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Challenges in the Energy Sector and Sustainable Growth

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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: closed (30 September 2022) | Viewed by 28779

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Prof. Dr. Apostolos G. Christopoulos

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Business Administration, University of the Aegean, 82132 Island of Chios, Greece
Interests: risk management; corporate failure; corporate governance and banking
Special Issues, Collections and Topics in MDPI journals

Prof. Dr. Petros Kalantonis

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Department of Tourism Management, Egaleo Park Campus, University of West Attica, GR-12243 Egaleo, Greece
Interests: accounting; financial analysis and corporate governance
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Dr. Ioannis Katsampoxakis

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Department of Statistics and Actuarial – Financial Mathematics, University of the Aegean, 83200 Island of Samos, Greece
Interests: corporate finance; financial markets; capital market regulation; energy markets; risk management
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

The aim of this Special Issue is to examine the current trends and challenges in the energy sector. Today, there is an ongoing debate regarding a possible crisis taking place worldwide in the energy sector within the next 30 years or even earlier if the necessary measures are not taken. Renewable sources are an aspect we find at the top of the agenda to face the increasing demand for energy, but even nuclear fusion is beginning to enter the discussion. Without doubt, in industrialized countries, energy is an essential factor for society and affects every economic activity, from aviation and shipping to agriculture, health, and education. However, as energy affects everyday economic life, it is expected that it will also affect financial markets. Thus, researchers are welcome to submit their work which deals with all kinds of energy economics and engineering.

As the demand for natural resources increases but supply remains stable, a crisis in energy is very likely to occur. Thus, the increasing use of renewable resources must be a priority, especially in industrialized economies. The transition to new energy sources combined with the climate change and technological advances combined with sustainable development are another interesting aspect for researchers. Last but not least, the impact of COVID-19 in the energy sector and the energy markets is currently a very interesting topic to investigate. In general, the scope of this Special Issue is to host research works from the areas of economics but also engineering, which may refer to the efficiency of production and distribution networks and energy storage, the development of respective emerging methodologies, and the application of sophisticated econometric analysis for modeling energy and financial markets.

Prof. Dr. Apostolos G. Christopoulos
Prof. Dr. Petros Kalantonis
Dr. Ioannis Katsampoxakis
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 sources
renewable energy
energy crisis
energy challenges
energy networks
climate change
sustainable development
COVID-19
financial markets
derivatives markets

Published Papers (12 papers)

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Research

12 pages, 3111 KiB

Open AccessArticle

How Dependent Are European Power Systems and Economies on Natural Gas?—A Macroeconomic Optimization for Security of Electricity Supply

by Christina Kockel, Lars Nolting, Kevin Pacco, Carlo Schmitt, Albert Moser and Aaron Praktiknjo

Energies 2022, 15(23), 8991; https://doi.org/10.3390/en15238991 - 28 Nov 2022

Cited by 1 | Viewed by 1236

Abstract

How dependent are European power systems and economies on natural gas? To answer this pressing question, we coupled a simulation model for assessing security of electricity supply and an economic optimization model. With this, we were able to analyze different reduction scenarios of the amount of gas utilized in the power sector. Our results show that reducing the amount of natural gas in the European power sector by up to 30% has a relatively moderate impact on the security of electricity supply. Restrictions of 40% or more result in substantially higher reductions in electricity demand shortfall and are associated with economic costs of more than EUR 77 billion. Furthermore, we demonstrate that a close coordination of gas distribution on a European level would be instrumental in mitigating negative economic consequences. Finally, it can be deduced that a coordinated delay of planned power plant shutdowns could effectively compensate for reduced gas volumes in the electricity sector. Full article

(This article belongs to the Special Issue Challenges in the Energy Sector and Sustainable Growth)

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13 pages, 544 KiB

Open AccessArticle

Integrated Reporting and Value Relevance in the Energy Sector: The Case of European Listed Firms

by Andreas Errikos Delegkos, Michalis Skordoulis, Petros Kalantonis and Aggelia Xanthopoulou

Energies 2022, 15(22), 8435; https://doi.org/10.3390/en15228435 - 11 Nov 2022

Cited by 5 | Viewed by 1556

Abstract

Integrated reporting (IR) contains a lot of important information for firms, such as income, cash flows, risks, uncertainties, intellectual capital, social capital and environmental capital. Based on the relevant literature it is found that the adoption of integrated reporting affects the firms’ value in the short, medium and long term and, at the same time affects its environmental, social and governance performances. The aim of this paper is to analyze the impact of integrated reporting in European energy firms’ value relevance. To do so, the panel data concerning 38 European energy distribution listed firms are analyzed, using statistical and econometrical methods including OLS, WLS, fixed effects and random effects models. The paper’s main novelty is that it concerns a sector that plays a key role in the economic development of countries and, at the same time only a few studies are carried out concerning the examined subject in this sector. The research results have revealed that integrated reporting, book value and earnings per share have a statistically significantly effect on energy firms’ market value. Thus, it is proposed that energy firms adopt IR. Full article

(This article belongs to the Special Issue Challenges in the Energy Sector and Sustainable Growth)

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23 pages, 1145 KiB

Open AccessArticle

Balanced-Scorecard-Based Evaluation of Knowledge-Oriented Competencies of Distributed Energy Investments

by Elias Carayannis, Pantelis Kostis, Hasan Dinçer and Serhat Yüksel

Energies 2022, 15(21), 8245; https://doi.org/10.3390/en15218245 - 4 Nov 2022

Cited by 22 | Viewed by 1345

Abstract

Since the global warming problem threatens the whole world, it is understood that countries should develop energy policies that will increase their sustainable and clean energy investments. Compared to other alternatives, the high cost of renewable energy projects is an essential obstacle in this process. Therefore, priority should be given to developing distributed energy projects to minimize this problem. The scope of the present paper is to identify the most critical items that affect the performance of distributed energy projects to have knowledge-oriented competencies. In this way, companies can focus on more critical items to provide efficiency for distributed energy projects. As a result, clean energy usage is improved, and the global warming problem is handled more successfully. A novel decision-making model is generated to examine the competencies of the knowledge economy based on collaborative filtering and bipolar q-rung orthopair fuzzy sets (q-ROFSs) with the golden ratio. The analysis concludes that learning and growth are the most critical balanced scorecard perspectives. Moreover, it was also determined that information and communication technology is the most critical competency of the knowledge economy. Therefore, it would be appropriate for investors who plan to invest in distributed energy projects to form a research and development team. Hence, new technologies will be followed instantly. In this way, companies will be able to gain a cost advantage. In this context, improving distributed energy projects is important to increase efficiency in clean energy investments. Full article

(This article belongs to the Special Issue Challenges in the Energy Sector and Sustainable Growth)

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15 pages, 1408 KiB

Open AccessArticle

The Impact of the Ukrainian War on Stock and Energy Markets: A Wavelet Coherence Analysis

by Charalampos Basdekis, Apostolos Christopoulos, Ioannis Katsampoxakis and Vasileios Nastas

Energies 2022, 15(21), 8174; https://doi.org/10.3390/en15218174 - 2 Nov 2022

Cited by 16 | Viewed by 4569

Abstract

This study attempts to examine the existence of interdependencies between specific stock market indices, exchange rates and crude oil for the period January 2021 to July 2022 with daily data. In the period we have chosen, the post-vaccination phase against COVID-19, as well as the war in Ukraine, is covered. The variables selected for this study are RTSI, Eurostoxx, S&P 500, EUR/USD and RUB/USD exchange rates and crude oil prices. The selection of the specific variables was made because they are directly related to the pre-war period that coincides with the post-vaccine period of the pandemic, which allowed us to characterize it as the normal period and to characterize the period of the war in Ukraine that coincides with the energy crisis as the unstable period. In this way, the present study covers the markets of Russia and other developed economies. For empirical purposes, we applied a wavelet coherence approach in order to investigate the possible existence of simultaneous coherence between the variables at different times and scales for all the considered times. The findings of the study reveal the existence of strong correlations between all variables, during different time periods and for different frequencies during the period under review. Of particular interest is the finding that shows that during the crisis period, the RTSI significantly affects both the European and American stock markets, while also determining the evolution of the Russian currency. In addition, it appears that capital constraints in the Russian stock market, combined with increased demand for crude oil, determine the interdependence between RTSI and crude oil. Finally, an interesting finding of the study is the existence of a negative correlation between the US stock index and crude oil in low-frequency bands and the RTSI and Eurostoxx with crude oil for the post-vaccination and pre-war periods in the medium term. These findings can be used by both investors and portfolio managers to hedge risks and make more confident investment decisions. In addition, these findings can be used by policy makers in the planning of regulatory policies regarding the limitations of the systemic risks in capital markets. Full article

(This article belongs to the Special Issue Challenges in the Energy Sector and Sustainable Growth)

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19 pages, 3049 KiB

Open AccessArticle

Types of Policies for the Joint Diffusion of Electric Vehicles with Renewable Energies and Their Use Worldwide

by Cristina Sousa and Evaldo Costa

Energies 2022, 15(20), 7585; https://doi.org/10.3390/en15207585 - 14 Oct 2022

Cited by 5 | Viewed by 1534

Abstract

A large reduction in greenhouse gas (GHG) emissions will be needed in the coming decades to keep global warming well below 2 °C. Together, energy and transport sectors are responsible for around ¾ of carbon dioxide (CO₂) emissions worldwide. The transition to a low-carbon economy involves an increase in the share of renewable energies in power grid and the electrification of the transports thus demanding policies focused on the joint diffusion of the two technologies This study adopted a hybrid methodology to examine several types of policies and their implications in the use and diffusion of the electric vehicles charged with renewables. We argue that it is not enough to have policies to expand electric mobility with renewable sources. The results reveal that production and technology represent ⅓ of electric vehicles and renewables policies. Broad coverage of policies does not translate into market gains since 20% of the countries that encourage electric vehicles have a low market share. Policies need to be broad, consistent, reach more countries and promote synergies between renewables and electric mobility to provide the conjoint diffusion of both technologies and allow the CO₂ emission mitigation targets for 2030 to be achieved. This study contributes to research on sustainable policies and innovations to decarbonizing the energy and transport sectors. Full article

(This article belongs to the Special Issue Challenges in the Energy Sector and Sustainable Growth)

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18 pages, 2490 KiB

Open AccessArticle

Decomposition and Decoupling Analysis of Carbon Emissions in Xinjiang Energy Base, China

by Jiancheng Qin, Lei Gao, Weihu Tu, Jing He, Jingzhe Tang, Shuying Ma, Xiaoyang Zhao, Xingzhe Zhu, Karthikeyan Brindha and Hui Tao

Energies 2022, 15(15), 5526; https://doi.org/10.3390/en15155526 - 29 Jul 2022

Cited by 7 | Viewed by 1413

Abstract

China faces a difficult choice of maintaining socioeconomic development and carbon emissions mitigation. Analyzing the decoupling relationship between economic development and carbon emissions and its driving factors from a regional perspective is the key for the Chinese government to achieve the 2030 emission reduction target. This study adopted the logarithmic mean Divisia index (LMDI) method and Tapio index, decomposed the driving forces of the decoupling, and measured the sector’s decoupling states from carbon emissions in Xinjiang province, China. The results found that: (1) Xinjiang’s carbon emissions increased from 93.34 Mt in 2000 to 468.12 Mt in 2017. Energy-intensive industries were the key body of carbon emissions in Xinjiang. (2) The economic activity effect played the decisive factor to carbon emissions increase, which account for 93.58%, 81.51%, and 58.62% in Xinjiang during 2000–2005, 2005–2010, and 2010–2017, respectively. The energy intensity effect proved the dominant influence for carbon emissions mitigation, which accounted for −22.39% of carbon emissions increase during 2000–2010. (3) Weak decoupling (WD), expansive coupling (EC), expansive negative decoupling (END) and strong negative decoupling (SND) were identified in Xinjiang during 2001 to 2017. Gross domestic product (GDP) per capita elasticity has a major inhibitory effect on the carbon emissions decoupling. Energy intensity elasticity played a major driver to the decoupling in Xinjiang. Most industries have not reached the decoupling state in Xinjiang. Fuel processing, power generation, chemicals, non-ferrous, iron and steel industries mainly shown states of END and EC. On this basis, it is suggested that local governments should adjust the industrial structure, optimize energy consumption structure, and promote energy conservation and emission reduction to tap the potential of carbon emissions mitigation in key sectors. Full article

(This article belongs to the Special Issue Challenges in the Energy Sector and Sustainable Growth)

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24 pages, 734 KiB

Open AccessArticle

Carbon Dioxide and Greenhouse Gas Emissions: The Role of Monetary Policy, Fiscal Policy, and Institutional Quality

by Konstantinos Bletsas, Georgios Oikonomou, Minas Panagiotidis and Eleftherios Spyromitros

Energies 2022, 15(13), 4733; https://doi.org/10.3390/en15134733 - 28 Jun 2022

Cited by 16 | Viewed by 2222

Abstract

Environmental control remains a salient aspect of states’ policies in the present decade. To reduce emissions, governments and central banks tend to adopt various strategies. The present research quantifies the nexus between fiscal and monetary policy, institutions’ quality, central bank characteristics, and carbon dioxide and greenhouse gas emissions. Data has been sourced from 95 countries during the period from 1998 to 2019. According to the empirical results, the main determinants of gas emissions in developing countries are economic growth, government expenses, and central bank independence, whereas, in developed countries, they are economic growth, government efficiency, and central bank transparency and independence. Economic growth is a significant deteriorating factor in the state of the environment. By contrast, institutional and bureaucratic quality, measured through government effectiveness and expansionary fiscal policies as well as central bank independence and transparency, are ameliorating factors, as they decrease emissions. To conclude, governments must first reduce control over central banks and target government spending on the energy transition. Full article

(This article belongs to the Special Issue Challenges in the Energy Sector and Sustainable Growth)

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16 pages, 530 KiB

Open AccessArticle

Enhancing the Activity of Employees of the Communication Department of an Energy Sector Company

by Yuliia Malynovska, Iryna Bashynska, Dariusz Cichoń, Yuriy Malynovskyy and Dariusz Sala

Energies 2022, 15(13), 4701; https://doi.org/10.3390/en15134701 - 27 Jun 2022

Cited by 27 | Viewed by 1715

Abstract

Currently, companies in the energy sector are focus on sustainable growth, although they face many challenges, including the peculiarities of their operations. One of the features of companies in the energy sector is the need for effective communication with the media and the public. This is of paramount importance due to the current trends and challenges in the energy sector, the market requirements and the low level of development in such companies. The object of this study invovles the employees of the communication departments of energy sector companies, while the subject is the intensification of their activities based on the use of motivational tools. The authors chose the tools of the game theory, which is a game that the company and employees of the project team engage in when implementing information and communication projects. The study developed a method for motivating the employees of communication departments, which based on the game theory, allows the formation of many possible parameters of the optimal structure of fixed and commission remuneration payments for the employees to maximize their utility, depending on the propensity or unwillingness of these employees to take risks, which contributes to the development of staff motivation tools. This method was applied to the activities of several Ukrainian energy companies. The proposed approach differs from the existing ones based on the opportunity to intensify the activity of the employees of the communication departments, taking into account their willingness to take risks in each case, and will increase the interest of such personnel in the effective implementation of each stage of the information and communication project, better meet the needs of the end-users and ultimately affect the sustainable growth of energy companies. Full article

(This article belongs to the Special Issue Challenges in the Energy Sector and Sustainable Growth)

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14 pages, 3019 KiB

Open AccessArticle

Crude Oil Price Shocks and European Stock Markets during the COVID-19 Period

by Ioannis Katsampoxakis, Apostolos Christopoulos, Petros Kalantonis and Vasileios Nastas

Energies 2022, 15(11), 4090; https://doi.org/10.3390/en15114090 - 2 Jun 2022

Cited by 17 | Viewed by 2744

Abstract

This paper investigates the interrelations between stock returns and crude oil prices for European oil-importing/exporting countries. A vector autoregression (VAR) model is applied to estimate the significance of stock market responses to changes in oil prices during the pandemic period 2019–2021. A Granger causality test is applied to find the direction and the intensity of the relation between crude oil and the indices of the European stock markets. The findings of this paper hold with or without the COVID-19 pandemic episode and reveal the interaction between the European stock markets and the crude oil prices. The results indicate that in steady periods, before the COVID-19 outbreak and after the announcement of vaccinations, there is no interdependence between crude oil and stock prices, whereas in high volatility periods, the causality from stock markets to oil prices increases and both oil-exporting and -importing countries are equally influenced. These findings have implications both for investors and fund managers. Full article

(This article belongs to the Special Issue Challenges in the Energy Sector and Sustainable Growth)

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10 pages, 236 KiB

Open AccessArticle

Capital Structure, Corporate Governance, Equity Ownership and Their Impact on Firms’ Profitability and Effectiveness in the Energy Sector

by George Georgakopoulos, Kanellos Toudas, Evangelos I. Poutos, Theodoros Kounadeas and Stefanos Tsavalias

Energies 2022, 15(10), 3625; https://doi.org/10.3390/en15103625 - 15 May 2022

Cited by 11 | Viewed by 2480

Abstract

This paper aimed to research the interrelation between capital structure, corporate governance, equity ownership, and how they affect firm performance. The sample used consisted of 10 leading-energy-sector companies traded in the NYSE, most of which rank among the largest companies in the world by market capitalization, while the US-based ones are also Fortune 500 companies. Over the eleven-year period examined, from 2009 to 2019, a sampling frame of 110 data series was gathered and analyzed using panel data methodologies. The impact of the key parameters of capital structure, corporate governance, and equity ownership was tested using regression analysis (panel data method) on firm performance, measured by profitability. Our results support a significant relation among major capital structure and corporate governance parameters and firm performance, whereas no evidence was found to support a significant impact of equity ownership on the dependent variable found ascertained. Furthermore, our findings support that in our sample firms, pecking order and agency cost theories play an important role in the financing of these firms, while static trade and irrelevance theory find no support. Full article

(This article belongs to the Special Issue Challenges in the Energy Sector and Sustainable Growth)

17 pages, 4034 KiB

Open AccessArticle

Analysis and Verification of Space for New Businesses in Raw Material Market—A Case Study of Poland

by Marta Sukiennik and Barbara Kowal

Energies 2022, 15(9), 3042; https://doi.org/10.3390/en15093042 - 21 Apr 2022

Cited by 6 | Viewed by 1760

Abstract

This article presents an approach to the diagnosis of the business area for new entities on the raw material market in Poland. In the face of the need for changes as a result of the assumptions of the Green Deal and the global transformation of production processes toward a sustainable approach and circular economy, a diagnosis was made of the area that can be explored by new entities in the raw material industry. After the diagnosis of this area, a PESTEL analysis was carried out, which may contribute to a better definition of business goals and the scope of activities for new entities on the market or those who want or need to change industries. PESTEL is an analysis aimed at assessing the macroeconomic environment of a company. It helps in making strategic decisions for the enterprise. The research results presented in this article are part of a project implemented as part of an international cooperation within the V4 countries. In each of them, there is a defined market of mineral resources that can be used by local or foreign entities. The business gap diagnosed in the mineral resource market in Poland, i.e., broadly understood activity in the IT area, may be an indication for potential investors to start new business activities. Additionally, the PESTEL analysis carried out allows the definition of the requirements for the determinants of the business under consideration. Full article

(This article belongs to the Special Issue Challenges in the Energy Sector and Sustainable Growth)

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30 pages, 398 KiB

Open AccessArticle

The Determinants of Energy and Electricity Consumption in Developed and Developing Countries: International Evidence

by Ioannis Dokas, Minas Panagiotidis, Stephanos Papadamou and Eleftherios Spyromitros

Energies 2022, 15(7), 2558; https://doi.org/10.3390/en15072558 - 31 Mar 2022

Cited by 16 | Viewed by 4179

Abstract

Aim and background—As research on the energy and electricity consumption determinants yields mixed results and a multifactorial model has not yet been developed, our study aims to investigate the growth dynamics of the factors that affect energy consumption in developed and developing countries. Motivation—The current global energy crisis has led us to a thorough investigation of the determinants that are affecting it. Hypothesis—It is hypothesized that a set of macro-financial, macro-environmental, and institutional variables are factors that causally affect energy and electricity consumption in a holistic model. Μethods—This research uses the data from 109 countries within a multivariate panel framework taken during 2010–2018, through the error correction, dynamic cointegration econometric methodologies, and causality tests. Results—The results indicate a coherent model with high interpretive power (80%) and that the main determinants of energy consumption in developing countries are economic growth, investment, and winter temperature, whereas, in developed countries, the determinants are trade openness, corruption, and innovation. Conclusion—Because energy consumption and economic growth share a bilateral relationship, the conservation of energy policy measures must be implemented according to the income category in which the country is classified. Full article

(This article belongs to the Special Issue Challenges in the Energy Sector and Sustainable Growth)

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