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Energy Economics and Finance
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Energy Economics and Finance

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Energy and Environment: Economics, Finance and Policy".

Deadline for manuscript submissions: closed (30 June 2021) | Viewed by 11444

Special Issue Editor

Dr. Michael Polemis

E-Mail Website
Guest Editor
Economics Department, University of Piraeus, 10834 Piraeus, Greece
Interests: industrial organisation; energy and environmental economics; competition policy and regulation

Special Issue Information

Dear Colleagues,

Energy markets (oil industry, electricity, the natural gas sector) constitute some of the most dynamically growing sectors in the global economy. Given the large scale of capital investments required for most projects in the energy sector, the stakeholder takes the investment decisions after a thorough analysis of policy variables in an environment characterized by uncertainties and business risks.

During the last two decades, the energy sector in most of the developing countries has undergone significant structural changes including, inter alia, the liberalization and privatization of the electricity and natural gas sectors, the creation of mandatory pools and power exchanges, and the establishment of new financial energy tools. The liberalization of energy markets as well as technological developments has led to a rapid transformation of power systems and natural gas markets. Distributed energy sources, electricity storage, decarbonization due to increased environmental awareness, security of supply, capacity markets and artificial intelligence postulate new challenges and prospects for the future of the energy markets.

This call for papers will cover a variety of theoretical and empirical topics related to energy demand, energy supply, energy prices, regulation and competition policies, environmental impact of energy consumption and production, and various public policies affecting energy demand, supply, prices, and environmental effects. Toward these issues, the editor seeks papers that address research questions including, but not limited to:

  • Theoretical and applied contributions to energy economics and finance
  • Examining the link between energy regulation and competition policy
  • Investigating the relationship between energy and climate change
  • Unraveling the relationship between energy and economic growth   

Prof. Michael Polemis
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.

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. Journal of Risk and Financial Management is an international peer-reviewed open access monthly 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 1400 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 volatility
  • energy demand forecasting
  • energy regulation
  • modeling electricitiy markets
  • climate change
  • capacity markets
  • energy demand and supply shocks
  • energy risk hedging
  • energy and growth

Published Papers (5 papers)

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Research

13 pages, 302 KiB  
Article
International Environmental Agreements and CO2 Emissions: Fresh Evidence from 11 Polluting Countries
by Aikaterina Oikonomou, Michael Polemis and Symeoni-Eleni Soursou
J. Risk Financial Manag. 2021, 14(7), 331; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm14070331 - 16 Jul 2021
Cited by 3 | Viewed by 2269
Abstract
This study attempts to evaluate the energy and carbon footprint within the framework of international environmental treaties and the efforts made by 11 large polluting countries to mitigate climate change. The econometric methodology accounts for the presence of cross-sectional dependence while it employs [...] Read more.
This study attempts to evaluate the energy and carbon footprint within the framework of international environmental treaties and the efforts made by 11 large polluting countries to mitigate climate change. The econometric methodology accounts for the presence of cross-sectional dependence while it employs second-generation panel unit root tests and cointegrated relationships. To secure the robustness of our findings, we conduct an ARDL approach employing dynamic panel data techniques. Dynamic OLS is also applied to verify the validity of the empirical results. The empirical analysis supports that the reduction in CO2 emissions can be achieved without a slowdown in economic activity for the sample countries. The findings suggest insightful policy implications for policymakers and government officials. Full article
(This article belongs to the Special Issue Energy Economics and Finance)
16 pages, 744 KiB  
Article
The Influence of Oil Prices on Equity Returns of Canadian Energy Firms
by Sourav Batabyal and Robert Killins
J. Risk Financial Manag. 2021, 14(5), 226; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm14050226 - 18 May 2021
Cited by 4 | Viewed by 1904
Abstract
Using monthly data from January 2000 to August 2018, this paper examines how the Canadian oil and gas industry and individual firms’ equity prices react to oil price fluctuations, which are measured by the traditional West Texas Intermediate (WTI) benchmark and the Canada-specific [...] Read more.
Using monthly data from January 2000 to August 2018, this paper examines how the Canadian oil and gas industry and individual firms’ equity prices react to oil price fluctuations, which are measured by the traditional West Texas Intermediate (WTI) benchmark and the Canada-specific Western Canadian Select (WCS) benchmark. The findings provide support for the view that oil price movements are an important factor in explaining the equity returns of the overall industry and for many individual oil and gas firms in Canada. Both WTI and WCS measures provide statistically significant evidence, but the results support that WTI may still be the more relevant measure for Canadian-based firms. We also find that the spread between WTI and WCS has a minimal impact on the firms’ equity returns. Additional tests for asymmetric impacts of oil price movements on Canadian oil and gas equity returns have provided little evidence, whereas time-varying impacts are found for a handful of firms. The empirical findings predicated on the holistic view of the impacts of oil price fluctuations on equity market returns will enhance investor confidence and strengthen the Canadian economy. Full article
(This article belongs to the Special Issue Energy Economics and Finance)
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7 pages, 479 KiB  
Communication
Risk and Financial Cost Management of Injection Wells in Mature Oil Fields
by Josip Ivšinović and Vjekoslav Pleteš
J. Risk Financial Manag. 2021, 14(4), 184; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm14040184 - 18 Apr 2021
Cited by 1 | Viewed by 2623
Abstract
Risk and financial cost management are becoming increasingly important in the oil industry, especially in companies that have mature oil fields as assets. In such cases, risk and cost analysis are crucial to their existence. The paper analyzes the risks and costs through [...] Read more.
Risk and financial cost management are becoming increasingly important in the oil industry, especially in companies that have mature oil fields as assets. In such cases, risk and cost analysis are crucial to their existence. The paper analyzes the risks and costs through the modification of geological probability of success (POS) and obtaining the cost correction coefficient when planning capital investments in injection wells. Mature oil field “B” in the northern part of the Republic of Croatia was analyzed. For field “B”, these values were calculated: 0.8577 for probability of success for workovers, 0.4824 for modified POS for reservoir flooding, and 1.30 for cost correction coefficient for workovers. Full article
(This article belongs to the Special Issue Energy Economics and Finance)
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17 pages, 2103 KiB  
Article
Examining the Impact of Financial Development on Energy Production in Emerging Economies
by Neil A. Wilmot and Ariuna Taivan
J. Risk Financial Manag. 2021, 14(2), 88; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm14020088 - 20 Feb 2021
Viewed by 1892
Abstract
Global energy production has been on the rise for many years, and reliance on traditional sources of energy remains strong. The extraction and production of energy can serve as an important avenue of growth, particularly for developing economies. To undertake such capital intensive [...] Read more.
Global energy production has been on the rise for many years, and reliance on traditional sources of energy remains strong. The extraction and production of energy can serve as an important avenue of growth, particularly for developing economies. To undertake such capital intensive project requires significant investment, and, intuitively, a well-functioning domestic financial system would be expected to aid in the growth of such industries. We investigate the relationship between financial development and energy production for 15 emerging countries, over the period of 1995–2017. After establishing the presence of a unit root, based upon panel data methods, a cointegrating relationship between financial development and energy production is confirmed. The results of the fully modified ordinary least squares (FMOLS) estimation establish a long run relationship in 11 of 15 countries in the sample. Panel Granger causality results provide a link between energy production and foreign direct investment (FDI), while such a link is absent for domestic credit. Policymakers should understand that development of the energy sector can provide an incentive for foreign firms to invest in emerging economics. Full article
(This article belongs to the Special Issue Energy Economics and Finance)
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11 pages, 680 KiB  
Article
What Has Driven the U.S. Monthly Oil Production Since 2009? Empirical Results from Two Modeling Approaches
by Ramaprasad Bhar, Anastasios G. Malliaris and Mary Malliaris
J. Risk Financial Manag. 2021, 14(2), 81; https://0-doi-org.brum.beds.ac.uk/10.3390/jrfm14020081 - 18 Feb 2021
Cited by 1 | Viewed by 1617
Abstract
From the early 1970s to the Global Financial Crisis of 2007–09, U.S. crude oil production followed a declining trend. After the Global Financial Crisis, U.S. crude oil production increased rapidly. This paper addresses the important question “what economic factors have driven U.S. crude [...] Read more.
From the early 1970s to the Global Financial Crisis of 2007–09, U.S. crude oil production followed a declining trend. After the Global Financial Crisis, U.S. crude oil production increased rapidly. This paper addresses the important question “what economic factors have driven U.S. crude oil production since the Global Financial Crisis?”. We propose that factors such as: the price of oil, the one period lagged price of oil, the price of copper, the crude oil price volatility, the Trade Weighted U.S. Dollar Index, and the high yield index spread, are important explanatory variables. Using two modeling approaches, namely, multiple regression, and the random tree methodology, we conclude that the one month lagged price of oil is the most significant explanatory variable, among all considered, for the upward trend of U.S. oil production from 2009 to early 2020. Full article
(This article belongs to the Special Issue Energy Economics and Finance)
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