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Emerging Trends in Energy Economics II
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Emerging Trends in Energy Economics II

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 (21 August 2024) | Viewed by 17785

Special Issue Editors

Prof. Dr. Periklis Gogas

E-Mail Website
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

E-Mail Website
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

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Related Special Issue

Published Papers (6 papers)

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Research

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31 pages, 2992 KiB  
Article
The Trade of Woody Biomass in the Context of Environmental Economics in Poland
by Rafał Wyszomierski, Piotr Bórawski, Lisa Holden, Aneta Bełdycka-Bórawska, Tomasz Rokicki and Andrzej Parzonko
Energies 2024, 17(19), 4822; https://doi.org/10.3390/en17194822 - 26 Sep 2024
Viewed by 779
Abstract
One of the most important problems in economic development is the supply of stable amounts of renewable energy sources, including biomass. The production of biomass in Poland is not satisfactory; thus, this country has to import this product. As with other products, the [...] Read more.
One of the most important problems in economic development is the supply of stable amounts of renewable energy sources, including biomass. The production of biomass in Poland is not satisfactory; thus, this country has to import this product. As with other products, the trade of stable biomass includes both imports and exports and depends on the price and other characteristics of the market. This research aimed to assess the biomass trade in terms of energy and evaluate changes and trends in the import and export of biomass in Poland and its characteristics. Moreover, the export specialization index (SI index), Grubel–Lloyd index (IITk index) and foreign trade coverage index (CRK index) were evaluated. The considerations were based on the biomass trade in the context of environmental economics. This research found that the neighboring countries of Poland are the most important partners in both imports and exports. Germany and Lithuania are the most important countries in the trade of woody biomass. The export specialization index (SI index), in 2005–2008, was positive and growing, which means that exports exceeded imports; then, in 2009, there was a decline; from 2010 to 2013, the balance increased again, reaching significant positive values until 2019; and, in 2020, there was a decline. The Grubel–Lloyd index for the Polish wood and forestry industry showed a dynamic evolution in the analyzed period of 2005–2020, which reflects the industry’s adaptive strategies in the face of global changes. Raw wood and veneer sheets are more volatile, which may indicate periodic shifts in the structure of foreign trade and the flexibility of producers to respond to international trends and demands. The CRK index in the years 2005–2020 presents an astonishing picture of changes in competitiveness and the ability to maintain the balance of imports and exports. The significant increase in the ratio of firewood and raw wood may reflect an increase in interest in renewable energy sources and the expansion of the industry into new markets. Full article
(This article belongs to the Special Issue Emerging Trends in Energy Economics II)
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20 pages, 4978 KiB  
Article
Dealing with Anomalies in Day-Ahead Market Prediction Using Machine Learning Hybrid Model
by Karol Pilot, Alicja Ganczarek-Gamrot and Krzysztof Kania
Energies 2024, 17(17), 4436; https://doi.org/10.3390/en17174436 - 4 Sep 2024
Viewed by 640
Abstract
Forecasting the electricity market, even in the short term, is a difficult task, due to the nature of this commodity, the lack of storage capacity, and the multiplicity and volatility of factors that influence its price. The sensitivity of the market results in [...] Read more.
Forecasting the electricity market, even in the short term, is a difficult task, due to the nature of this commodity, the lack of storage capacity, and the multiplicity and volatility of factors that influence its price. The sensitivity of the market results in the appearance of anomalies in the market, during which forecasting models often break down. The aim of this paper is to present the possibility of using hybrid machine learning models to forecast the price of electricity, especially when such events occur. It includes the automatic detection of anomalies using three different switch types and two independent forecasting models, one for use during periods of stable markets and the other during periods of anomalies. The results of empirical tests conducted on data from the Polish energy market showed that the proposed solution improves the overall quality of prediction compared to using each model separately and significantly improves the quality of prediction during anomaly periods. Full article
(This article belongs to the Special Issue Emerging Trends in Energy Economics II)
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14 pages, 1902 KiB  
Article
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
Cited by 2 | Viewed by 2377
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 [...] Read more.
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  
Article
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 8 | Viewed by 2517
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 [...] Read more.
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  
Review
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 20 | Viewed by 4054
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 [...] Read more.
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  
Review
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 9 | Viewed by 6097
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 [...] Read more.
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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