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Volume II: Innovative Economic Technologies and Policies in the Energy Sector

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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 (10 October 2023) | Viewed by 10131

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Prof. Dr. Alex Borodin

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Head of the Center for the Development of Forms of Integration of Science and Education, Russian Research Institute of Economics, Politics and Law in Science and Technology (RIEPL), 20A, Dobrolubova St., 127254 Moscow, Russia
Interests: mergers and acquisitions in the energy sector; derivative financial instruments; integral ratings; investment models in the energy sector
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Special Issue Information

Dear Colleagues,

Increased global competition for resources and markets, increased volatility of energy prices, significant growth in scientific and technological development, digitalization of the economy, environmental sustainability issues have created objective conditions for the development and formation of principles for further implementation of innovative tools, stock technologies, integrated ratings, "green" financing, pricing methods and other financial and economic methods and models in the production processes of the energy sector.

This special issue is devoted to the prospects of innovative development of the energy sector, further expansion and deepening of the theoretical base and practical technologies, modeling of new products and services, taking into account the main directions of the energy security doctrine, the Forecast of scientific and technological development of the energy sector and the energy Strategy of countries to enter the energy sector on a trajectory of sustainable growth.

It is expected that in this special issue, innovative ideas will be presented that contribute to the formation of renewable, environmentally friendly and safe global energy.

Prof. Dr. Alex Borodin
Guest Editor

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.

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Keywords

innovative schemes of distribution of energy sector products
pricing models in the energy sector
forecasts of the development of energy markets of raw materials
the impact of the pandemic (Covid-19) on the development of the energy sector
financial regulation in the energy sector of the economy
green financial instruments
financial policy in the energy sector
investment models in the energy sector
mergers and acquisitions in the energy sector
energy policy and climate change
derivative financial instruments
integral ratings
the main directions and criteria for ensuring the economy of the sovereignty of financial and credit institutions

Published Papers (7 papers)

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Research

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15 pages, 822 KiB

Open AccessArticle

Strategies in Energy Supply: A Social Network Analysis on the Energy Trade of the European Union

by Cemal Zehir, Mustafa Yücel, Alex Borodin, Sevgi Yücel and Songül Zehir

Energies 2023, 16(21), 7345; https://doi.org/10.3390/en16217345 - 30 Oct 2023

Cited by 3 | Viewed by 1156

Abstract

As energy is vital in the sustainability of almost every part of daily life, energy security has become more crucial than ever before. One of the main threats to energy security is a possible disruption along the trade network, which jeopardizes the constant energy supply. The purpose of this research is to identify the relation ties between EU countries in order to clarify the characteristics of the network, such as its crucial actors, vulnerabilities, structural holes, etc., to help achieve some proposals for a more sustainable and secure energy supply. This will help identify the underlying causes of recurring energy crises in the EU and provide insight into developing management strategies for further studies. Following this purpose, we examined the trade network density to clarify typical characteristics of the network, applied degree centrality measures to identify the most central importer and exporter countries, and found the dominance and critical vulnerabilities of actors in the network by using domestic import data of the EU countries. Finally, we recommend some policies and management strategies according to the obtained results and previous literature for further discussion. Full article

(This article belongs to the Special Issue Volume II: Innovative Economic Technologies and Policies in the Energy Sector)

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23 pages, 3064 KiB

Open AccessArticle

A Novel Hybrid Power-Grid Investment Optimization Model with Collaborative Consideration of Risk and Benefit

by Changzheng Gao, Xiuna Wang, Dongwei Li, Chao Han, Weiyang You and Yihang Zhao

Energies 2023, 16(20), 7215; https://doi.org/10.3390/en16207215 - 23 Oct 2023

Viewed by 866

Abstract

Power-grid investment (PGI) optimization is crucial for boosting investment performance, lowering investment risks, and assuring the sustainable development of power-grid businesses. However, existing studies, which primarily concentrate on financial aspects, have not adequately considered the risk and benefit factors in the process of PGI. In this context, this research suggests a novel hybrid PGI optimization model that collaboratively accounts for the risks and benefits. In the first step, risk and benefit indicator systems for PGI are built, and a comprehensive evaluation model based on the Bayesian best–worst method and TOPSIS is suggested. In the second stage, a PGI optimization model considering the investment amount, power demand, and low-carbon restrictions is further developed based on the evaluation results. Furthermore, the incomprehensible but intelligible-in-time logic algorithm is adopted to solve the problem. By conducting an empirical analysis of ten projects within a power-grid company, the optimal investment plan and a differentiated investment portfolio strategy are obtained by adjusting the key elements. Full article

(This article belongs to the Special Issue Volume II: Innovative Economic Technologies and Policies in the Energy Sector)

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13 pages, 539 KiB

Open AccessArticle

Assessment of the Formation of the Economic Effect of Cross-Subsidization in the Electric Power Industry

by Aleksandra Leschinskaya, Oksana Kirillova and Maksim Palyanov

Energies 2023, 16(16), 6004; https://doi.org/10.3390/en16166004 - 16 Aug 2023

Viewed by 970

Abstract

The materials presented in the article reflect changes in the mechanism of cross-subsidization in the electric power industry, where price discrimination of consumers has taken place until recently. Historically, the established practice has been expressed in the redistribution of the burden of paying for electric energy between consumer groups, ensuring the containment of tariff growth. However, the reduction of tariffs for some categories of citizens was achieved by increasing them for others, social justice was violated and, for some buyers, the price is set above marginal costs, and for others—lower, although, in general, it led to prices corresponding to average costs. This policy was considered by the state as a measure of social support for the population but, at the same time, led to some negative consequences. The presented conceptual provisions for the creation of unified energy zones aimed at ensuring a fair redistribution of cross-subsidization between electricity consumers and a gradual reduction in its consumption will make it possible to form a unified energy space of Russia. On a concrete example, the socio-economic effects of the introduction of the author’s approach to the distribution of cross-subsidization between groups of consumers of electric power transmission services are identified and shown. They show the degree of influence of the amount of cross-subsidization paid by the consumer company on the cost of the final products that this company produces. The price of electric energy, which is part of the cost of production, significantly changes the consumer cost of energy-intensive production. The implementation of the proposals contained in the article will create economic incentives for the development of economically lagging regions and will make it possible to form an effective state tariff policy in the process of regulating the socio-economic development of the Russian Federation, defining an effective state tariff policy. Full article

(This article belongs to the Special Issue Volume II: Innovative Economic Technologies and Policies in the Energy Sector)

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16 pages, 1325 KiB

Open AccessArticle

Rating of Stability of Russian Companies in Oil and Gas and Electric Power Industries Based on Interval Volatility

by Alex Borodin, Irina Vygodchikova, Galina Panaedova and Irina Mityushina

Energies 2023, 16(14), 5387; https://doi.org/10.3390/en16145387 - 14 Jul 2023

Cited by 2 | Viewed by 1006

Abstract

The authors propose an instrumental apparatus for calculating the ratings of Russian companies in the oil and gas and electric power industries based on a weighting method, risk assessment using the minimax criterion and an intellectual tree structure. The relevance of the developed system is justified by the need to create Russian rating systems for companies that will represent their actual state and place in the analyzed group. The problem of data redundancy has been solved by using the hierarchical principle for the isolated indexing of absolute and relative indicators from the financial statements of the companies in question into sub-indexes, with further integral indexing and correction for the volatility of changes over the past three years. The authors used a financial analytics apparatus based on the regular financial (accounting) statements of companies according to accepted forms, and balance sheets and reports on financial results were applied. The authors developed and tested a methodology for sub-indexing important indicators of financial statements: capital structure—equity, debt capital, highly liquid assets (cash and settlement accounts in reliable banks, short-term financial investments) and net profit. Based on the results of the analysis, recommendations are provided for the long-term development of the energy business. Full article

(This article belongs to the Special Issue Volume II: Innovative Economic Technologies and Policies in the Energy Sector)

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12 pages, 247 KiB

Open AccessArticle

Corporate Governance’s Impact on Sustainable Finance: An Analysis of Borsa Istanbul Energy Sector Companies

by Cemal Zehir, Mustafa Özyeşil, Alex Borodin, Esin Benhür Aktürk, Sara Faedfar and Mustafa Çikrikçi

Energies 2023, 16(14), 5250; https://doi.org/10.3390/en16145250 - 8 Jul 2023

Cited by 1 | Viewed by 1404

Abstract

The main purpose of this study is to conduct an evaluation based on listed companies traded in the energy sector sub-market of Borsa Istanbul (BIST). This evaluation is conducted on a sample of 27 companies between 2016 and 2021. In this study, corporate governance indicators are used as independent variables, while financial performance indicators are used as dependent variables. Initially, descriptive statistics of the sample and correlations between variables were calculated and interpreted in the analysis, and the Panel Data Analysis method is applied for the interaction between variables. This study emphasizes the importance of global economic and social crises, rapid changes in communication technologies, and the concept of sustainability for businesses. The sustainability of financing is highlighted as vital for companies. The findings of the study may serve as a valuable resource for understanding the performance of companies operating in the energy sector sub-market of BIST and their relationships with sustainability. Full article

(This article belongs to the Special Issue Volume II: Innovative Economic Technologies and Policies in the Energy Sector)

15 pages, 2742 KiB

Open AccessArticle

Modelling Optimal Capital Structure in Gas and Oil Sector by Applying Simulation Theory and Programming Language of Python (Qatar Gas Transport Company)

by Andrey Kulikov, Naief Alabed Alkader, Galina Panaedova, Aleksandr Ogorodnikov and Evgenii Rebeka

Energies 2023, 16(10), 4067; https://doi.org/10.3390/en16104067 - 12 May 2023

Cited by 1 | Viewed by 1890

Abstract

The goal of this study is to optimize a company’s capital structure by modelling and programming the required equations in the components of weighted average cost of capital. This process will be carried out in the programming language Python, and then Monte Carlo simulation will be applied to increase the number of combinations of debt and equity in the capital structure and obtain more accurate results on the Qatar gas transport company. Throughout various scenarios and outcomes, the study seeks to determine the ideal capital structure that reduces both the firm’s weighted average cost of capital and the risk to which the Qatar gas transport company will be exposed. The suggested method offers a practical instrument for managers and investors to make well-informed decisions when they apply financial strategies to optimize the company’s financial performance. Debt and equity are considered the main parts in the capital structure in every company, and if we can solve the problems connected to these two parts, we can optimize performance. The code of the programming language (Python) used in this study depends on logical discussion to compare different results. This research also will pay attention to the whole probabilities of debt and equity ratios in the Qatar Gas Transport Company. This research considers more variables in the analysis to obtain more accurate results about the firm’s financial status. The results in this research show that the cost of capital in the Qatar Gas Transport Company will be reduced to 5% (currently 6%) if the percentage of debt and equity in the capital structure is changed to 79% and 21%, respectively. In comparison with the other 9999 components of capital structure, this ratio (79%, 21%) will be the optimal one. The scatterplot reflects that the more repeated values of weighted average cost of capital were located around the value of 5%. This fact can enable us to conclude that the minimum value of WACC is 5%, even though there are lower values of WACC than 5%, but at a lower frequency than that of values of 5%. The study’s results are anticipated to introduce additional findings to help other authors to understand the mechanism of optimizing the capital structure and reduce the risk in the gas and oil sector. Full article

(This article belongs to the Special Issue Volume II: Innovative Economic Technologies and Policies in the Energy Sector)

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Review

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29 pages, 5730 KiB

Open AccessReview

Overview of the Russian Coal Market in the Context of Geopolitical and Economic Turbulence: The European Embargo and New Markets

by Galina Panaedova, Alex Borodin, Cemal Zehir, Sergey Laptev and Andrey Kulikov

Energies 2023, 16(19), 6797; https://doi.org/10.3390/en16196797 - 25 Sep 2023

Cited by 3 | Viewed by 2276

Abstract

The energy crisis caused by global structural changes in the political and economic sphere is the reason for the change in Russia’s energy strategy based on the concept of sustainable development. The presented study is intended to test the hypothesis about the stimulating effect of economic sanctions on the traditional energy sector and is intended to examine the assumption about the implementation in Russia of the concept of the diversification of energy resources in terms of the use of coal fuel using a systematic approach. The object of empirical research is the Russian Federation in comparison with the leading countries in reserves, exports, and imports of coal raw materials in the period 2010–2021. The tools of scientific research used are based on methods of comparative, economic and statistical analysis, and technologies of consensus expert assessments. The integrated methodological approach applied in the study allows us to present the relationship between energy policy and the government’s strategy in achieving the goals of sustainable energy production and the transition to transformational models of using traditional energy sources. This article identifies new opportunities for academic research and discussion of the potential of demand management, the dynamics of consumption and production of traditional energy resources based on the use of avant-garde technologies, and the design of scenarios for the implementation of the energy transition, taking into account various options for economic development and geopolitical changes. Full article

(This article belongs to the Special Issue Volume II: Innovative Economic Technologies and Policies in the Energy Sector)

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