Energy consumption and economic growth in the USA: Evidence from renewable energy

Recent debates about renewable energy consumption manifest two main expectations. Firstly, renewable energy consumption should contribute to economic growth and secondly, it should not cause damage on environment. This study focuses on the first issue by applying Toda–Yamamoto procedure and bootstrap-corrected causality test for the US since empirical literature criticizes the Toda–Yamamoto test which bases on asymptotic distribution. The models consist of real GDP, employment, investment and kinds of renewable energy consumption. Only one causal relationship was found from biomass-waste-derived energy consumption to real GDP. No causal relationship was found between real GDP and all of the other renewable energy kinds—total renewable energy consumption, geothermal energy consumption, hydro-electric energy consumption, biomass energy consumption and biomass-wood-derived energy consumption. That is using of energy from waste cause not only solving the dumping problems but also it contributes to real GDP. For policy purpose, the results of this study suggest that countries should concentrate on energy producing from waste as an alternative energy resource.     

Energy consumption and economic growth: Evidence from the Commonwealth of Independent States

This study examines the relationship between energy consumption and economic growth for eleven countries of the Commonwealth of Independent States over the period 1991–2005 within a multivariate panel data framework. Based on (Pedroni, 1999) and (Pedroni, 2004) heterogeneous panel cointegration test and corresponding error correction model, cointegration is present between real GDP, energy consumption, real gross fixed capital formation, and labor force with the respective coefficients positive and statistically significant. The results of the error correction model reveal the presence of unidirectional causality from energy consumption to economic growth in the short-run while bidirectional causality between energy consumption and economic growth in the long-run. Thus, the results lend support for the feedback hypothesis associated with the relationship between energy consumption and economic growth.     

Energy prices,volatility, and the stock market: Evidence from the Eurozone

This paper constitutes a first analysis on stock returns of energy corporations from the Eurozone. It focuses on the relationship between energy market developments and the pricing of European energy stocks. According to our results, oil price hikes negatively impact on stock returns of European utilities. However, they lead to an appreciation of oil and gas stocks. Interestingly, forecastable oil market volatility negatively affects European oil and gas stocks, implying profit opportunities for strategic investors. In contrast, the gas market does not play a role for the pricing of Eurozone energy stocks. Coal price developments affect the stock returns of European utilities. However, this effect is small compared to oil price impacts, although oil is barely used for electricity generation in Europe. This suggests that for the European stock market, the oil price is the main indicator for energy price developments as a whole.     

Energy deprivation dynamics and regulatory reforms in Europe: Evidence from household panel data

The typical ingredients of energy reforms in the European Union (EU) in the 1990s were full or partial privatization, vertical disintegration and liberalization. This paper analyses the effects of energy reforms on the probability of households experiencing deprivation, defined as difficulty in paying the bills. We use two sets of micro-data. First, the European Community Household Panel (ECHP), a large EU survey, offers evidence on people who report having been unable to pay scheduled utility bills. We consider seven European countries: Denmark, Belgium, France, Ireland, Italy, the Netherlands and Spain, and eight ECHP waves (1994–2001), with around 28,000 observations. Second, we also use micro-data from the European Statistics on Income and Living Conditions survey (EU-SILC) 2004–2005, with around 84,000 observations. The countries included are Belgium, France, Ireland, Italy, Spain, Austria, Finland, Luxembourg, Norway and Sweden. As indicators of regulatory reforms in the same countries and years we use ECTR (formerly REGREF), a database provided by the OECD. In both samples we find evidence that privatization increases the probability of households experiencing deprivation. Vertical disintegration has a similar effect and also increases the persistence in the status of household deprivation. Liberalization has no statistically significant effect. We discuss possible interpretations of these findings.     

Energy sector of the Russian Far East: Current status and scenarios for the future

This article describes the Russian Far East's energy sector, stressing its limited energy exports, and use of separate electricity and heating grids to geographically dispersed population centers with various supply patterns distributed across a vast territory. One key strategic trend has been to strengthen the potential of the region as an energy supplier for the countries of Northeast Asia. This underlies the framework used to develop three energy scenarios of the Russian Far East's energy future through 2030: Reference, National Alternative and Regional Alternative. While the Regional Alternative case has much greater total costs for implementation, yields almost the same amount of emissions as the BAU case, and requires greater governmental efforts to bring it to reality, it looks preferable for the RFE as a whole because it has a well-balanced primary energy consumption mix, lower energy and ecology/GDP indices, and a lower fraction of energy imports; offers greater diversity of energy supply; and provides better local energy service. The authors would like to thank Boris Saneev, Alexander Sokolov, Alexander Izhbuldin from the Institute of Energy Systems, Irkutsk; Julia Savelieva from Far Eastern Coal Research; and Alla Filatova from Far Eastern Power Engineering Institute for providing technical information, and expertise.     

Energy consumption and economic growth: Evidence from China at both aggregated and disaggregated levels

Using a neo-classical aggregate production model where capital, labor and energy are treated as separate inputs, this paper tests for the existence and direction of causality between output growth and energy use in China at both aggregated total energy and disaggregated levels as coal, oil and electricity consumption. Using the Johansen cointegration technique, the empirical findings indicate that there exists long-run cointegration among output, labor, capital and energy use in China at both aggregated and all three disaggregated levels. Then using a VEC specification, the short-run dynamics of the interested variables are tested, indicating that there exists Granger causality running from electricity and oil consumption to GDP, but does not exist Granger causality running from coal and total energy consumption to GDP. On the other hand, short-run Granger causality exists from GDP to total energy, coal and oil consumption, but does not exist from GDP to electricity consumption. We thus propose policy suggestions to solve the energy and sustainable development dilemma in China as: enhancing energy supply security and guaranteeing energy supply, especially in the short run to provide adequate electric power supply and set up national strategic oil reserve; enhancing energy efficiency to save energy; diversifying energy sources, energetically exploiting renewable energy and drawing out corresponding policies and measures; and finally in the long run, transforming development pattern and cut reliance on resource- and energy-dependent industries.     

Energy consumption and economic growth: Evidence from the economic community of West African States (ECOWAS)

Access to modern energy is believed to be a prerequisite for sustainable development, poverty alleviation and the achievement of the Millennium Development Goals.However, theoretical models and empirical results offer conflicting evidence on the relationship between energy consumption and economic growth that we remain largely unsure of the cause-and-effect nature of this relationship, if indeed a relationship exists at all.This paper tests, in a panel context, the long-run relationship between energy access, and economic growth for fifteen African countries from 1980 to 2008 by using recently developed panel cointegration techniques.We adopt a three-stage approach, consisting of panel unit root, panel cointegration and Granger causality tests to study the dynamic causal relationships between energy consumption, energy prices and growth as well as relationship between electricity consumption, prices and growth.Results show that GDP and energy consumption as well as GDP and electricity move together in the long-run. By estimating these long-run relationships and testing for causality using panel-based error correction models, we found unidirectional long-run and short-run causality. The causality is running from GDP to energy consumption in the short-run, and from energy consumption to GDP in the long-run. There is also evidence of unidirectional causality running from electricity consumption to GDP in the long-run.This study thus provides empirical evidence of long-run and causal relationships between energy consumption and economic growth for our sample of fifteen countries; suggesting that lack or limited access to modern energy services could hamper economic growth and compromise the development prospects of these countries.     

Energy consumption and economic growth relationship: Evidence from panel data for low and middle income countries

This paper uses the panel data of energy consumption (EC) and economic growth (GDP) for 51 countries from 1971 to 2005. These countries are divided into three groups: low income group, lower middle income group and upper middle income group countries. Firstly, a relationship between energy consumption and economic growth is investigated by employing Pedroni (1999) panel cointegration method. Secondly, panel causality test is applied to investigate the way of causality between the energy consumption and economic growth. Finally, we test whether there is a strong or weak relationship between these variables by using Pedroni (2001) method. The empirical results of this study are as follows: i) Energy consumption and GDP are cointegrated for all three income group countries. ii) The panel causality test results reveal that there is long-run Granger causality running from GDP to EC for low income countries and there is bidirectional causality between EC and GDP for middle income countries. iii) The estimated cointegration factor, β, is not close to 1. In other words, no strong relation is found between energy consumption and economic growth for all income groups considered in this study. The findings of this study have important policy implications and it shows that this issue still deserves further attention in future research.     

Energy consumption and economic growth in Central America: Evidence from a panel cointegration and error correction model

This study examines the relationship between energy consumption and economic growth for six Central American countries over the period 1980–2004 within a multivariate framework. Given the relatively short span of the time series data, a panel cointegration and error correction model is employed to infer the causal relationship. Based on the heterogeneous panel cointegration test by Pedroni (Pedroni, P., 1999. Critical values for cointegration tests in heterogeneous panels with multiple regressors. Oxford Bulletin of Economics and Statistics 61, 653–670; Pedroni, P., 2004. Panel cointegration: asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis: new results. Econometric Theory 20, 597–627), cointegration is present between real GDP, energy consumption, the labor force, and real gross fixed capital formation with the respective coefficients positive and statistically significant. The Granger-causality results indicate the presence of both short-run and long-run causality from energy consumption to economic growth which supports the growth hypothesis.     

Oil shocks and production network structure: Evidence from the OECD

Does the production network structure matter for the transmission of oil shocks? Using a Bayesian time-varying VAR, the paper derives the impact of oil shocks on GDP for a set of OECD economies. It further estimates various measures to characterize the production network structure based on Input–Output matrices. When the relationship between the time-varying responses of GDP to oil demand and oil supply shocks and production network characteristics is analyzed, the paper finds that measures like skewness in the in-degrees and in the out-degrees or density tend to amplify the negative impact of oil shocks on GDP. The results here are in line with the recent literature that outlines the importance of network structures for aggregate dynamics.     

Ownership and environmental regulation: Evidence from the European electricity industry

The paper investigates how ownership affects the environmental performance in developed countries where environmental regulation is introduced in the form of market-based instrument. By looking at a cross-country panel dataset of 29 power markets around Europe over the period 1990–2012, we find empirical evidence that an increase of public ownership, as measured by the OECD ETCR index, is associated with a reduction of both greenhouse gas emissions and carbon intensity. We also find that the implementation of the European Emissions Trading Scheme (ETS) had a limited impact on emissions' reduction due to lax allocation of allowances. The positive effect of public ownership on environmental performance has been significant even after the introduction of the ETS, giving additional incentives to mitigate emissions when the ETS cap was not stringent enough. This evidence suggests that government control over power companies in Europe can has created idiosyncratic incentives to improve environmental quality, complementing environmental regulation in the achievement of environmental goals when the latter was absent or sub-optimal.     

Energy from the western states of the USA: Conflicts and constraints

Large-scale energy resource development in the western states will almost certainly be required if the USA is to increase its domestic energy production significantly. Such development will create several problems, including conflicts over water use and quality, air quality, growth management and housing, and land use. In this article the authors discuss each of these issues and the kinds of trade-off which can be expected if certain policies are chosen. Although there are several promising strategies for realizing the benefits of development while minimizing environmental and socioeconomic costs, their success is likely to be limited by serious institutional constraints. These constraints ultimately block much energy resource development in the western states.     

Living in cold homes after heating improvements: Evidence from Warm-Front,England’s Home Energy Efficiency Scheme

ObjectiveTo investigate explanatory factors for persistent cold temperatures in homes which have received heating improvements.DesignAnalysis of data from a national survey of dwellings and households (in England occupied by low-income residents) that had received heating improvements or repairs under the Warm Front Scheme.MethodsOver the winters of 2001–02 and 2002–03, householders recorded living room and main bedroom temperatures in a diary. Entries were examined for 888 households, which had received high level heating interventions. Two hundred and twenty-two households were identified as occupying cold homes, with mean bedroom temperature below 16 °C or mean living room temperatures below 18 °C. Binary logistic regression was used to model dwelling and household features and then occupants’ behaviour and attitudes in the ‘cold homes’ sub-set compared with the remainder of the high intervention group. Seventy-nine supplementary, structured telephone interviews explored reasons given for lower temperatures. Using graphical and tabular methods, householders preferring cooler homes were distinguished from those who felt constrained in some way.ResultsCold homes predominate in pre-1930 properties where the householder remains dissatisfied with the heating system despite major improvements funded by Warm Front. Residents of cold homes are less likely to have long-standing illness or disability, but more likely to experience anxiety or depression. A small sample of telephone interviews reveals those preferring lower temperatures for health or other reasons, report less anxiety and depression than those with limited control over their home environment. Their ‘thermal resistance’ to higher temperatures challenges orthodox definitions of comfort and fuel poverty.     

从企业节能降耗谈能源计量

企业要节能降耗必须对能源进行量化管理,量化管理的手段就是计量,只有加强能源计量的管理,把能源计量工作做扎实做到位,能源数据真实可靠,才有依据制定节能目标,才能搞好节能降耗。为了指导搞好能源计量管理工作,国家质检总局和国家标准化委员会2006年联合发布GB17167-2006《用能单位能源计量器具配备和管理通则》(以下简称《通则》),对各用能单位,尤其是用能企业进行了明确的指导,且部分条款作为强制性条款;同时2006年国务院也发布了《国务院关于加强节能工作的决定》。由此可见,能源计量非常重要,是企业节能降耗的重要基础工作,是企业节能降耗的保证。     

Oil consumption and economic growth: Evidence from Pakistan

This study attempts to look into the causal relationship between oil consumption and economic growth in Pakistan where oil consumption and real gross domestic product (GDP) have increased rapidly in recent years. To this end, the study employs annual data covering the period 1965–2015. Tests for unit roots, co-integration, and Granger causality based on the error-correction models (ECMs) are presented. The overall results support the existence of bidirectional causality between oil consumption and economic growth in Pakistan. This means that an increase in oil consumption directly affects economic growth. Thus, in order not to cause an adverse effect on economic growth, Pakistan should endeavor to overcome the constraints on oil consumption. Moreover, it appears that economic growth induces increased oil consumption.     

Electricity consumption and economic growth: Evidence from Turkey

This study investigates the causal relationship between electricity consumption and real GDP in Turkey during the period of 1950–2000. Both of the series were found to be a stationary process around a structural break by the Zivot and Andrews test. Thus, two different methodologies have been employed to test the Granger non-causality: the Dolado–Lütkepohl test using the VARs in levels, and the standard Granger causality test using the detrended data. Both tests have yielded a strong evidence for unidirectional causality running from the electricity consumption to the income. This implies that the supply of electricity is vitally important to meet the growing electricity consumption, hence to sustain the economic growth in Turkey.     

Oil Consumption and Economic Growth: Evidence from Korea

This article investigates the short- and long-run causality issues between oil consumption and economic growth in Korea by applying modern time-series techniques. It employs annual data covering the period 1968–2002. Tests for unit roots, cointegration, and a Granger-causality based on error-correction model are presented. The results show that bidirectional causality runs from oil consumption to economic growth in Korea. This means that an increase in oil consumption directly affects economic growth and that economic growth also stimulates further oil consumption.