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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 (31 July 2024) | Viewed by 16818

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Special Issue Editors

Dr. Cornel Hatiegan

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Department of Engineering Science, Babeș-Bolyai University, Cluj-Napoca, Romania
Interests: hydraulics; vibration; damage detection; multidisciplinary; FEM analysis
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Dr. Marius Miloș

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Department of Finance, Faculty of Economics and Business Administration, West University of Timisoara, Timisoara, Romania
Interests: corporate finance; taxation; energy markets; efficiency of the stock markets.
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Dr. Laura Raisa Miloș

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Department of Business Administration-Resita, Faculty of Economics and Business Administration, Babes-Bolyai University, 320085 Resita, Romania
Interests: green finance; investments; energy markets; international financial management; economic modeling and forecasting
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Dr. Mihaela Molnar

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Guest Editor

Department of Engineering Science, Babeș-Bolyai University, Cluj-Napoca, Romania
Interests: electrical engineerin; automation; modeling and simulation with finite elements; data acquisition

Special Issue Information

Dear Colleagues,

The Guest Editors are inviting submissions to a Special Issue which has as its topic the energy efficiency and economic uncertainty in the energy market. This issue covers wide-ranging areas related to energy efficiency, energy savings and consumption, and energy transition across the globe from a multidisciplinary point of view. It also covers topics related to both renewable and non-renewable energy, as well as the environmental and economic impacts of energy use and policy. The Special Issue welcomes as well papers approaching the volatility of the energy markets and risk management in the energy market, as a means to improve energy efficiency.

We are looking for original papers (theoretical, empirical and policy-related papers) on innovative contributions in the energy field, based on the (non-exclusive) following topics:

Energy and environmental issues;
Mechanical engineering and thermal sciences related to energy analysis;
Energy savings and consumption;
Renewable and non-renewable energy;
Energy efficiency;
Alternative energy sources;
Carbon emission reduction;
Energy conversion and recycling;
Energy finance and energy taxation;
Hedging and risk analysis in the energy markets;
Volatility in the energy stock markets (petroleum, oil and electricity markets);
Economic and policy issues related to the energy market;
Energy modelling and prediction.

Dr. Cornel Hatiegan
Dr. Marius Miloș
Dr. Laura Miloș
Dr. Mihaela Molnar
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

modelling
energy efficiency
volatility
risk
energy markets

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Published Papers (10 papers)

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Research

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15 pages, 483 KiB

Open AccessArticle

Can Economic, Geopolitical and Energy Uncertainty Indices Predict Bitcoin Energy Consumption? New Evidence from a Machine Learning Approach

by Taha Zaghdoudi, Kais Tissaoui, Mohamed Hédi Maâloul, Younès Bahou and Niazi Kammoun

Energies 2024, 17(13), 3245; https://doi.org/10.3390/en17133245 - 2 Jul 2024

Cited by 2 | Viewed by 1096

Abstract

This paper explores the predictive power of economic and energy policy uncertainty indices and geopolitical risks for bitcoin’s energy consumption. Three machine learning tools, SVR (scikit-learn 1.5.0),CatBoost 1.2.5 and XGboost 2.1.0, are used to evaluate the complex relationship between uncertainty indices and bitcoin’s energy consumption. Results reveal that the XGboost model outperforms both SVR and CatBoost in terms of accuracy and convergence. Furthermore, the feature importance analysis performed by the Shapley additive explanation (SHAP) method indicates that all uncertainty indices exhibit a significant capacity to predict bitcoin’s future energy consumption. Moreover, SHAP values suggest that economic policy uncertainty captures valuable predictive information from the energy uncertainty indices and geopolitical risks that affect bitcoin’s energy consumption. Full article

(This article belongs to the Special Issue Energy Efficiency and Economic Uncertainty in Energy Market)

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15 pages, 478 KiB

Open AccessArticle

A Hybrid Approach for Hierarchical Forecasting of Industrial Electricity Consumption in Brazil

by Marlon Mesquita Lopes Cabreira, Felipe Leite Coelho da Silva, Josiane da Silva Cordeiro, Ronald Miguel Serrano Hernández, Paulo Canas Rodrigues and Javier Linkolk López-Gonzales

Energies 2024, 17(13), 3200; https://doi.org/10.3390/en17133200 - 29 Jun 2024

Cited by 1 | Viewed by 860

Abstract

The Brazilian industrial sector is the largest electricity consumer in the power system. Energy planning in this sector is important mainly due to its economic, social, and environmental impact. In this context, electricity consumption analysis and projections are highly relevant for the decision-making of the industrial sectorand organizations operating in the energy system. The electricity consumption data from the Brazilian industrial sector can be organized into a hierarchical structure composed of each geographic region (South, Southeast, Midwest, Northeast, and North) and their respective states. This work proposes a hybrid approach that incorporates the projections obtained by the exponential smoothing and Box–Jenkins models to obtain the hierarchical forecasting of electricity consumption in the Brazilian industrial sector. The proposed approach was compared with the bottom-up, top-down, and optimal combination approaches, which are widely used for time series hierarchical forecasting. The performance of the models was evaluated using the mean absolute percentage error (MAPE) and root mean squared error (RMSE) precision measures. The results indicate that the proposed hybrid approach can contribute to the projection and analysis of industrial sector electricity consumption in Brazil. Full article

(This article belongs to the Special Issue Energy Efficiency and Economic Uncertainty in Energy Market)

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38 pages, 3594 KiB

Open AccessArticle

Renewable Energy Share in European Industry: Analysis and Extrapolation of Trends in EU Countries

by Bożena Gajdzik, Rafał Nagaj, Radosław Wolniak, Dominik Bałaga, Brigita Žuromskaitė and Wiesław Wes Grebski

Energies 2024, 17(11), 2476; https://doi.org/10.3390/en17112476 - 22 May 2024

Cited by 4 | Viewed by 1255

Abstract

The strategic objective of world climate policy is the decarbonization of industries, aiming to achieve “net-zero” emissions by 2050, as outlined in the European Green Deal and the Paris Agreement. This transition entails increasing the utilization of renewable energy sources (RES) in industrial energy consumption, thereby transforming economies from reliance on fossil fuels to sustainable alternatives. However, this shift poses a significant challenge for many EU countries, with varying degrees of success in adaptation. This paper investigates the process of decarbonizing industries by analyzing trends in the adoption of RES in EU countries and evaluating their progress toward climate targets. Utilizing time series analysis of production, total energy usage, and the proportion of renewables in industrial energy consumption, the study compares two groups of countries: longstanding EU members and newer additions. The aim is to forecast the trajectory of RES integration in industry and assess the feasibility of meeting the targets outlined in the European Green Deal. The findings reveal a considerable gap between the set targets and projected outcomes, with only a few countries expected to meet the EU’s 2030 goals. This is highlighted by disparities in RES shares across member states, ranging from 0.0% to 53.8% in 2022. Despite notable increases in the absolute use of renewable energy, particularly in central and eastern European nations, substantial challenges persist in aligning industrial sectors with EU decarbonization objectives. Full article

(This article belongs to the Special Issue Energy Efficiency and Economic Uncertainty in Energy Market)

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14 pages, 765 KiB

Open AccessArticle

Adjustable Robust Energy Operation Planning under Uncertain Renewable Energy Production

by Anna Eingartner, Steffi Naumann, Philipp Schmitz and Karl Worthmann

Energies 2024, 17(8), 1917; https://doi.org/10.3390/en17081917 - 17 Apr 2024

Viewed by 684

Abstract

In this paper, the application of the method of affinely adjustable robust optimization to a planning model of an energy system under uncertain parameters is presented, and the total scheduling costs in comparison with the deterministic model are evaluated. First, the basics of optimization under uncertain data are recapped, and it is described how these methods can be used in different applications for energy systems. This is followed by the methodology of adjustable robust optimization by defining the affinely adjustable robust counterpart. Finally, a numerical case study is conducted to compare the adjustable robust method with a rolling deterministic scheduling method. Both are implemented on a model of an energy system and compared with each other by simulation using real-world data. By calculating the total operating costs for both methods, it can be concluded that the adjustable robust optimization provides a significantly more cost-effective solution to the scheduling problem. Full article

(This article belongs to the Special Issue Energy Efficiency and Economic Uncertainty in Energy Market)

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51 pages, 1811 KiB

Open AccessEditor’s ChoiceArticle

The Influence of the Global Energy Crisis on Energy Efficiency: A Comprehensive Analysis

by Bożena Gajdzik, Radosław Wolniak, Rafał Nagaj, Brigita Žuromskaitė-Nagaj and Wieslaw Wes Grebski

Energies 2024, 17(4), 947; https://doi.org/10.3390/en17040947 - 18 Feb 2024

Cited by 25 | Viewed by 5936

Abstract

The global energy crisis, which began in 2021 due to the extraordinary economic recovery after the pandemic and intensified after Russia’s invasion of Ukraine in February 2022, has changed the conditions of energy management, paying more attention to energy efficiency. Natural gas prices have reached record levels and, consequently, so have electricity prices in some markets. Oil prices have reached their highest level since 2008. Higher energy prices have contributed to sharply increased inflation. Households are again becoming interested in buying coal as a source of heat. High energy and gas prices have pushed many families into poverty and forced some factories to cut production or even close. They have also slowed economic growth to the point where some countries are heading for a serious recession. Paradoxically, the negative effects of the energy crisis may accelerate the introduction of cleaner, sustainable, renewable energy such as wind and solar energy. The energy crisis is comparable to the oil crisis of the 1970s, when it contributed to significant advances in energy efficiency. The current crisis has highlighted the importance of investments in renewable energy resources and initiated the process of integrating regional markets, developing energy efficiency and promoting renewable energies. The aim of this article is to comprehensively explore the complex relationship between energy awareness, consumption patterns, and energy efficiency, with a focus on both individual consumers and industries, during the global energy crisis. This paper is based on a literature review, overarching policy documents, energy reports, and other secondary documents. The primary research method was the systematic literature review method, based on which the impact of the global energy crisis on energy efficiency was evaluated. This study emphasizes the diverse influences on energy awareness, ranging from economic factors to consumer preferences and environmental consciousness. The findings of the paper underscore the significant responsibility of industries in contributing to energy-saving efforts and the active role of consumers in the energy market. The responsibility of industries in contributing to energy efficiency is highlighted, with a call for a comprehensive approach that integrates energy-saving criteria into product development and corporate social responsibility. Full article

(This article belongs to the Special Issue Energy Efficiency and Economic Uncertainty in Energy Market)

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12 pages, 990 KiB

Open AccessArticle

The Economic and Social Dimension of Energy Transformation in the Face of the Energy Crisis: The Case of Poland

by Arkadiusz Piwowar and Maciej Dzikuć

Energies 2024, 17(2), 403; https://doi.org/10.3390/en17020403 - 13 Jan 2024

Cited by 1 | Viewed by 1616

Abstract

Energy transformation in Poland, including the need to accelerate the shift away from hard coal and lignite in the power system, has been taking place in the face of the energy crisis. Ambitious climate and economic goals force the development of renewable energy sources, but they require legislative changes for the benefit of socially vulnerable consumers. This is important from the point of view of counteracting energy poverty. Energy transformation is not only a change in the fuel used, but most of all, the path and basis of low-carbon development that changes many socio-economic systems. The aim of this study is to link the development and environmental challenges in the studied subject matter with social challenges. The analyses show that it is necessary to strengthen the use of local energy potential and resources, and to activate local communities. The construction of nuclear power plants is also crucial. The results of the presented theoretical and empirical studies can be the basis for a revision of the energy policy in Poland in the area of the social dimension of the energy sector. Full article

(This article belongs to the Special Issue Energy Efficiency and Economic Uncertainty in Energy Market)

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24 pages, 5581 KiB

Open AccessArticle

Spillover Effects between Crude Oil Returns and Uncertainty: New Evidence from Time-Frequency Domain Approaches

by Kais Tissaoui, Ilyes Abidi, Nadia Azibi and Mariem Nsaibi

Energies 2024, 17(2), 340; https://doi.org/10.3390/en17020340 - 9 Jan 2024

Cited by 3 | Viewed by 1237

Abstract

This paper examines the extent to which uncertainty in the energy market, the financial market, the commodity market, the economic policy, and the geopolitical events affect crude oil returns. To consider the complex properties of time series, such as nonlinearity, temporal variability, and unit roots, we adopt a two-instrument technique in the time–frequency domain that employs the DCC-GARCH (1.1) model and the Granger causality test in the frequency domain. This allows us to estimate the dynamic transmission of uncertainty from various sources to the oil market in the time and frequency domains. Significant dynamic conditional correlations over time are found between oil returns—commodity uncertainty, oil returns—equity market uncertainty, and oil returns—energy uncertainty. Furthermore, at each frequency, the empirical results demonstrate a significant spillover effect from the commodity, energy, and financial markets to the oil market. Additionally, we discover that sources with high persistence volatility (such as commodities, energy, and financial markets) have more interactions with the oil market than sources with low persistence volatility (economic policy and geopolitical risk events). Our findings have significant ramifications for boosting investor trust in risky energy assets. Full article

(This article belongs to the Special Issue Energy Efficiency and Economic Uncertainty in Energy Market)

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12 pages, 2992 KiB

Open AccessArticle

Volatility and Spillover Effects between Central–Eastern European Stock Markets and Energy Markets: An Emphasis on Crisis Periods

by Octavian Jude, Avraham Turgeman, Claudiu Boțoc and Laura Raisa Miloș

Energies 2023, 16(17), 6159; https://doi.org/10.3390/en16176159 - 24 Aug 2023

Viewed by 945

Abstract

The objective of this paper is to study the spillover effects between energy markets and stock markets with emphasis on the significant crisis periods of the last 15 years, the period of the financial crisis that officially started in 2008, the pandemic period, generically called COVID-19, and the recent confrontation in Eastern Europe. Understanding the volatility transmission mechanisms between the energy and capital markets and also from the energy markets back and the spillover effects that result is very important. We use multivariate GARCH models to highlight a spillover effect between energy commodities and equities in Central and Eastern Europe. The highest correlations are recorded for CEE stock markets with electricity and Brent, and the lowest for CEE stock markets with gas. The biggest symmetric shocks between energy and CEE stock markets occurred during the COVID-19 pandemic. In contrast, the biggest asymmetric shocks occurred during the financial crisis (for gas) and the Ukrainian invasion (for Brent). We also find that volatility is more sensitive to its lagged values in the marketplace than it is to new information. The impact and contagion of shocks caused by the oil market are greater than those of other energy markets. Full article

(This article belongs to the Special Issue Energy Efficiency and Economic Uncertainty in Energy Market)

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19 pages, 1686 KiB

Open AccessArticle

Asymmetric Risk Connectedness between Crude Oil and Agricultural Commodity Futures in China before and after the COVID-19 Pandemic: Evidence from High-Frequency Data

by Deyuan Zhang, Wensen She, Fang Qu and Chunyan He

Energies 2023, 16(16), 5898; https://doi.org/10.3390/en16165898 - 9 Aug 2023

Cited by 1 | Viewed by 1030

Abstract

Based on the spillover index and an improved spillover asymmetric measure method, this paper studies the volatility spillover and its asymmetric effect between crude oil and agricultural commodity futures in pre- and post-outbreak of COVID-19. We find that the total volatility spillover is higher with pre-outbreak of COVID-19. In addition, the volatility spillover caused by China’s crude oil is more prominent than international crude oil around the COVID-19, which highlights the necessity of risk control through the establishment of an energy financial market in China. Finally, although the asymmetric effect of volatility spillover has always existed, crude oil was less impacted by good news post-outbreak of COVID-19, indicating that the outbreak of COVID-19 makes assets dominated by commodity attributes more sensitive to bad news. These findings are beneficial for investors to establish a cross-sector risk hedging portfolio, and provide empirical evidence for policymakers to ensure energy and food security. Full article

(This article belongs to the Special Issue Energy Efficiency and Economic Uncertainty in Energy Market)

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Review

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24 pages, 1450 KiB

Open AccessFeature PaperReview

Review of Research on the Impact of Changes Resulting from the Hard Coal Mining Sector in Poland on the GDP Value

by Monika Pepłowska and Piotr Olczak

Energies 2024, 17(6), 1477; https://doi.org/10.3390/en17061477 - 19 Mar 2024

Viewed by 1145

Abstract

Energy transition is one of the main objectives of the European Union. Significant changes will mainly affect countries in which significant modifications will have to be made to their energy sources. The process will involve high investment in infrastructure and additional costs of the transformation, such as reduced production (which may affect the GDP value) in the economic sectors involved in the process. The aim of this article is to provide the energy transition community, namely the national economy in general and those involved in planning for structural change in particular, with the key lessons and challenges in researching the impact of production changes in the mining sector. This article also shows the relevance of the mining sector in the economy. Within this area, particular attention is given to the following issues: the impact of economic sectors on the country’s GDP (gross domestic product); the identification of key sectors of the economy using the input–output method; the contribution of coal mining and the mining industry to Poland’s GDP; an analysis of changes in the structure of Poland’s economy using the input–output method; and the use of the input–output method in the context of changing/reducing the supply of economic sectors. Full article

(This article belongs to the Special Issue Energy Efficiency and Economic Uncertainty in Energy Market)

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