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Energy Economics and Policy Guidance for Renewable and Sustainable Energy Transition

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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 August 2024) | Viewed by 15674

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Special Issue Editors

Dr. Dario Maradin

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Guest Editor

Faculty of Economics and Business, University of Rijeka, Ivana Filipovića 4, 51000 Rijeka, Croatia
Interests: energy economics; renewable energy technologies; economic evaluation; microeconomics

Prof. Dr. Ljerka Cerović

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Guest Editor

Faculty of Economics and Business, University of Rijeka, Ivana Filipovića 4, 51000 Rijeka, Croatia
Interests: environmental responsibility; sustainable energy; energy literacy; microeconomics

Prof. Dr. Nela Vlahinić Lenz

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Faculty of Economics and Business, University of Rijeka, Ivana Filipovića 4, 51000 Rijeka, Croatia
Interests: energy economics; energy policy; low-carbon transition; energy efficiency; macroeconomics

Dr. Dimitrios Asteriou

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Guest Editor

Department of Accounting, Finance and Economics, Oxford Brookes University, Headington Campus, Clerici Building, Oxford OX3 0BO, UK
Interests: economic growth; energy economics; financial markets

Special Issue Information

Dear Colleagues,

The current energy crisis and climate change further emphasize the importance of renewable energy sources in the energy mix and the need to study topics related to energy transition, sustainability, and structural changes in energy systems and markets. Along with the transition of the economy toward low-carbon technologies and increased energy efficiency, renewable energy sources have become globally competitive due to the increased costs of fossil fuels and global efforts of policymakers to mitigate climate change and promote sustainable economic development.

Therefore, submissions are expected to cover a wide range of topics, including the following: assessing the role of renewables and other low-carbon technologies in the energy transition, the current energy crisis, and policy implications for energy markets and the sustainable energy transition as well as the main challenges and suggestions for possible ways to overcome disequilibrium in energy markets and rising prices, especially in electricity markets. Papers on the application of mathematical programming and econometric tools in real-world case studies are also welcome. All contributions will undergo a rigorous review process according to the quality standards of Energies. Contributions must consist of original research, and numerical illustrations should be related to realistic case studies, for which data should be provided (in the paper or as supplementary material) to guarantee the replicability of results. Papers should contribute to the existing literature with novel research methods and results.

Dr. Dario Maradin
Prof. Dr. Ljerka Cerović
Prof. Dr. Nela Vlahinić Lenz
Dr. Dimitrios Asteriou
Guest Editors

Manuscript Submission Information

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Keywords

energy policy
energy crisis
energy markets
energy efficiency
renewable energy
green finance
low-carbon transition

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Published Papers (10 papers)

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Research

16 pages, 3675 KiB

Open AccessArticle

Open Tool for Automated Development of Renewable Energy Communities: Artificial Intelligence and Machine Learning Techniques for Methodological Approach

by Giuseppe Piras, Francesco Muzi and Zahra Ziran

Energies 2024, 17(22), 5726; https://doi.org/10.3390/en17225726 - 15 Nov 2024

Viewed by 495

Abstract

The architecture, engineering, construction, and operations (AECO) sector exerts a considerable influence on energy consumption and CO₂ emissions released into the atmosphere, making a notable contribution to climate change. It is therefore imperative that energy efficiency in buildings is prioritized in order to reduce environmental impacts and meet the targets set out in the European 2030 Agenda. In this context, renewable energy communities (RECs) have the potential to play an important role, promoting the use of renewable energy at the local level, optimizing energy management, and reducing consumption by sharing resources and advanced technologies. This paper introduces an open tool (OT) designed for the configuration of energy systems dedicated to RECs. The OT considers several inputs, including thermal and electrical loads, energy consumption, the type of building, surface area, and population size. The OT employs artificial intelligence (AI) algorithms and machine learning (ML) techniques to generate forecast optimized scenarios for the sizing of photovoltaic systems, thermal, and electrical storage, and the estimation of CO₂ emission reductions. The OT features a user-friendly interface, enabling even non-experts to obtain comprehensive configurations for RECs, aiming to accelerate the transition toward sustainable and efficient district energy systems, driving positive environmental impact and fostering a greener future for communities and cities. Full article

(This article belongs to the Special Issue Energy Economics and Policy Guidance for Renewable and Sustainable Energy Transition)

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40 pages, 4508 KiB

Open AccessArticle

Towards Renewable Energy Transition: Insights from Bibliometric Analysis on Scholar Discourse to Policy Actions

by Mirela Diaconescu, Laura Elena Marinas, Ana Maria Marinoiu, Maria-Floriana Popescu and Mihai Diaconescu

Energies 2024, 17(18), 4719; https://doi.org/10.3390/en17184719 - 22 Sep 2024

Viewed by 2415

Abstract

Mounting climate concerns are making energy transition inevitable. Providing a reliable, cost-effective energy supply that meets the needs of all, as set up by Sustainable Development Goal 7, and promotes climate neutrality, as set up by the European Green Deal, is a complex task that requires complex and combined interventions in various sectors and policy areas. This paper aims to conduct a systematic analysis of the scholarly work focusing on energy transition towards renewables and to contribute to the existing knowledge by offering a holistic perspective on the dynamic landscape of energy transformation and the transition to renewables. To this end, advanced bibliometric techniques, combined with a systematic in-depth review of the existing literature and desk research, are used to uncover the intellectual landscape and identify influential works and emerging themes within this critical intersection of the economic, governance, political, social, and climate dimensions of energy transition. This analysis not only highlights prevailing trends and influential works but also sets the stage for future research and discussions critical to shaping the transition to renewable energy and policy actions in a rapidly evolving world. The results are useful guidance in the formulation of policy actions. Full article

(This article belongs to the Special Issue Energy Economics and Policy Guidance for Renewable and Sustainable Energy Transition)

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18 pages, 292 KiB

Open AccessArticle

Choosing to Pay More for Electricity: An Experiment on the Level of Residential Consumer Cooperation

by Noémie Vert Martin and Pierre-Olivier Pineau

Energies 2024, 17(6), 1317; https://doi.org/10.3390/en17061317 - 9 Mar 2024

Viewed by 702

Abstract

Reducing energy consumption and carbon emissions is necessary in the fight against climate change. We are interested in the situation of Quebec (Canada), where low-cost hydropower sold below market value, akin to a consumption subsidy, leads to high residential consumption. We conducted an experiment to test whether individuals would be willing to pay more for electricity. Increasing regulated prices closer to their market value would result in a direct welfare gain and free some green energy, reducing greenhouse gases (GHGs) in other sectors. Giving clear and transparent information on the consequences of the price increase induces a majority of people to choose to pay more. In addition to the economic benefit of the public good, the presence of the environmental benefit increases contributions. Participants with a more-severe budget constraint tend to contribute less. These results are encouraging for the development of efficient energy policies reducing GHG emissions. Full article

(This article belongs to the Special Issue Energy Economics and Policy Guidance for Renewable and Sustainable Energy Transition)

25 pages, 2749 KiB

Open AccessArticle

The Nexus between Wholesale Electricity Prices and the Share of Electricity Production from Renewables: An Analysis with and without the Impact of Time of Distress

by Balázs Herczeg and Éva Pintér

Energies 2024, 17(4), 857; https://doi.org/10.3390/en17040857 - 12 Feb 2024

Cited by 1 | Viewed by 1203

Abstract

The continuous integration of renewable energy sources into the EU’s energy mix is reshaping the electricity market dynamics mainly due to the merit order mechanism affecting wholesale electricity prices (WHEP). This article aims to review the wholesale electricity market mechanism, identify the key factors affecting WHEP, and assess the extent of their contributions under different circumstances. Time series datasets, consisting of monthly observations of commodity prices and energy data regarding 25 EU members over the time horizons January 2015–December 2020 (pre-crisis) and January 2015–August 2023 (co-crisis), are used to support the theory, perform the comparison, and verify the validity of our hypotheses with the use of correlation and multiple linear regression analyses. Our empirical results show that in both cases, a 1% increase in the share of renewable electricity generation (RES) from one period to the next is ceteris paribus associated with an average of approx. 0.96% decrease in WHEP for the same period. However, extreme natural gas prices during times of distress significantly increase WHEP due to the merit order mechanism, from an average of 0.19% to 0.55%. This novel approach provides deeper insights into the interconnectedness of WHEP and the energy and environmental commodity prices and RES during changing economic and geopolitical circumstances, primarily highlighting the influencing factor of RES in WHEP developments. Full article

(This article belongs to the Special Issue Energy Economics and Policy Guidance for Renewable and Sustainable Energy Transition)

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19 pages, 849 KiB

Open AccessArticle

Carbon Dioxide, Nitrous Oxide, and Methane: What Types of Greenhouse Gases Are Most Affected by Green Investments and Renewable Energy Development?

by Aleksy Kwilinski, Olena Dobrovolska, Tomasz Wołowiec, Wiktor Cwynar, Iryna Didenko, Artem Artyukhov and Oleksandr Dluhopolskyi

Energies 2024, 17(4), 804; https://doi.org/10.3390/en17040804 - 7 Feb 2024

Cited by 8 | Viewed by 1602

Abstract

The article aims to analyze the impact of green investments and the development of renewable energy on greenhouse gas emissions based on 223 countries in 2011–2021. The information base is the International Renewable Energy Agency, Our World in Data, Climate Policy Initiative, and FTSE Russell. Correlation analysis was used to check the data multicollinearity, multivariate regression analysis with stepwise variable entry—to formalize functional relationships. All variables characterizing the dynamics of green investments and the development of alternative energy, the number of annual investments in off-grid renewable energy has the largest impact on the amount of CO₂ and N₂O. Thus, an annual investment increase of USD 1 million leads to a CO₂ emission increase of 4.5 kt and an N₂O emission increase of 0.272 kt. Simultaneously, the green economy’s market capitalization level has the largest impact on the amount of CH₄. In this case, a capitalization increases of USD 1 trillion leads to a CH₄ emission increase of 129.53 kt. The dynamics of renewable energy development have a statistically significant effect on only one of the three studied greenhouse gases—CO₂ emissions. Here, 1 MW growth of an absolute increase in off-grid renewable energy capacity leads to a 1171.17 kt reduction of CO₂ emissions. Checking input data for lags confirmed a time lag of one year between the level of green investments and the level of greenhouse gas emissions. That is, the impact of green investments on the level of greenhouse gas emissions is delayed by one year. The results of regression models taking into account lags confirmed that an increase in the level of green investments has a positive effect on reducing the level of greenhouse gas emissions (an increase in off-grid renewable energy annual investments of USD 1 million leads to a decrease in CO₂ of 1.18 kt and N₂O of 1.102 kt; the increase in green economy market capitalization of USD 1 trillion leads to a decrease in CH₄ emissions of 0.64 kt). Full article

(This article belongs to the Special Issue Energy Economics and Policy Guidance for Renewable and Sustainable Energy Transition)

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19 pages, 1216 KiB

Open AccessFeature PaperArticle

Adoption Model Choice Affects the Optimal Subsidy for Residential Solar

by Tiruwork B. Tibebu, Eric Hittinger, Qing Miao and Eric Williams

Energies 2024, 17(3), 728; https://doi.org/10.3390/en17030728 - 3 Feb 2024

Viewed by 1188

Abstract

Understanding the adoption patterns of clean energy is crucial for designing government subsidies that promote the use of these technologies. Existing work has examined a variety of adoption models to explain and predict how economic factors and other technology and demographic attributes influence adoption, helping to understand the cost-effectiveness of government policies. This study explores the impact of adoption modeling choices on optimal subsidy design within a single techno–economic framework for residential solar PV technology. We applied identical datasets to multiple adoption models and evaluated which model forms appear feasible and how using different choices affects policy decisions. We consider three existing functional forms for rooftop solar adoption: an error function, a mixed log-linear regression, and a logit demand function. The explanatory variables used are a combination of net present value (NPV), socio-demographic, and prior adoption. We compare how the choice of model form and explanatory variables affect optimal subsidy choices. Among the feasible model forms, there exist justified subsidies for residential solar, though the detailed schedule varies. Optimal subsidy schedules are highly dependent on the social cost of carbon and the learning rate. A learning rate of 10% and a social carbon cost of USD 50/ton suggest an optimal subsidy starting at USD 46/kW, while the initial subsidy is 10× higher (USD 540/kW) with a learning rate of 15% and social carbon cost of USD 70/ton. This work illustrates the importance of understanding the true drivers of adoption when developing clean energy policies. Full article

(This article belongs to the Special Issue Energy Economics and Policy Guidance for Renewable and Sustainable Energy Transition)

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21 pages, 2938 KiB

Open AccessFeature PaperArticle

Risk Spillovers and Network Connectedness between Clean Energy Stocks, Green Bonds, and Other Financial Assets: Evidence from China

by Guorong Chen, Shiyi Fang, Qibo Chen and Yun Zhang

Energies 2023, 16(20), 7077; https://doi.org/10.3390/en16207077 - 13 Oct 2023

Cited by 2 | Viewed by 1372

Abstract

As climate change impacts energy consumption, investments in clean energy are now associated with increased levels of risk and uncertainty. Consequently, the management of risk for clean energy investors has garnered significant academic attention. This study was designed to explore the risk transfers among clean energy markets, how they respond to market volatility, and how exceptional events impact the risk spillover. This was performed by examining the risk spillover of and asymmetric connectedness between clean energy markets, green bonds, and other financial markets in China, in line with the connectedness framework and minimum spanning tree technique. The findings revealed that clean energy markets exhibit heterogeneity in terms of the direction and magnitude of net risk spillover, the types of hedging assets involved, and their response to market volatility. Exceptional events, such as the Russian–Ukrainian conflict and COVID-19 pandemic, have an impact on the spillover relationships. During stable market conditions, green bonds experience fewer spillovers from clean energy markets, whereas, in times of volatility, gold markets are subjected to fewer spillovers. In the time domain, the overall long-term spillover is stronger compared to the short and medium terms. In the frequency domain, there is a significant risk of low-frequency transmission. These findings hold practical implications for energy investors in portfolio construction and for policymakers in pursuing sustainability objectives. Full article

(This article belongs to the Special Issue Energy Economics and Policy Guidance for Renewable and Sustainable Energy Transition)

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22 pages, 10496 KiB

Open AccessArticle

Experimental Assessment of Electromagnetic Fields Inside a Vehicle for Different Wireless Communication Scenarios: A New Alternative Source of Energy

by Nikolay Todorov Atanasov, Gabriela Lachezarova Atanasova, Daniel Adrian Gârdan and Iuliana Petronela Gârdan

Energies 2023, 16(15), 5622; https://doi.org/10.3390/en16155622 - 26 Jul 2023

Cited by 2 | Viewed by 1216

Abstract

The search for new energy sources in the 21st century is a crucial topic with an essential economic and societal meaning. Today, energy from electromagnetic fields (EMFs) is considered a promising new energy source for ultra-low-power consumption devices, such as wearable devices and Internet of Things (IoT) sensors. The research goal of this study was to experimentally evaluate the electric field (E-field) inside a compact car for several realistic wireless communication scenarios and to explore the possibility of using these EMFs in energy-harvesting applications. For each scenario, we performed measurements of E-fields in an urban area, in two cases: when the car was in an open space without a direct line of sight to a base station, and when the car was in underground parking. The results show that the highest measured value of the electric field appeared during the voice calls via the GSM network. Moreover, the maximum measured values of the electric field during a UMTS, LTE and 5G voice call were five to six times lower than those in the GSM network. Full article

(This article belongs to the Special Issue Energy Economics and Policy Guidance for Renewable and Sustainable Energy Transition)

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20 pages, 1767 KiB

Open AccessArticle

Can Hydrogen Production Be Economically Viable on the Existing Gas-Fired Power Plant Location? New Empirical Evidence

by Andrea Dumančić, Nela Vlahinić Lenz and Goran Majstrović

Energies 2023, 16(9), 3737; https://doi.org/10.3390/en16093737 - 27 Apr 2023

Cited by 7 | Viewed by 1781

Abstract

The paper provides an economic model for the assessment of hydrogen production at the site of an existing thermal power plant, which is then integrated into the existing gas grid. The model uses projections of electricity prices, natural gas prices, and CO₂ prices, as well as estimates of the cost of building a power-to-gas system for a 25-year period. The objective of this research is to calculate the yellow hydrogen production price for each lifetime year of the Power-to-gas system to evaluate yellow hydrogen competitiveness compared to the fossil alternatives. We test if an incentive scheme is needed to make this technology economically viable. The research also provides several sensitivity scenarios of electricity, natural gas, and CO₂ price changes. Our research results clearly prove that yellow hydrogen is not yet competitive with fossil alternatives and needs incentive mechanisms for the time being. At given natural gas and CO₂ prices, the incentive for hydrogen production needs to be 52.90 EUR/MWh in 2025 and 36.18 EUR/MWh in 2050. However, the role of hydrogen in the green transition could be very important as it provides ancillary services and balances energy sources in the power system. Full article

(This article belongs to the Special Issue Energy Economics and Policy Guidance for Renewable and Sustainable Energy Transition)

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16 pages, 622 KiB

Open AccessFeature PaperArticle

The Efficiency of Offshore Wind Energy Companies in the European Countries: A DEA Approach

by Dario Maradin, Bojana Olgić Draženović and Saša Čegar

Energies 2023, 16(9), 3709; https://doi.org/10.3390/en16093709 - 26 Apr 2023

Cited by 4 | Viewed by 2304

Abstract

Considering environmental issues such as greenhouse gas emissions associated with climate change and the depletion of fossil fuels, one of the possible solutions is the use of renewable energy sources. Wind energy is one of the most competitive and resilient energy sources in the world, which can play an important role in accelerating the global transition to green energy. The purpose of this study is to evaluate the allocative efficiency of 47 offshore wind energy companies in 9 European countries using the input-oriented BCC DEA model. The basic hypothesis is that by evaluating the relative efficiency of offshore wind energy companies in European countries, it is possible to determine a correlation between the results of efficiency between the two observed periods with slight deviations. The empirical results show no significant correlation between the score of relative efficiency and the country where the offshore wind energy company is located. On the other hand, the results are consistent with the basic hypothesis of this study. From the management perspective, significant improvements in all financial variables, i.e., tangible fixed assets, cash and cash equivalents, and current assets, are required to achieve relative efficiency. The model variables refer to the economic characteristics of offshore wind energy companies, indicating that only allocative efficiency was analysed, which is in contrast to previous studies. Full article

(This article belongs to the Special Issue Energy Economics and Policy Guidance for Renewable and Sustainable Energy Transition)

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