract

In this paper, we analyze the role of economic policy in prompting energy efficiency. This study reviews three aspects, theoretical, empirical, and existing policies to evaluate the relationship of energy efficiency and economic policy. This study furthermore identifies the existing issues from a policy perspective in energy efficiency. Although not all public policies may be justified, it suggests that these types of financial incentives, particularly those based on economic instruments, can play a crucial role in advancing energy efficiency. Additionally, this study identifies existing issues in energy efficiency target achievement and proposes solutions based on the literature review. Finally, it provides possible future research pathways from the aspect of economic policy tools in energy efficiency. Full article

(This article belongs to the Special Issue Emerging Trends in Energy Economics II)

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21 pages, 1478 KiB

Open AccessReview

Hospitals’ Energy Efficiency in the Perspective of Saving Resources and Providing Quality Services through Technological Options: A Systematic Literature Review

by Maria Psillaki, Nikolaos Apostolopoulos, Ilias Makris, Panagiotis Liargovas, Sotiris Apostolopoulos, Panos Dimitrakopoulos and George Sklias

Energies 2023, 16(2), 755; https://doi.org/10.3390/en16020755 - 9 Jan 2023

Cited by 5 | Viewed by 4512

Abstract

The effects of climate change, in combination with the recent energy crisis, have brought the energy efficiency issues of hospitals markedly to the fore. Hospitals are considered among the most energy-intensive buildings, which is why they have become a top priority for governments wishing to upgrade their energy efficiency. Given the critical nature of the work of hospitals and the model of healthcare provision (nursing cover 24 h per day, 7 days a week) it is very hard to achieve energy cuts. The international literature shows that the energy efficiency of hospitals is a complex process that requires further research. This need is covered by the present systematic literature review, which captures the existing knowledge on energy monitoring strategies, assessment, and upgrading through technology, resources-saving strategies, and the relationship between energy efficiency and the quality of the service provision, while also identifying future research considerations and the potential for supporting researchers’ work. Additionally, this study adds aggregated data to the literature, as far as the energy performance of buildings is concerned, and allows investors to have data exported from energy surveys at their disposal. At the same time, it suggests the further exploration of alternative energy technologies, based on all renewable energy sources rather than only solar power systems. This highlights the need for a comparative examination of hospitals with different climatic and socio-economic environments, to better determine what technologies effectively serve the energy needs of each region. Finally, this survey considers it necessary to connect the energy efficiency of hospital units with the awareness of the management and workforce in the saving of energy resources. Due to the fact that most studies are oriented toward the energy performance of very large-sized hospitals, it is suggested that in the future, the research lens should also be focused on the smaller private and public sectors’ health units. Full article

(This article belongs to the Special Issue Emerging Trends in Energy Economics II)

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