ALBERT

Description: This article presents simulation study on using fuzzy logic based controllers in order to determine building’s occupancy level and hence its effect on energy usage. The projected results of energy savings then is used to determine and investigate the proposed fuzzy logic based control system environmental and economic aspects. The proposed system energy performance are measured based on the system occupancy density level, Daylight utilization and natural ambient air and humidity. The simulation and modelling engines used in this article are MATLAB and EnergyPlus. Results showed that system will save 14% of total energy demand at 50 % of occupancy level compared to total energy demand at full occupancy level (100% occupancy level) and also it is able to save 24% of total energy demand at 25 % of occupancy level compared to full occupancy level energy demand (100% occupancy level). Keywords: Daylight, Occupancy level, Fuzzy logic JEL Classifications: K32, O13 DOI: https://doi.org/10.32479/ijeep.6393

Description: The present research examines the effect of hydropower energy consumption in testing the Environmental Kuznets Curve in Malaysia by using the annual time series data over the period from 1978 to 2016. The present research applied the advance econometrics to serve the purpose of investigation and therefore used the Auto Regressive Distributed Lag (ARDL) bound testing approach for assessing the presence of long-run relationship between the variables. The results of ARDL bound testing approach confirm the valid long run relationship between hydropower energy consumption and economic growth with carbon dioxide emission in Malaysia. The final outcomes confirm that hydropower energy consumption and square of economic growth have significant and negative impact on carbon dioxide emission whereas, the economic growth have a significant and positive impact on carbon dioxide emission. Furthermore, results also confirm the existence of inverted U-Shape curve in Malaysia. The results provide a solid evidence for the policymakers to focus on hydropower energy consumption while formulating the policy for the reduction of environmental degradation in Malaysia. Keywords: Hydropower, green energy, renewable energy, sustainable development. JEL Classifications:  O11, Q20, Q23 DOI: https://doi.org/10.32479/ijeep.7328

Description: In this study attempted to calculate the stationarity value of the baseline data in proposing approximate parameters, for a regression equation which is an estimation of time-series data from gasoline. The function of stationary data in the time series model is crucial, to propose a long-term estimate, so that a study can show the time variable used, can explain the process of cointegration analysis among the variables being carried out research. This research uses model building from Baltagi and Griffin (1983), with cointegration analysis technique for variable data of gasoline and other consumption during 1960-2017 period in U.S. From the research that has been carried out shows that the value of gasoline consumption and income per community in the U.S during the year 1960-2017 mutual cointegration in the long term. There is a significant relationship among the 4 variables in the research on long-term time scale. Thus, this study can explain how the relationship between economic variables and the level of gasoline consumption in U.S. Country during the period of research data. The results of this study support previous research conducted by Baltagi and Griffin (1983), but there are differences in the use of data, if in this study using time series data, in Baltagi and Griffin study using time series data from several countries. Keywords: Gasoline demand; Price elasticity, regression analysis JEL Classifications: D12; C14, Q41 DOI: https://doi.org/10.32479/ijeep.7308

Description: In this article we test the hypothesis about the impact of oil prices shocks on the unemployment and crime rate on the example of oil-exporting country. According to the hypothesis, there exist a dependence of the labor market on oil revenue. A negative oil price shock should lead to a decrease in the employment rate, which in turn should lead to a rise in illegal forms of behavior. Illegal behavior is measured as an average of registered crimes (bribery and drug dealing). Based on data for 1990-2017 we study a case of Russia, using vector error correction model for detecting short- and long-term effects. Results show that oil prices and unemployment affect crime rate in the long-run in a case of oil-exporting country. Yet, in the short-run both negative oil shocks and a rise in unemployment rate lead to a statistically significant increase in bribery and drug dealing. A 1% decrease in oil price will lead to a 1,14% rise in bribery and drug dealing and a 1% increase in the unemployment rate leads to a 2,72% increase in drug dealing and bribery. Keywords: oil prices, unemployment, crime rate, bribery, vector error correction approach. JEL Classifications: Q41, E24, F43, K42 DOI: https://doi.org/10.32479/ijeep.6833

Description: Our study investigates the relationship between electricity intensity and unemployment in South Africa. Our mode of empirical investigation is the quantile regressions approach which has been applied to quarterly interpolated time series data collected between 2000:01 and 2014:04. As a further development to our study, we split our empirical data into two sub-samples, the first corresponding to the pre-financial crisis period and the other corresponding to the post-financial crisis period. Our empirical results point to electricity intensity being significantly and positively correlated with unemployment in periods before the crisis at all estimated quantiles, whereas this relationship turns significantly negative in periods subsequent to the crisis at all quantile levels. In other words, since the financial crisis, increased electricity intensity (i.e. lower electricity efficiency) appears to reduce domestic unemployment rates, a result which indicates that policymakers should be discouraged from implementing electricity conversation strategies and encouraged to rely on environmental friendly methods of supplying electricity. Keywords: Electricity intensity; Unemployment; South Africa; SSA; Quantile regressions. JEL Classifications: C31; C51; E24; Q43. DOI: https://doi.org/10.32479/ijeep.6158

Description: This paper proposes the effect of oil price shocks on the Russian economic indicators using time series for the period 1991-2016 year to cover all of oil price shocks. The vector autoregressive and the Dickey-Fuller test were utilized to investigate the long-run and the short-run relationships between variables. From the results shows that one of the most important external impact factor is the world price of oil. The research suggests a positive and significant long-term relationship between oil prices and Russian GDP dynamics. Keywords: oil price shocks, GDP growth, forecasting, oil impact. JEL Classification s : C51, C58, F31, G12, G15 DOI: https://doi.org/10.32479/ijeep.6807

Description: The EU is one of the largest energy consumers in the world. However, it faces issues of high fuel import dependency, energy resources import diversification, lack of pipeline infrastructure, etc. There are several ways to improve EU's energy sector by wider use of natural gas (NG). Such projects as ITGI-Poseidon, TANAP, TAP, TurkStream and others may provide necessary capacities. Turkey plays an important role as a transit country for NG supplies and in the future it can become one of the key gas hubs in the south-eastern part of Europe, as it occupies a strategically advantageous geographical position. This paper reviews the main economic development and energy sector indicators of the EU, along with current and future NG supply and transit projects. It is stated energy cooperation between Russia, Turkey and the EU is essential for sustainable development of both EU and Turkey energy sector. Hence, recommendations for NG sector development and further energy cooperation with Russia are provided. Keywords: Natural Gas, Energy Supply, Energy Cooperation JEL Classifications: Q3, Q4 DOI: https://doi.org/10.32479/ijeep.7093

Description: This work is a continuation of a series of authors' publications in the framework of a study of tools for supporting the fuel and energy complex in the context of achieving energy efficiency and energy independence of the regions. In this paper, the definition of the term "state support of the fuel and energy complex" was formulated, an analysis of state programs for supporting federal and regional levels in the fuel and energy complex was made. A consistent methodological scheme has been developed for organizing the process of improving the instruments for supporting the fuel and energy complex of the region, according to the specifics of the development of the fuel and energy complex and its role in the region's economy. Keywords: instruments of fuel and energy complex support, regional fuel and energy complex, energy efficiency, energy independence of regions. JEL Classification: O13 DOI: https://doi.org/10.32479/ijeep.6970

Description: This paper examined the responsiveness of the stock market returns to fluctuation in oil price in Nigeria using monthly dataset from January 1994 to December 2016. The autoregressive distributed lag estimation technique was applied to analyze the long-run model as well as the short-run dynamics whereas test for cointegarating relationships was conducted using the Bound testing method. The findings revealed that changes in oil price have had positive but insignificant impact on stock market returns both in the long-run and the short-run. Impact of inflation was positive and insignificant in the long-run but positively significant in the short-run. Real interest rate and log of exchange rate exerted negative influence on the stock market returns, where the short-run effect of real interest rate was significant, the long-run impact was found to be insignificant. The error term indicates that deviation from long-run equilibrium is corrected at the speed of 8.2% on annual basis. The Bound test result showed that no long-run relationships exist between the oil price and stock market returns during the period under study. Keywords: Stock Market Returns, Oil Price, Autoregressive Distributed Lag, Bound Testing JEL Classifications: C32, Q43, E44 DOI: https://doi.org/10.32479/ijeep.7145

Description: The present study analyses the causal relationship between CO2 emissions, energy consumption, value added of three development sectors and household final consumption expenditure in Indonesia using annual data from 1975 to 2014. We applied ADF and PP unit root tests, Johansen cointegration test, and Granger causality test based on vector error correction modelling (VECM). Our results indicated that although CO2 emission and energy consumption have a mutual effect, increase CO2 emissions tend given greater effect on energy consumption. CO2 emissions, energy consumption, the value added of industry sector and household final consumption expenditure have a significant effect on the added value of agriculture sector and service sector, while the added value of agriculture sector is a key factor that driven increases the added value of service sector. In the long term, we discover that a cointegration relationship occurring when energy consumption, household final expenditure, and the value added of three development sectors, respectively, are determined as the dependent variables in the model. Based on these results, we concluded that energy conservation and mitigation policies which accompanied the application of energy-saving technologies should be an important priority on the sustainable development planning in Indonesia, especially in order to reduce CO2 emissions and accelerate economic growth rate in Indonesia. Keywords : CO2 emission, Energy Consumption, the value added of development sectors, household final consumption expenditure JEL Classifications: D12, O44, Q43, Q56 DOI: https://doi.org/10.32479/ijeep.7295

Description: India has a target of achieving 100 GW of installed solar capacity by 2021-22. Of this, 40 GW will be in the form of rooftop photovoltaic (RTPV) systems. Karnataka has an RTPV target of 2.3 GW, with its largest distribution utility – Bangalore Electricity Supply Company Limited (BESCOM) – expected to contribute 1 GW by 2021-22. This research article focuses on the impact of this capacity addition on BESCOM’s retail rate for downstream consumers considering the present RTPV policy which includes both net-metering and gross-metering mechanisms for specific consumer categories in the state. In order to conduct this exercise, the Annual Revenue Requirement (ARR) of BESCOM has been calculated for the years 2015-16 to 2021-22. The projected energy demand for BESCOM in this timeframe has been estimated based on a compounded annual growth rate of 5.13%. Power purchase costs including annual capacity additions of RTPV have been obtained and these have been observed to rise from Rs. 11,750 Cr. to Rs. 19,100 Cr. in the control period. Subsequently, the average realisation rate has been computed after the ARRs for each year have been determined. The difference between average realisation rates with and without RTPV has been shown to be the impact of RTPV on BESCOM’s retail rates. It has been quantified that with RTPV penetration, the increase in average realisation rate rises by Rs. 0.68/kWh to Rs. 2.32/kWh during the timeframe of seven years. In order to reduce this economic burden across consumer categories, BESCOM needs to improve its distribution network and reduce losses. Apart from this, it has been seen from global energy market dynamics that there has been a decline in PV prices and an increase in the prices of fossil fuel-based electricity. The results that have been presented in this article are likely to be offset marginally owing to these trends. Keywords: Rooftop Photovoltaic, Distribution Companies, Net-metering, Gross-metering, Annual Revenue Requirement, Average Realisation Rate JEL Classifications: G18, C30, Z18, H41 & H50 DOI: https://doi.org/10.32479/ijeep.6036

Description: Using annual time series data which covers the period 1981 to 2014 and multiple regression techniques, the study investigate the impact of oil price fluctuation and oil revenue on well-being in Nigeria. The findings suggest that oil price fluctuations have no significant impact on well-being, while oil revenue is observed to have a significant and positive impact on well-being. Notwithstanding the insignificant impact of oil price fluctuation, further investigation using Johanson cointegration test shows the existence of long run relationship in the series. This implies that, as oil prices increases/decreases, so does well-being of the people. In like manner, we also found that, as the oil revenue increases/decreases, so does the well-being of the people. In view of the findings, we suggest that government should save more at the time oil boom – that is when oil price rises above its benchmark. Furthermore, we are of the opinion that the control and management of the excess crude account (ECA) should be solely delegated to Central Bank of Nigeria with no form of interference. Keywords: Oil price fluctuation, Oil Revenue, Well-being, Nigeria JEL Classifications: E39, I31 DOI: https://doi.org/10.32479/ijeep.5943

Description: The integration of European electricity markets, through the market coupling process, can create significant efficiency gains in terms of social welfare to European consumers and industries. The market coupling process is anticipated to more efficiently utilize the generation and transmission activities, reducing the requirements of large idle generation capacity. This paper uses an optimization-based methodological framework to address the problem of the optimal planning of a power system at an annual level in competitive and volatile power markets, under dynamic formulation of the strategy employed by all market participants. The model is used for the scenario-based transmission expansion of the Greek power system with neighboring power systems in Southeast Europe, identifying its impact on a series of operational and economic aspects. The model determines the optimal power generation mix in each scenario, the electricity trade with the neighboring countries, the evolution of the system marginal price and the resulting environmental impact. This enables the identification of the remuneration of all types of producers from the wholesale market through a detailed calculation of all the relevant cost components. The proposed approach can provide useful insights on the optimal portfolio determination by potential investors at a national and/or regional level, highlighting potential risks and appropriate price signals on critical infrastructure projects under real electricity market operating conditions. Keywords: CO 2 emissions; Electricity trade; Power market dynamics; Power generation mix; Transmission expansion JEL Classifications: Q43, Q47

Description: Both the relevant literature and the regulatory authorities’ policy reports suggest that there is a relationship between smart meters and distributed generation and that an essential tool for the integration of distributed generation into electric systems is the smart meter technology. However, to date, there has been no formal or scientific test of this proposition. This article examines the relationship between advanced metering infrastructure (AMI) and distributed generation (DG), which are expected to be among the critical components of future electricity markets. For this purpose, long monthly time series data were used for four different consumer groups (commercial, industrial, residential and small- and medium-sized enterprises) for the network reporting regions in New Zealand and a panel Granger causality analysis was conducted. The econometric results establish a two-way causality relationship between AMI penetration and DG uptake rate. These findings are in line with the propositions in the literature and policy papers, and they comprise policy implications. Keywords : distributed generation; advanced metering infrastructure; smart meters; panel causality analysis; New Zealand JEL Classifications: C4, Q20, Q42

Description: The nexus between economic growth, environmental pollution, and FDI inflows has been intensively analyzed by a number of studies, but the empirical evidence more often than not remains controversial and ambiguous. This paper investigates the causal relationship between CO 2 emissions, foreign direct investment and economic growth for Vietnam over the period 1986-2015. The empirical results provide a strong statistical evidence that overall there is the relationship, which has inverse U-shape between income per capita and environmental degradation in Viet Nam. The turning point’s GDP per capita is about 3,145 US Dollar/year. This study suggests that policy-makers should control the environmental standards in the projects to improve environmental pollution and has attracted foreign direct investment of stability to achieve sustainable economic development for the long-run. Keywords : FDI, CO 2 emissions, economic growth, Vietnam. JEL Classifications: F21, F43, O44, Q43

Description: Peak load demand forecasting is a key exercise undertaken to avoid system failure and power blackouts. In this paper, the next day’s peak load demand is forecasted. The challenge is to estimate a model that is capable of preventing underprediction of the peak load demand: in other words, a model that is competent in forecasting the upper bound of the peak demand to avoid the risk of power blackouts. First, quantile regression is performed to generate forecasts of the daily peak load demand. Then, peak demand forecasts are locally approximated by triangular distribution to generate the upper bound of the peak demand. The forecasted upper bounds are compared with the actual electricity demand. The proposed method succeeds in avoiding underprediction of the peak load demand and thus the risk of power blackouts. Keywords : Electricity peak demand, Quantile regression, Triangular distribution, Blackouts. JEL Classifications : Q47, C21

Description: Artificial Neural Network model for short-term demand forecast of hourly peak load is proposed in this paper. For learning of the ANN model Levenberg-Marquardt algorithm is adopted because of its ability to handle the large number of non-linear load data. The training of network is done by using hourly peak load data of preceding five years from the period of forecast and the temperature data. The validation of the developed ANN model is tested with historical load data of BESCOM (Bangalore Electricity Supply Company Limited) power system.  The comparison of conventional methods and ANN model with respect to percentage error is evaluated, from the results it has been found that the proposed ANN model with optimal number of hidden layer neurons gives accurate predictions. Keywords: Artificial Neural Network, Normalization, Forecasting JEL Classifications: C8, Q470

Description: This paper describes the viability of liquefied natural gas (LNG) for the domestic consumers, although Pakistan has commenced the import of LNG since 2015, but still a gap in supply and demand is constantly increasing. Currently, 1.2 BCF per day of re-gasified LNG is being injected into the gas pipeline network which is basically imported for the power plant sector in Punjab province. Yet the deficit of gas supply and demand is more than 2 BCF per day. The present study of local gas field projections tell that they will lose their strength to 1/3 rd by 2025. It can be easily forecasted that by then, other sectors including industrial, commercial and maybe domestic will be forced to consume re-gasified LNG. Survey has been conducted from domestic consumers of Karachi and Hyderabad using a self-developed questionnaire and basic statistical tools are used to achieve the objectives. Findings of the study state that domestic consumers have little trust upon the gas suppliers as well as regulating authority (OGRA) in Pakistan. Domestic consumers have sufficient knowledge of natural gas situation in the country and are satisfied with the government subsidy on the natural gas billing, whereas they are not willing to accept LNG even at billing rate twice the current billing. Keywords: Domestic Consumers, Liquefied Natural Gas, Resources JEL Classifications: L95, O13, O38, P18, P43, Q43

Description: The relationship between electricity prices and fuel costs has been extensively studied. Many studies have analyzed the relationship between electricity and natural gas prices and found that electricity and natural gas futures prices are cointegrated. In this paper, using different factor models to jointly estimate the dynamics of both commodities, we show that natural gas and electricity prices are not only cointegrated but also share common long-term dynamics. This finding has crucial implications in terms of managing and hedging the risk faced by utilities, because the common long-term trend finding implies that the spark spread risk reflects only short-term effects. Moreover, these results indicate that by using prices from both commodities, it is possible to extract more information for estimation purposes. Keywords : Stochastic Calculus, Natural Gas, Electricity JEL Classifications: C32, C51, C60, G13.

Description: Economic development depends on the availability of energy, especially in supporting the current government’s development priorities to build the infrastructure sector in Indonesia, while the goal of development is to improve the nation’s competitiveness this research aims to investigate the opportunity to reduce fossil energy and switch to renewable energy. One of the efforts to improve long-term national energy security length is through reducing dependence on fossil energy, and the government must take swift action to use renewable energy. The methodology in this research uses internal factor evaluation analysis, external factor evaluation and SWOT matrix. Furthermore, the data used is secondary data in the period 2017–2022 coming from various official sources. The development of renewable energy in the world followed by the technology, more advanced technology used, the cost of investment and renewable energy tariffs will be cheaper, thus will be more competitive with electricity from fossil energy. Currently the installed power generation capacity in Indonesia is 57 gigawatts, of which 86% still use fossil energy and the remaining is renewable energy. Renewable energy in Indonesia becomes a very potent alternative, where the energy source depends on the geographical area and the source of energy it produces. The potential of renewable energy in Indonesia is very big, Indonesia has 40% geothermal potential in the world. Keywords: Marketing Strategy, Renewable Energy, SWOT Matrix JEL Classifications: A1, A11, O13

Description: This article as a whole introduces a competence’s theorem as scientific cybernetic ideology underlying the optimal regulation of the public services or utilities. In practical applicability, the article considers the most important water utilities, where two specified symptomatic paradigms (non-revenue water and service regulation modeling) that seem to be different have common problems related to the neglecting of the basics of public utilities regulation such as information theory, system theory and cybernetics. The competence’s theorem demonstrates that only a model of computing machine being isomorphic to legal State could be an optimal good regulator of the public utilities. Keywords : Competence’s theorem; solving problem; water utilities JEL Classifications: L95, Q25

Description: The article analyzes new technologies, which establish modern trends for future electric power systems operation and development, and their impact on production, storage, transmission, distribution and consumption of electricity. The article also studies trends and approaches to urban planning with an emphasis on energy infrastructure, where success in “smart city” and “smart grid” concepts implementation is considered as overarching question. The general requirements for smart power supply system are defined, problems that need to be solved are formulated, and a number of general recommendations are given for future development. Keywords: energy system, smart grid, smart cities JEL Classifications : L94; Q42; Q48; H54

Description: The electricity price in Colombia responds to demographic, economic, climatic changes, among others, that generate uncertainty and therefore risks in the electric production. Considering that the decision-making process has a great importance in the electricity market and that the participation of generators in energy auctions is usually based on intuition and previous experience, the need to study the possible alternatives and methods that minimize the risks before deciding some important matter can be appreciate. In this article, the estimation of the behavior of electrical energy prices in Colombia at the year 2030 for different scenarios and there are propose the following scientific models: (i) Simple regression; (ii) Econometric model. As result are obtained forecasts for each model, identifying that the econometric model has the lowest margin of error compared to the historical data that considers the behavior of different variables for the forecast. Keywords : Econometric Modeling, methods of statistical simulation, forecasting, electricity price. JEL Classifications:  C13, C15, Q47

Description: In this article we aim to test the Groningen effect on the example of Russia. According to the Groningen effect, a boom in the resource sector leads to deterioration in other sectors of the national economy due to appreciation of the national currency. This leads to, given the openness of the economy and elasticity of global markets’ prices, to a decline in manufacturing sector and a rise in the services sector. The hypothesis is tested on the example of Russia. To test the hypothesis, we examine the impact of oil prices’ dynamics (Brent) on different sectors of Russian economy, including manufacturing, real estate services, transport and communication services over the period 1990-2016. To test the hypothesis, we use vector error correction approach and Granger causality test. The results of the study show that all the sampled variables are cointegrated in the long-run, detecting dependence of the Russian economy on oil.  Short-run effects’ estimation show that the Groningen effect is absent in the Russian economy. Pairwise Granger causality test confirms absence of the Dutch disease as well. Keywords: oil prices, GDP sectors, Groningen effect, cointegration, causality, Dutch disease JEL Classifications:  E01, O11, O13, Q41, Q43

Description: The current paper examines the impact of Oil Price (OP) fluctuations on Islamic banking investments growth in the UAE. Besides, oil price, the study also uses other variables like Gross Domestic Product (GDP) and Foreign Direct Investment (FDI) to identify the determinants of the Islamic banking investments growth in the emerging economy, UAE.  The study is based on econometric analysis with the help of annual time series data from 1990 to 2015 for the study variables. Stationary tests, Cointegration methods, Vector Error Correction Model (VECM), and Granger causality tests are used in the analysis. The major findings of the study revealed that oil prices have long-term and short-term relationships on the Islamic banking investments in the UAE. Our results explore the importance of oil price stabilization in enhancing growth and progress in the UAE economy. The Government of UAE should reform policies and procedures to minimize the effect of such volatility in oil prices which in turn leads to positive impacts on the UAE economy as well. Keywords: Oil Price, Volatility, FDI, GDP, Islamic investments, Growth, UAE. JEL Classifications: F21, F41, O16

Description: Traditional energy sources form the basis of the energy complex. But the use of renewable energy sources is more acceptable from the ecological point of view and contributes to the saving of oil and gas resources. Therefore, the authors analyzed the competitiveness of the use of alternative energy sources. To study the issue, the study used econometric, theoretical methods. It was found that most of the energy resources in the world and in the Russian Federation is covered by gas and oil, but alternative energy sources are gaining momentum. It is determined that in Russia the greatest percentage is occupied by bio-heat power stations, while in the world the main part is given to wind energy. Keywords: Power Complex, Wind Power, Competition, Renewable Energy, Large Business. JEL Classifications: P18, P28.

Description: This paper considers the relationship between two main economic variables: Gold & Stock market in Germany that is represented by the HDAX Index under the FSE. The researchers used monthly data collected from Bloomberg database spanning from August 2004 to September 2016 (12 years) in order to use them in the selected tests in this research which are: (Descriptive statistic tests, Pearson’s correlation test, Unit root test to assure data are stationary for the Johansen’s Co-integration test and the Granger Causality test.)  The data were divided into three periods: pre, during and post to financial crisis in order to measure the different effect in each period. The results showed that there is a correlation between gold and stock market that differs in each period, as for the whole period of 12 years there was a moderate positive correlation, before the financial crisis there was a very strong positive correlation, during the financial crisis the correlation was positive but weak and low which means its insignificant, while at the period after the financial crisis the correlation changed in nature as it became a strong high negative correlation. The co-integration test results were all the same for all the three different periods (before, during and after financial crisis) and also for the whole 12 years period that is there is a long run relationship between gold and stock market (represented by the HDAX Index). The same thing applies on the Granger causality test, as there was no Granger causality (No Cause-effect relationship) between gold and stock market.  Keywords: Gold Price, Stock Market, Frankfurt Stock Exchange (FSE), HDAX Index, JEL Classifications: C01, C58, G01, G11 and G15.

Description: Energy is an important branch of any economy. In this paper the authors analyze the investments that are directed to the energy sector. The energy complex of the Republic of Kazakhstan is deeply analyzed. It is determined that the actual capacity of all power plants in Kazakhstan is 15,000 MW. It is established that the territory has the opportunity to use non-traditional renewable energy sources. But because of the low reliability of mechanical systems, the uneven generation of energy is the more common use of traditional energy sources. Therefore, the sector needs to attract investments. It is established that investment in the energy complex until 2025 will be increased. Investments are increasing, on average, by 28% per year. Keywords: territorial differences, investment, renewable energy, electricity consumption, energy complex. JEL Classifications: O10, O13 https://doi.org/10.32479/ijeep.6625

Description: This study examined the multiplier effect of human capital development through the usage of electricity power for maximum productivity to enhance economic growth in Nigeria. The study engaged data sourced from the World Development Indicators (WDI) for the period 1981-2016, and the Fully Modified Ordinary Least Squares (FMOLS) econometric method was engaged for the analysis. Results from the study showed that, human capital development is insignificantly related to the economic growth in Nigeria, while electricity consumption is significantly linked with economic growth. Therefore, the study recommended that there is a need for the government to develop human capital via the improvement of the educational and health facilities in the country as well as provide electricity in the rural and urban areas for maximum productivity. Keywords: Human Capital, Electricity Consumption, Economic Growth. JEL Classifications: F63, I15; I25; L94 https://doi.org/10.32479/ijeep.6758

Description: The authors discuss the concept of energy and economic security of the Republic of Kazakhstan, arguing  that energy security is a vital part of economic security of any country. Thus, energy security is to be strengthened in order to achieve better economic security. Kazakhstan has a large and pretty developed fuel and energy complex that certainly has a very significant impact on its economy. With the aim of analyzing Kazakhstan’s energy security in the period of 2000-2015, we construct an energy security performance index that includes ten quantitative indicators operationalizing the four dimensions of energy security, namely the energy “availability”, “affordability”, “efficiency”, and “environmental stewardship”. The analysis clearly shows that Kazakhstan has been able to significantly increase its energy security performance over the 15 years. Due to the precise research design and data collected, the authors also provide insights into the behavior of each energy security dimension, demonstrating how Kazakhstan’s energy security has been constantly changing in the period under analysis and identifying the strongest (“availability” and “affordability”) and weakest (“efficiency” and “environmental stewardship”) energy security dimensions. Keywords: Kazakhstan, Energy Security, Economic Security JEL Classifications: Q2, Q3, Q4 https://doi.org/10.32479/ijeep.6935

Description: The transportation sector plays a key role in the economic and commercial development of Tunisia. However, it is an energy-intensive sector that is responsible for 25.3% of Greenhouse Gas (GHG) emissions. In this paper, we use the LMDI decomposition approach of CO 2 emissions stemming from the transportation sector with its different modes (highways, railways, civil aviation and waterways). Our objective is to evaluate the contribution of each of the main factors responsible for these emissions, namely the energy efficiency, the structure and the level of development of the transportation sector. The empirical analysis of CO 2 emissions data concerning this area for the period 1991-2016 shows that the rapid growth of these emissions is mainly due to the increase in the level of transport development in Tunisia with a particular predominance of road transportation. As for the transportation sector energy efficiency, it was shown that there is an inhibition of CO 2 emissions. Keywords: Transportation;  Carbon Emissions; LMDI; Factor Decomposition; Tunisia. JEL Classifications: P28. Q43. Q54. Q56 https://doi.org/10.32479/ijeep.7016

Description: The focus of this paper is to analyze theoretically and empirically the effects of a non-linear oil price shocks on Saudi import demand function covering the period of 1970-2015, utilizing unrestricted vector autoregressive (VAR) approach. Johansen’s testing procedure result asserts the existence of stable long-run relationship between real aggregate import demand  (RIM), oil price shocks (OILPI and OILPD), real GDP, relative price and last year real foreign exchange (RFE t-1 ). The findings confirm that the oil price shocks affect negatively RIM. The signs are not as expected and significant. Moreover, the coefficients had little magnitude and effects. Nonetheless, the income elasticity is greater than one, had the right sign, and statistically significant. The price elasticity is negative as expected and significant. As predicted in literature, foreign exchange coefficient is negative, but is not statistically significant. Although the oil price shocks are significant, their magnitudes are weak. This could be attributed to the strong effects that come from traditional import demand determinants. Keywords : VAR, Import demand, Saudi Arabia, Income elasticity, and Co-integration. JEL Classifications: C51, E22, Q43. DOI: https://doi.org/10.32479/ijeep.6243

Description: South Africa has been suffering from low electricity supply for decades now, dating back to the first occurrence during 1983. Another crisis struck by the fall of 2007, which shocks from the crisis still affect the economic growth. The country’s fossil fuels, which serve as a major contributor to its electricity generation, are depleted by 1% every year. Other determining variables such as increases in domestic consumption and industrial intensity as domestic and industrial consumption rise, increase in coal prices, drop in the production volumes of coal, depreciation in machinery remain continuous dangers to the future reliability of supply of the grid. This has led to inflation of consumer prices, as end users’ future access to adequate electricity supply is not guaranteed. This paper aimed at determining the steadfastness of the South African electricity grid in meeting consumers’ demands. A quantitative research design was employed. A multiple time series research method utilising secondary data from key determining variables to electricity supply from the first quarter of 1998 to the last quarter of 2015 was employed in this study. The Eviews statistical software was employed to obtain regression probabilities through the multiple Ordinary Least Square model (OLS) specifications. The Engle-Granger approach was used to establish whether or not co-integration exists between the independent and the dependent variables. The co-integration analysis reflects that there is a significant long-term relationship between the independent and the dependent variables.  Keywords : Electricity security, supply determinants, grid sustainability JEL Classification : Q47 DOI: https://doi.org/10.32479/ijeep.6864

Description: Global warming is one of the most significant challenges facing the world today, as it poses an alarming threat to the entire ecosystem, human health, the economy, and national security. With the ever-increasing emission of carbon dioxide and other greenhouse gases, there has been a progressive rise in mean temperatures recorded, causing global sea levels to increase as a result of the acceleration of warming oceans, shrinking ice sheets and glacial retreat. Global warming has heightened the ferocity and frequency of extreme calamities such as heat waves, drought, wildfires, hurricanes, floods and storm surges. Extreme mitigation measures must be taken to stop this trend, failing which global warming could cause a devastating impact on the entire planet and its communities. It is imperative that more research be carried out to evaluate the impact of various factors affecting carbon emissions, as it is one of the main greenhouse gases. This study is therefore in the right direction, as it examines the long-run relationships and short-run dynamic interactions between carbon emissions and its determinants comprising of income per capita, energy use, trade openness and financial development, over the period 1970 to 2016. The study applies the dynamic heterogenous panel estimation techniques of Mean Group (MG), Pooled Mean Group (PMG) and Dynamic Fixed Effects (DFE) to analyse a set of macro panel data of the ASEAN-5 countries, to establish the possible causal relations between these variables. An analysis of the results reveal the existence of a long-run causality between carbon emissions and its explanatory variables, indicated by the significant error correction terms for all the models tested in this study.  There is evidence that energy use, trade openness and per capita income significantly contribute to carbon emissions, with energy use being the most dominant contributor. Interestingly, the study also reveals that financial development is not significant in determining carbon emissions in these selected countries. The study concludes with an examination of policy implications of the findings. Keywords: Carbon emission, financial development, pooled mean group, ASEAN-5 JEL Classifications: L70, G29 DOI: https://doi.org/10.32479/ijeep.71101

Description: Energy efficiency is a topic of interest due to the financial decisions that involve; high costs must be avoided and regulated by means of strategic decision with low-cost invest. The research presents an operational improvement in the production chain of metal parts in a metal-mechanic micro-enterprise by means of the installation of a conveyor belt, a comparison is made between the energy consumption of the previous system and the system with the conveyor belt, and the results present improvements in execution times, production and energy consumption per number of manufactured parts. Keywords: Energy efficiency, Metal-mechanic industry, Conveyer belt JEL Classifications: L61, Q41 DOI: https://doi.org/10.32479/ijeep.7066

Description: The main purpose of this study is to estimate the impact of foreign direct investment (FDI) inflows and stock market capitalization (SMC) on the renewable energy consumption (REC). In addition, the study aims to ivestigate the impact of financial development (FD) and research-development expenditures (R&D) on the renewable energy consumption. The study utilizes annual data from 1990 to2015 inTurkey using the autoregressive distributed lag (ARDL) approach. The findings show that, based on the ARDL estimates, there exist long-run equilibrium relationships among the variables. The results of this study also indicate that the renewable energy consumption is mainly determined by FDI inflows, financial development and research-development expenditures in the long run. Keywords: Renewable Energy, Foreign Direct Investment, Stock Market Capitalization, ARDL Approach JEL Classifications: C51, G10, Q42 DOI: https://doi.org/10.32479/ijeep.7025

Description: The China Pakistan Economic Corridor (CPEC) is a landmark project in the history of Pakistan. It is the largest investment Pakistan has ever attracted since independence and largest by China in any foreign country. This research article examines the energy cost saving and trade prospective in terms of shortest trade route for China and toll income generated through this transit corridor for Pakistan. The first part of the article discusses the prospective advantages for China while transporting oil and doing trade with Middle East and North Africa under CPEC route. Second part highlights the estimated toll income which Pakistan can get through the use of CPEC trade routes from Khunjrab to Gwadar Sea port. Third part provides analytical study among current and prospective CPEC trading route and shipping cost between China and Middle East. Finally, this study provides recommendations for the ultimate success of CPEC transit trade and mutual benefits of Pakistan and China. This study further reveals and concludes that China through CPEC has tremendous opportunity to lowering energy cost and gets shortest route for trade with Middle East and Africa; hence China can reduce transit time and shipping cost significantly, while Pakistan can generate revenue about thrice of its current budget from toll taxes income. Keywords: China Pakistan Economic Corridor, low energy cost, toll income JEL Classifications: Q43, Q52 DOI:   https://doi.org/10.32479/ijeep.6713

Description: Curtin University Malaysia, a significant education service provider in Sarawak state has been identified as one of the foremost electrical energy consumers in the state. Though past studies made on the Curtin campus brought out attainable suggestions, and they were subsequently implemented, still the per capita energy consumption needs to be reduced further. Hence, this situation necessitated an in-depth energy audit to determine how and where the energy is being consumed economically and efficiently or wasted instead. This paper aims at energy conservation measures based on a comprehensive load profile study conducted on the university campus. Based on the findings of the study, cost-effective and time-bound energy conservation tactics are suggested for scheming and controlling Curtin’s colossal energy expenses. Keywords: Energy audit, Measures of conservation, Energy cost and environmental benefits. JEL Classifications: Q28, Q48, Q58 DOI: https://doi.org/10.32479/ijeep.7006

Description: Global warming is one of the greatest threats to mankind, as it adversely affects Mother Earth and its ecosystem, human health, the greater economy and is considered a threat to national security. There has been an exponential growth in the number of environmental studies carried out over the past few decades as scholars, climate researchers and governments search for the various factor causing global warming and the feasible solutions to address this potentially catastrophic problem. This paper will contribute further to the existing body of knowledge on the underlying causes of global warming, with the specific aim of investigating the long-run relationships between carbon emissions and its regressors comprising of per capita income, energy use, trade openness, and financial development in Malaysia over the period from 1970 to 2016. The econometric time series analysis of multivariate cointegration is applied in this study to establish the possible causal relations between the variables concerned. The cointegration test and the vector error correction model display evidence of positive long-run relationships between per capita income and carbon emissions, and between trade openness and carbon emissions, while energy use is negatively related to carbon emissions. There is also evidence that the bulk of the variations in the CO2 emissions is attributed to its own variations through further innovation analysis using variance decompositions. The study concludes with an examination of policy implications of the findings. Keywords : Carbon emissions; trade openness; energy; financial development; VECM JEL Classifications: Q39, Q56 DOI: https://doi.org/10.32479/ijeep.7110

Description: This research aims to examine the effectiveness of the implementation of the Indonesian Government Regulation ‘PP No. 70 / 2009 on Energy management’ to reduce carbon emissions while improving firm competitiveness. This study involved 645 manufacturing firms with the consumed the energy of more than 6,000 ton equivalent oil. To measure the effectiveness of the regulation implementation, this research used a decoupling concept of elasticity developed by Tapio to classify firms into groups that successfully reduced their carbon and not succeed, as well as groups that were able to maintain their competitiveness and were unable to. Then by using two independent sample test, this research compared the competitiveness between successful and unsuccessful firms in reducing their carbon, and also compared to the competitiveness between firms classified as strong decoupling and non-strong decoupling firms. The result of this study shows the successful firms reducing carbon emission have higher competitiveness than those who are unsuccessful. Secondly, Strong decoupling firms have higher competitiveness than those non-strong decoupling. The regulation appears to begin having an effect on firms' carbon costs after the five-year implementation. Keywords: Carbon Emissions, Firm Competitiveness, Tapio Decoupling JEL Classifications : G3, L6, M1, Q5 DOI: https://doi.org/10.32479/ijeep.7076

Description: The importance of a fuel and energy complex (FEC) of the Russian Federation (RF) for the economy together with volatility of the global energy market conjuncture updates the need to develop scientific approaches to improving the effectiveness of energy export policy. Key factors destructive to an energy balance in the context of the current state and development of the fuel and energy complex in Russia have been identified. Using the regression method, the article rationalizes the nature of dependence of Russia’s gross domestic product (GDP) on energy balance indicators taking into account the factors of the current economic and geopolitical situation. Based on simulation modeling, values of a favorable ratio of exports to production and consumption of oil and gas that would contribute to an increase in the growth rates of Russia’s GDP have been calculated. A quantitative estimation of the GDP growth and the level of energy intensity reduction in the national economy have been presented, while observing favorable ratios of the exports to the production and consumption of oil and gas. A set of focus areas to increase the effectiveness of Russia’s energy export policy has been proposed. Keywords: Energy Export Policy, Energy Resources, Energy Exports, Energy Balance, Energy Intensity of the Economy, Export Potential, Oil, Gas JEL Classifications: L520; O110; O470 DOI: https://doi.org/10.32479/ijeep.7055

Description: The study had two major objectives. Firstly, to investigate the influence of greenhouse gas emissions on economic growth. Secondly, to find out if the interaction between greenhouse gas emissions and financial development enhanced economic growth in Southern and Western African nations. Four econometric estimation methods, namely dynamic generalised methods of moments (GMM), pooled ordinary least squares (OLS), fixed and random effects were used with annual data ranging from 2001 to 2012. The impact of greenhouse gas emissions on economic growth was found to be non-significant positive (pooled OLS), non-significant negative (fixed and random effects) and significant positive (dynamic GMM). The interaction between greenhouse gas emissions and financial development was found to have had a significant positive effect on economic growth under the dynamic GMM, fixed and random effects. The non-significant positive influence of greenhouse gas emissions on economic growth is a finding produced by the pooled OLS regression approach. Keywords: Greenhouse Gas Emissions; Economic growth; Africa JEL Classificiations: F43; N27; Q5 DOI: https://doi.org/10.32479/ijeep.6988

Description: This study examines the impacts of crucial factors associated with Vietnam’s socio-economic development including globalization, industrialization, urbanization, energy consumption and GDP per capita on carbon dioxide emission. The 31-year data (from 1985 to 2015) is analyzed by Autoregressive Distributed Lag (ARDL) method, and bound test result denotes the long-run relationship between the carbon dioxide emission and its determinants. The long-run and short-run effects can be assessed by the cointegration among the variables and Error Correction Model (ECM) respectively. We find that energy consumption, industrialization and GDP per capita increase carbon dioxide emission in the long-run while, in contrast, globalization negatively influences it, which implies pragmatic suggestions for policymakers in promoting pertinent strategies for sustainable economic development in Vietnam. Keywords: Energy consumption, Carbon dioxide emission, Globalization JEL Classifications: C32, Q43, Q56 DOI: https://doi.org/10.32479/ijeep.7065

Description: This article discusses how quantitative modeling of energy scenarios for transition towards sustainable energy can be made more realistic, by taking into account insights and concepts from the related literature on modeling of complex dynamic energy systems with higher shares of variable renewable energy. The proposition is that an enriched modeling approach would focus not just on deployment of technologies, but also on feedback loops, learning processes, policy and governance, behavioral changes, linkages between energy and other economic sectors, and infrastructure development. In this context, application of system dynamics modeling for energy transitions analysis is introduced. The use of causal loop diagrams provides a conceptual framework for this type of modeling, illustrating endogenous approach of system dynamics modeling and its ability to capture co-evolution of economic, policy, technology, and behavioral factors over long term. Keywords: energy scenarios; energy system modeling; sustainable development JEL Classification : O14, O33, Q43, Q47, Q55 DOI: https://doi.org/10.32479/ijeep.7106

Description: One of the problems faced by Indonesia is the increasing energy consumption and tend to be wasteful, while the fossil energy reserves are depleted and the development of alternative energy is slow, so it is feared Indonesia experiencing energy crisis. The purpose of this article is to analyze the development of consumption and energy supply in Indonesia from 2007-2017. Data analysis in this research is by using combination between trend analysis and descriptive analysis. So the conclusion of this article shows that energy consumption in all sectors, namely industrial sector, household sector, transportation sector, commercial sector and other sectors tend to increase from year to year. Meanwhile, overall energy supply tends to increase, but with a smaller increase than the increase in consumption. And to overcome energy problem in Indonesia is needed energy conservation that is by conducting energy saving campaign, determination of energy conservation law, and establishment of energy conservation center. Furthermore, the Indonesian government should have a long-term plan to divert the use of energy from non-renewable sources to renewable energy use, such as the use of water, wind, biomass, biodiesel, biogas and other sustainable energy sources.   Keywords: energy conservation, energy consumption, energy supply, Indonesian economy.   JEL Classifications: D11, Q1, Q4 DOI: https://doi.org/10.32479/ijeep.6926

Description: China and India are the two biggest transitional and developing economies of Asia but remains in the two distinct separate stages of structural change, technological innovation, trade, energy use, economic growth as well as differences in culture and religious beliefs. The aim of this study is to examine and compare the long and short-run relationships between Technological innovation, Trade openness, CO2 emission and Economic growth of China and India over the period of 1974–2016. We have utilized the ARDL Bounds Test methodology and Toda- Yamamoto Granger Causality test. The obtained results revealed that Technological innovation, Trade openness and CO2 emission have a significant positive impact on Economic growth in the long-run but mixed effect in the short-run in China. For India, On the other hand, Trade openness and CO2 emission have a significant positive impact in the long-run but CO2 emission has a negative impact in the short-run on Economic growth. Technological innovation is not significant in the long-run and both Technological innovation and Trade openness are not significant on Economic growth for India in the short-run. The Toda-Yamamoto Granger causality test reveals that bi-directional causality is running between Economic growth and Trade openness, between Technological innovation and CO2 emissions as well as a unidirectional causality is running from Technological innovation and CO2 emissions to Trade openness for China. On the other hand, our obtained results express that there is a unidirectional causality running from Economic growth, Technological innovation and Trade openness to CO2 emissions as well as from Technological innovation to Trade openness for India. The results obtained from this empirical analysis have an important policy implication for China and India. Keywords: Technological innovation, Trade openness, CO2 emission, Economic growth, ARDL, Toda- Yamamoto Granger Causality, China and India JEL Classifications: F43, O11, O33, O57, Q43 DOI: https://doi.org/10.32479/ijeep.7171

Description: This current paper investigates the role of renewable energy, non-renewable energy and technology innovation in testing the Environmental Kuznets Curve in Malaysia by using the annual data over the time from 1980 to 2017. We applied the advance econometrics to serve the purpose of investigation and therefore used the Auto Regressive Distributed Lags bound testing approach for assessing the presence of long-run relationship between the variables. The results of ARDL bound testing approach confirm the valid long run relationship between renewable energy, non-renewable energy, technology innovation and economic growth with carbon dioxide emission in Malaysia. The empirical results indicate that renewable energy consumption and technology innovation have significant and negative impact on carbon dioxide emission whereas, the non-renewable energy consumption and economic growth have a significant and positive impact on carbon dioxide emission. Furthermore, results also confirm the existence of inverted U-Shape curve in Malaysia. Keywords: Sustainable energy, green technology, renewable energy, technological innovation, environmental Kuznets Curve, Malaysia. JEL Classifications: Q20, Q56, O31 DOI: https://doi.org/10.32479/ijeep.7295

Description: This study examines the relationship between land degradation and economic development in Algeria using the autoregressive distributed lag (ARDL) co-integration framework, and examine the existence of environmental Kuznets curve. The results based on the bound testing process endorse a long-run relationship between land degradation and economic development. Data were obtained from the FAO and World Bank Development Indicators for the period of 1970 to 2011. Importantly, our results reveal that land degradation insignificantly related to economic development, also, no evidence found for EKC hypothesis. Therefore, there is a dire need for technology improvement which may reduce the pressure on agriculture land demand and halt desertification. Keywords: Land degradation; Economic development; EKC; ARDL JEL Classifications: Q56, Q01, O11 DOI: https://doi.org/10.32479/ijeep.6947

Description: This article aims to explain the impacts of increases in solar generation in Germany on intra-day electricity price and demand patterns during the last decade. Electricity demand sensitivity to the changes in price patterns is also analyzed. It is concluded that there is a clear relationship between the amount of solar generation and daily peak price premiums over the average daily price. With increased solar generation, peak hour electricity price premiums are gradually decreasing. This relation is even more visible during the summer months, with higher amount of solar power produced. However, demand response analysis to the changes in price patterns has provided less conclusive results. While, between years 2007 and 2013, demand clearly adjusted relatively higher, with relatively lower peak prices, more recent periods haven’t fully confirmed this trend. Some theories explaining the possible reasons for this fact are also presented in the article. Keywords: Electricity Price, Renewable Generation, Demand Response JEL Classifications: Q41, Q42 DOI: https://doi.org/10.32479/ijeep.7067

Description: The company's business operations in Indonesia are very dependent on the company's intention on the environment, especially mining companies. Mining companies are responsible not only for economic materiality aspects but also for environmental and social aspects for the sustainability of operations. In its interactions with the business and social environment, vulnerable mining companies are in the spotlight if they do not carry out disclosure of environmental responsibility proportionally in accordance with generally accepted standards. The purpose of this study is to qualitatively analyze the descriptive disclosure of Environmental Disclosure as a form of corporate social responsibility of PT. Vale as the largest Nickel mining company in Indonesia which also contributes number 2 nickel in the world. The results of this study state that environmental disclosure analysis of PT. Vale has not been fully optimized for all aspects of the surrounding community Keywords: Environmental Disclosure, Environmental Economics, Corporate Social Responsibility JEL Classifications: Q53, Q57 DOI: https://doi.org/10.32479/ijeep.7048

Description: The paper analyzes energy security performance made by the Russian Federation in 1990-2015 on the basis of an aggregated index that includes the total of four dimension, namely (a) energy “affordability” and (b) “availability”, (c) “energy and economic efficiency” and (d) “environmental stewardship.” Each energy dimension is operationalized with three indicators that allow to quantitatively measure energy security performance of Russia each five years since the year of 1990. The analysis gives the opportunity to measure the overall development of Russia’s energy security over the last 25 years and track the progress made each five years in every dimension. Thus, the paper gives not only a general understanding of how the energy security of one of the largest oil and gas producers in the world was developing in 1990-2015, but also gives insights on how every aspect of its energy security was changing. The paper concludes that Russia worsened its energy security in 2015 by 3.2 points (if compared to 1990). There was a steady decline in Russia’s energy security performance in the period of 1995-2010, with a modest growth in 1990-95 and 2010-15. The worst decrease in Russia’s energy security was observed in 1995-2000, with an overall decline of 3.8 points. The most venerable dimension of Russia’s energy security was the energy “affordability” dimension because of the constantly rising costs on energy resources. Also, Russia performed poorly in the “economic and energy efficiency” dimension, but it demonstrated a positive growth over 25 years under analysis in the energy “availability” and “environmental stewardship” dimensions.  Keywords : Energy Security, Russia, Security of Supply JEL Classifications : Q2, Q3, Q4 DOI: https://doi.org/10.32479/ijeep.7209

Description: The purpose of this study was to determine the effect of oil price and macroeconomic factors on the Islamic banking performance. The data for this study were collected from secondary data from 2007 to 2016. The results of the analysis obtained are that each country has different characteristics so that it can have a different impact on the performance of Islamic banking. In addition, Islamic banking does not have an influence on oil prices and macroeconomic conditions because the market share of Islamic banking in the country is very small when compared to conventional banking. This means that the industry in the oil business uses funds in conventional banking is greater than Islamic banking. Because Iran, which uses 100% of Islamic banking in its business funding, found that oil prices have a huge influence on the Islamic banking performance. Keywords : oil prices, macroeconomics, performance, Islamic banking JEL Classifications: C1, E6, G21, Q41 DOI: https://doi.org/10.32479/ijeep.7098

Description: The paper critically reviews Russia’s energy efficiency policies in the fuel and energy complex, one of the most important parts of the economy of Russia, since 2012 till 2016. Since Russia’s economy is very energy intensive and has a great potential of increasing its energy efficiency, the role of such policies in the fuel and energy complex is of the highest importance. The paper, first of all, comprehensively reviews overall goals and priorities of energy efficiency in the fuel and energy complex of Russia, devoting special attention to the government management system, technological regulations, financial incentives and funding, as well as supporting mechanisms. Second, the paper analyzes energy efficiency performance in the fuel and energy complex of Russia on the basis of the official methodology used by the Ministry of Energy of Russia. Third, the paper critically reviews both the legal and strategic framework of energy efficiency policies in Russia and the methodology used by the Ministry of Energy to evaluate energy efficiency performance, with the purpose of providing valuable recommendations that would further develop energy efficiency policies in the fuel and energy complex of Russia. Keywords : energy efficiency, fuel and energy complex, Russia JEL Classifications : Q43, Q48, E60, E65, O10 DOI: https://doi.org/10.32479/ijeep.7182

Description: Providing cheap and adequate supply of electricity is the backbone of the economy of country. It is recognised worldwide that key sectors of the country including trade, business, manufacturing, agriculture are heavily dependent on uninterrupted electricity supply. In addition, fast progress of the country and well being of the people is linked with strong and proper logistics management system. Pakistan has been encountering terrible energy shortage for almost last two decades. Considering such energy deficiency, this article provides broad information of the energy and logistics management in Pakistan and the problems it is dealing with. Furthermore this article provides the comprehensive frame work of China Pakistan Economic Corridor (CPEC) energy projects and analyse how logistics sector improvement can overcome energy deficit. In addition, this article examines the various factors which are responsible for the uneven power supply in the country. This article concludes that without upgrading logistics infrastructure the energy deficit would not be handled. Therefore, in such situation, as per CPEC logistics and infrastructure investment strategy, Pakistan can get consistent, excessive and cost effective power supply in order to streamline ever increasing energy needs and also ensures sustainable economic development of the country. Keywords : China Pakistan Economic Corridor, energy generation, logistics infrastructure, renewable energy JEL Classifications: Q40, Q41, Q47, Q48 DOI: https://doi.org/10.32479/ijeep.7045

Description: While various economies have started to embark on a gradual shift towards renewable sources of energy, energy block chain based crypto currencies have emerged.  The purpose of this study is to shed fresh light into whether an energy commodity price index (ENFX) and energy block chain based crypto price index (ENCX) can be used to predict movements in the energy commodity and energy crypto market.  Using principal component analysis over daily data of crude oil, heating oil, natural gas, and energy based cryptos, the ENFX and ENCX indices are constructed, where ENFX (ENCX) represents 94% (88%) of variability in energy commodity (energy crypto) prices.  Natural gas price movements were better explained by ENCX, and shared positive (negative) correlations with cryptos (crude oil and heating oil).  Using a vector autoregressive model (VAR), while the 1-day lagged ENCX (ENFX) was significant in estimating current ENCX (ENFX) values, only the lagged ENCX was significant in estimating current ENFX values.  Granger causality tests confirmed the two markets do not granger cause each other.  One standard deviation shock in ENFX had a negative effect on ENCX, and one standard deviation shock in ENCX left ENFX unaffected.  Both indices had 1 structural break on different dates.  Overall findings suggest that while the ENFX and ENCX are good representative of commodity energy prices and energy block chain based cryptos respectively, the two markets are not robust determinants of each other.  Keywords: energy crypto currencies, energy commodity, VAR, impulse response, structural break JEL Classifications: Q02, Q41, Q42, Q47 DOI: https://doi.org/10.32479/ijeep.7163

Description: The article is devoted to one of the global humanity problems – increasing drinking water shortage. The authors analyzed statistic data of Russian federal districts and emphasized the most problem regions. The authors proposed an innovative technology of renewable power sources as a way of water supply increasing; they analyzed perspectives of renewable power engineering in Russia according to solution of a fresh water shortage problem. Development of renewable power engineering was considered as one of the ways of water supply increasing. On the basis of the research the authors formulated an economic-mathematical model. The model assessed a capacity of a water condensing combined wind driven electric plant (WDEP) under the various weather conditions – an average temperature and humidity of the air. According to the model a perspective water output under the conditions of Republic of Crimea was foreseen. The authors came to the conclusion that a combined WDEP could be used for water supply in the further-flung regions, for agriculture, production and fire extinguishment. Keywords: Renewable energy, wind driven electric plant, solar forced circulation system JEL Classifications: Q250, Q420. DOI: https://doi.org/10.32479/ijeep.7342

Description: This study aims to provide empirical evidences about the influence of fiscal decentralization on the level of corruption in regional governments of district and city in Indonesia and the role of natural resources in that influence. Panel data is used in this study with the observation period from 2008 to 2014 and 514 population from regency and city governments. As many as 433 observations from the final sample was taken based on the purposive sampling method. Meanwhile, the hypothesis testing using PLS-SEM with WarpPLS. The results of the study found out that fiscal decentralization will increase the incidence of corruption in the district and city of regional governments. The second finding is that natural resources will increase the incidence of corruption when the regional autonomy system and fiscal decentralization are applied to local governments. Keywords : Fiscal decentralization, corruption, natural resources JEL Classifications : E62, Q34 DOI: https://doi.org/10.32479/ijeep.7252

Description: This paper focuses on the relationship between air transportation, economic growth, and carbon emissions in 8 developing and 8 developed countries during the period 1980–2013 by testing the Environmental Kuznets Curve hypothesis. We use annual panel data from the World Bank in order to demonstrate environmental sensibility of both developed and developing countries. In this context, the research results demonstrate that environmental sensitivity is pretty low for both developed and developing countries in the period 1980-2000. Afterwards, the environmental issues of the two groups of countries are evaluated over the period from 2001 to 2013 and the research results indicate that their sensitiveness has increased remarkably, which supports the inverse-U shape of the Environmental Kuznets Curve. These empirical results are also consistent with the Kyoto protocol’s political aims and goals. In addition, based on the Johansen co-integration test results, there is a long-term stable relationship between as air transportation, CO2 emissions, energy use, and GDP for both developed and developing countries, with the exception of Colombia and Turkey. Keywords: Transportation, EKC hypothesis, International economics JEL Classifications: L91, Q50, F10 DOI: https://doi.org/10.32479/ijeep.7330

Description: This paper investigates the long-run or sustainability effect and the causal relationship between green energy consumption, gross capital formation, gross domestic product (GDP), energy import and fuel export for South Africa between 1984 and 2015. The study adopts the bound testing approach to cointegration to check the long-run relationship, and the Toda-Yamamoto approach to determine the direction of causality. Results, indicate a positive unidirectional relationship between changes in green growth policies and gross capital formation. This finding suggests that adopting green growth policies lead to increased investments. In contrast, green growth was found to have a negative effect on GDP and absence of causality. The findings indicate a boost in the balance of payment as evidenced by the positive long-run relationship between green growth policies and fuel exports. Therefore, the study suggests the adoption and continued implementation of green growth policies in developing countries such as South Africa. Keywords: Green Growth, Sustainable Economic Growth, Energy Imports, Fuel Exports, South Africa JEL Classification: QO2 DOI: https://doi.org/10.32479/ijeep.6563

Description: This study aims to perform a techno-economic analysis for the investment of the Vigas usage as substitution for Pertamax 92 fuel that is starting to be rare. The assessment is done by calculating the value of BEP, NPV, IRR, and PP. In addition, this study also calculates the amount of carbon emission costs that must be incurred by the company when using Pertamax fuel 92 and Vigas. The analyzed pollutants are CO, HC, NOx, and CO 2 . Based on the calculation results, BEP from replacement Pertamax 92 to Vigas can be achieved at the distance of 22.653.43 km. The value of NPV, IRR, and PP indicates that the investment is feasible to be realized. In addition, the cost of carbon emissions generated by Vigas is lower than Pertamax 92, with a difference of IDR 4,191,482.73. Keywords: carbon emission, fuel vehicle, techno-economy analysis JEL Classifications: L52, O25, Q42 DOI: https://doi.org/10.32479/ijeep.6933

Description: The paper critically reviews the existing energy efficiency policies in the Russian industry sector with the purpose of analyzing their current state, processes of implementation, and main limitations and drawbacks. In particular, we focus on the most energy intensive industries: (a) ferrous metallurgy, (b) building materials production, (c) pulp and paper industry, and (d) fertilizer production. The paper carefully reviews the existing energy efficiency policies in Russia’s industry since 2008, focusing on the following dimensions: (a) government management system, (b) technological regulation, (c) financial incentives and funding, (d) supporting mechanisms. Then, on the basis of the data collected according to the methodology used by the Ministry of Energy of Russia, an analysis of energy efficiency performance in industry is conducted. Last, we critically discuss the results obtained, emphasize overall directions of the energy efficiency policies, and outline main limitations the methodology used by the Ministry of Energy of Russia to evaluate energy efficiency performance in the industry sector has. Keywords : Energy Efficiency, Industry, Russia. JEL Classifications : Q43, Q48, L60. DOI: https://doi.org/10.32479/ijeep.7005

Description: This study aims to investigate the causal relationship between electric consumption and economic growth in Southeast Sulawesi.  Time series of electric consumption and per capita regional gross domestic product data in the period of 1985 to 2016 were used in this study. The causal relationship were examined using an autoregressive distributed lag (ARDL) model and Granger causality test.  The tests revealed a strong positive causal relationship between electric consumption and economic growth of Souetheast Sulawesi in the long-run.  Each 1% increase in electric consumption would caused 0,31% increase in economic growth.  In the short-run, however, weak relationship exists between electric consumption and economic growth.  Hence, electric consumption contributes to economic growth of Southeast Sulawesi in the long-run and in the short-run. Keywords: Electric consumption, economic growth, ARDL model, Granger causality. JEL Classifications: C120, C320, E2, E210 . https://doi.org/10.32479/ijeep.6973

Description: The German energy transition and the rising share of renewable energies in electricity generation have led to an increase in network costs and to higher network charges in recent years. We use socioeconomic data in order to investigate distributional effects within the period 2010-2016, and employ three different inequality metrics – the Gini coefficient, the Theil index and the Atkinson index – all of which unambiguously indicate regressive effects of network charges. Most recently, the three metrics show an increase of economic inequality of at least 0.67 % when accounting for network charges. This finding is due to 1. the relative inferiority of electricity, 2. the regressive impact of a fixed component of network charges, 3. considerable regional disparities, and 4. the higher prevalence of prosumers within high-income households. Keywords : network charges, renewable energies, economic inequality JEL Classifications : D63, Q40, Q42 DOI: https://doi.org/10.32479/ijeep.6917

Description: In this paper, we analyze the evolution of the banking sector in the six GCC countries including concentration, trends in credit growth, balance sheets, and financial safety as well as oil price over the period 2000-2014. In general, our analysis finds that the level of capitalization of banks in GCC countries appears comfortable despite the adverse effect of the financial crisis. Despite apparent financial soundness, there are certain weaknesses in the banking sector of GCC countries which needs investigation. Firstly, GCC countries have registered sharp growth in of credit in consonance with the steady rise in the price of oil straining the liquidity position of banks. Secondly, some banking systems in GCC countries are highly exposed to households secured by their salaries especially in Bahrain (50 to 60%) and Qatar 70%). Thirdly, although the overall NPLs ratio in the GCC banking sector is at historically low levels, however, it has remained high when compared to the average NPLs ratio of the global banks. Finally, we find that banks in GCC countries seem to keep low levels of liquidity compared to international standards. Keywords: Oil price, Banking sector, Credit growth, Financial statements, Financial soundness, Global Financial Crisis, GCC countries JEL Classifications: G20, G21, C23, L2 DOI: https://doi.org/10.32479/ijeep.7074

Description: This study aims to highlight the status of electricity production from renewable energies in some Arab countries due to their potential; that could lead to an increase in the achievement of a significant part of sustainable development if it will be exploited. In addition,this study seeks to highlight the contribution of each renewable energy in producing electricity for every Arab country. One of the results of this study is that there is a very strong correlation (0.995) between electricity consumption and production in the  considered countries, that means that the increase in electricity consumption is pushing the production to achieve self-sufficiency. Moreover,there is a weak and low correlation (-0.420) between the electricity production from renewables and CO 2 emissions per capita, which means that the increase in the production of electricity from renewables in Arab countries reduces CO 2 emissions per capita, and this is very logical. It should be noted that some Arab countries have taken rapid steps towards pioneering electricity production through renewables such as Egypt and Morocco. Keywords : electricity production, renewable energy, Arab region . JEL Classifications: O57, Q42, Q48 DOI: https://doi.org/10.32479/ijeep.6939

Description: For the development of the energy sector, at the present stage, it is necessary to use certain resources. The paper analyzed the application of human capital in the energy sector. To achieve this goal, the authors used the method of offset. It is established that the world energy consumption increases, and the dynamics of the employed population in the energy sector remains within the same norm. It is determined that an important factor for the development of the economy is the gross regional product. As its increase helps to reduce energy intensity. The authors show that human potential is not only a personal characteristic received by the employee independently, but also by the acquired position, which is ensured by the implementation of corporate tools. The paper considers the economic, social and legal provision of such instruments. Keywords: labor resources, electrification, energy efficiency, expert evaluation, energy system. JEL Classifications: A10, P48 DOI: https://doi.org/10.32479/ijeep.6901

Description: This study undertakes an examination of asymmetric adjustment effects between electricity consumption and economic growth in South Africa using quarterly data collected from 1983Q1 to 2016:Q4. In our study, we employ a momentum-threshold cointegration method to examine the long-run equilibrium relationship between electricity consumption and economic growth. Our empirical results reveal significant nonlinear cointegration behaviour between the time series variables with uni-directional causality running from electricity consumption to economic growth and no causal effects in the short run. This implies that energy authorities in South Africa should avoid implementing conservative electricity policies as this may hamper long-run economic growth. We further extend our empirical analysis by decomposing the time series into their trend and cyclical components and our estimations also depict stronger nonlinear behaviour among the detrended components with bi-directional causality existing between the variables in both the short and long-run. Generally, our study highlights that cointegration and causal effects between electricity usage and output growth is related with the business cycle. Therefore, ignoring the cyclical components of the variables could prove to be quite costly for South African policymakers. Keywords: Electricity consumption; Economic growth; Threshold co-integration; Nonlinear granger causality; South Africa. JEL Classifications : C32, C51, Q43. DOI: https://doi.org/10.32479/ijeep.6626

Description: The aim of this paper is to assess the impact of the stock market on the consumption of electric power in the major economies of Latin America during the period 1995-2014. To do this, a dynamic panel data model is estimated through the generalized method of moments. The main empirical finding is that electric power consumption is positively affected by the stock market indices of Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, and Costa Rica. Keywords : Electricity consumption, stock markets, dynamic panel data. JEL Classifications: G10, G15, C33, Q40. DOI: https://doi.org/10.32479/ijeep.7120

Description: The global energy landscape is changing. Traditional centers of demand are being overtaken by fast-growing emerging markets. Oil and coal exploration and production activities aside from a necessity, are responsible for various environmental accidents around the world. Inadequate treatment of those wastes can threaten the human health and safety as well as the environment. The article is dedicated to the actual problem today - the recycling of waste oil and coal industry and the search for ways to minimize their impact on the environment. In addition, the main goal of the work is to find ways of obtaining alternative energy in the process of waste processing. The authors analyzed the state of the oil and coal mining industry and considered the main ways of processing their waste. Among all analyzed methods of processing waste oil and coal industry, the authors pay special attention to the methods of thermal impact on waste, since they allow us to obtain an additional source of energy. Keywords: coal industry waste, oil industry waste, alternative energy, environment. JEL Classifications : Q32, Q42, Q53. DOI: https://doi.org/10.32479/ijeep.6694

Description: National economic development, its effectiveness and competitiveness in domestic and foreign markets are directly determined by the country’s economic resilience, which is able to ensure protection of its interests at the international level, promote economic growth and address public needs. One of the most important components of the country’s national security is its energy security. In this regard, implementation of energy resource-saving technologies and enhancement of energy efficiency is of prime importance; in particular, solving heat related problems, i.e. heat transfer challenges while reforming and reorganizing Russian regional heat supply system. The main purpose of the paper is to study the issues connected with development and implementation of investment projects in the sphere of heat conservation and efficiency as one of the essential components contributing to energy efficiency programs in cities, regions, country. The survey methodology includes a quantitative method used to assess the effectiveness of an investment project which is based on the concept of discounting, the grouping technique, and tabular and graphical methods of data visualization. The paper presents result of evaluating the effectiveness of an investment project aimed at energy-saving, and energy efficient technologies in the field of heat saving. The projects implemented contribute to improvement and further development of the energy infrastructure of social-and-economic assets in order to improve their energy efficiency. The authors draw conclusions on the projects’ effectiveness and urgency. Paper materials are of practical value for professionals involved in the study of investment projects in the field of energy and heat saving in order to ensure energy security of the country. Keywords: economy, economic security, energy security, energy efficiency, heat saving, investment project. JEL Classifications: D24; Q43; M31 DOI:  https://doi.org/10.32479/ijeep.7143

Description: One can find many studies in the literature which examine the relationship between the oil price shocks and the macroeconomic activities. Moreover, we witness an increase in the number of studies which examine the effect of recent price fluctuations on the stock prices and returns. This work studies the relationship between the crude oil price shocks and the stock prices in Russia, Kazakhstan and Ukraine, all members of Commonwealth of Independent States (CIS), in the period of 2010:01-2017:04 using the autoregressive distributed lag (ADL) cointegration test. Empirical results show that the crude oil price shocks and the fluctuations in the stock prices are cointegrated. Furthermore the results show that the rebalancement process is asymmetrical in the long run. Keywords: Oil price shocks, Stock price, Threshold cointegration test, CIS countries JEL Classifications: G12, Q4, Q43 DOI: https://doi.org/10.32479/ijeep.7020

Description: This study examines the impact of perceived audit quality and accrual-based earnings management on cost of debt capital of the energy listed firms on Vietnam’s stock market. Our data set includes 29 energy companies on Vietnam stock markets (HNX and HOSE) in the period from 2010 to 2016. We used FEM and REM estimator to test our hypotheses. The results confirm that there is no significant statistical association between accrual-based earnings management and cost of debt. There is a negative association between audit quality, firm size, return on assets and cost of debt while firm leverage and the tangible asset has a positive association. Moreover, global financial crisis has no statistically significant influence on the cost of debt capital. The research results have implications for regulators and investors about the stability of the economy in emerging markets. Keywords : cost of debt, earnings management, audit quality, energy enterprises, Vietnam. JEL Classifications: M42; G32 DOI: https://doi.org/10.32479/ijeep.6992

Description: The fluctuations and volatility associated with international crude oil prices confirms and contradicts historical trends in varying respects. For several oil dependent African countries, the characteristic price oscillations necessitate deliberate policy and institutional adjustments. In such circumstances, it seems plausible to prioritize social and economic policy options. Veiled beneath the anticipated and unanticipated movements of oil prices lies a myriad of issues yearning for clear dissection. A fluid approach is tenable to scrutinize established and emerging questions connected with this recurring phenomenon. The ongoing geopolitical re-arrangements across various regions, uncertainties about the renewable energy agenda and policy preferences, further reinforce the importance of distilling a veritable compromise for oil revenue dependent countries. The paper entails a critique on issues impacting on the bottom-line of selected oil export centric economies and amongst other contextual dynamics. It specifically highlights matters dealing with capacity deficits, oil industry transparency and governance imperatives, policy inconsistencies, economic diversification, corporate social responsibility and optimizing governmental regulation. The paper also captures contemporary resource management perspectives, especially against the backdrop of evolving socio-economic dynamics. Applicable conceptual and theoretical views are explored, whilst practical conclusions are discussed. Keywords: crude oil; oil price; oil-dependence; socio-economic policy; Africa JEL Classifications : Q31; Q32; Q35; Q38 DOI: https://doi.org/10.32479/ijeep.6798

Description: The main purpose of the study is to investigate the short run and long run relationship between government revenues and government expenditures in Bahrain over the period from 1990 to 2017. Using annual data and time series analysis, the study indicated that the above two variables, government revenues and government expenditures were integrated of order one when both Augmented Dickey-Fuller (ADF) and Phillip-Perron (PP) unit root tests were applied. The empirical results have revealed that unidirectional causality runs from government revenues to government expenditures. Thus, there is evidence in support of “revenue-spend” hypothesis. Finally, the results revealed that a 1% increase in oil revenue induces an increase in government expenditures by 1.37%. Therefore, policymakers in Bahrain should focus to further diversify the sources of government revenues from non-oil sectors in such a way that the country will be immune to vulnerability, especially when world oil market performs poorly. Keywords: Oil revenues, Cointegration, Government expenditures, Government revenues, Granger causality, Bahrain. JEL Classification s: E62, H20, H30, C30, C40, C51 DOI: https://doi.org/10.32479/ijeep.6991

Description: This research presents a stylised nodal pricing model of Indonesia power system with engineering-economic constraints. The modelling in this research adopts the 8 nodes stylised model for the Sumatra power system, by incorporating generation, transmission and power system stability constraint. Nodal pricing analysis is performed based on Direct Current (DC) Optimal Power Flow (OPF) and marginal cost calculation in each node. This research is the first ever to estimate nodal prices in the Indonesian electricity market. Nodal pricing model in this paper provides a proper investment signals for Indonesian stakeholder in performing generation expansion planning. Keywords: nodal pricing, Sumatra power system, stylised model JEL Classifications: C610, D410, D470, D600 DOI: https://doi.org/10.32479/ijeep.6747

Description: This study aims to find out about the perspectives of legal system on the policy of unifying fuel pricing in Indonesia. Various problems of fuel in Indonesia such as legal issues, pricing and ensuring the supply, availability and smooth supply to the public in the domestic market, the government is obliged to intervene in determining the fuel price and at the same time guarantee its availability in the domestic market. this study researchers use normative juridical research methods, research on the legal principles contained in regulations and legislation using qualitative data. From the results of the discussion, it was concluded that the government policy regarding the establishment of fuel price unification in Indonesia is an effective economic law policy in order to realize the development, prosperity and prosperity of the Indonesian people as stipulated in the Preamble of the 1945 Constitution and 1945 Constitution article 33 as its legal basis. Keywords : law system, unification of fuel pricing, preamble of the 1945 Constitution, article 33 of the 1945 Constitution JEL Classifications: K23, K32, Q48 DOI: https://doi.org/10.32479/ijeep.7049

Description: The agricultural sector has been declining year by year with the proportion of economic growth and GDP. The financial crisis in 2007 caused huge losses in the world's economies. Taiwan cannot avoid economic damage. In the future, the way from agriculture to production needs to be transformed. This study uses the Environmental Input-Output Growth Factor model to estimate the changes in CO 2 emissions in the agricultural sector before and after the financial crisis, and summarizes the changing factors to observe the development characteristics of the agricultural sector. The results show that there are differences in the influencing factors before and after the financial crisis. The biggest influencing factors are “domestic final demand” and “production input technical coefficients”. Keywords: Agricultural Sector, CO 2 Emission, Input Technical Coefficients, Environmental Input-Output Growth Factor model JEL Classifications : Q15, C6, Q5 DOI: https://doi.org/10.32479/ijeep.7029

Description: In Thailand, the Energy Policy and Planning Office, Ministry of Energy, has gradually developed a number of plans to promote renewable energy, such as the Alternative Energy Development Plan 2015–2036 (AEDP2015) and Power Development Plan 2010–2030 (PDP2010). This study examines valuation of power plant projects with two categories of renewable energy: solar power plants and wind power plants in Thailand. The valuation model shows the amount of electricity generated by solar energy and that generated by wind energy in each day and factors affecting electricity generation, such as cloud cover, temperature and wind speed. The amount of electricity generated is then used to calculate the Net Present Value (NPV), Interest Rate of Return (IRR), Payback Period (PB), and %Change of Stock Price when the project is announced, which can be used to support investors’ decision making process.  Keywords: Renewable Energy; Valuation; Solar Power; Wind Power JEL Classifications: Q2; Q4; G11 DOI: https://doi.org/10.32479/ijeep.7075

Description: This paper examines price and volatility spillovers in the day-ahead electricity market among the four Hubs in the Electricity Reliability Council of Texas (ERCOT) and the Southwest Power Pool (SPP). Tests of causality and impulse response functions based on a vector autoregressive model suggest cross-market spillovers from SPP to ERCOT hubs, and from North to other hubs.  Examination of volatility dynamics using multivariate GARCH-BEKK suggests positively significant own ARCH and GARCH effects in North and South hubs.  Examination of conditional correlations using constant conditional correlation and dynamic conditional correlation models suggest high conditional correlations between Houston and South, Houston and North, and South and North; Mid-range correlations between West and other ERCOT hubs; and low correlations between ERCOT hubs and SPP. The findings suggest that the ERCOT ISO will potentially benefit from integration with the SPP as well as improvements in transmission systems from the West to other hubs. Keywords: Electricity Reliability Council of Texas (ERCOT), day-ahead electricity market, volatility spillovers JEL Classifications:   C01, C51, L11 DOI: https://doi.org/10.32479/ijeep.7001

Description: This paper presents a comparative assessment of the efficiency of electricity production and consumption in the Eastern Economic Zone (EEZ) of the Republic of Sakha (Yakutia). Based on the analysis, the existing electricity supply risks in the EEZ areas are identified and recommendations for efficient electricity consumption and production in the EEZ areas are developed. The study makes it possible to develop sound recommendations for improving the efficiency of electricity production and consumption in the Oymyakonsky District of the EEZ. No relevant studies of the Eastern Economic Zone, including the Oymyakonsky District in the Republic of Sakha (Yakutia), have been conducted over the past five years. In this regard, the relevance of the study stems from the fact that not only natural but also cost indices of electricity production and consumption are calculated for the first time, and recommendations for efficient electricity consumption are given in the context of the Oymyakonsky District settlements of the EEZ. Keywords: Electric Power, Electricity Generation and Consumption, Eastern Economic Zone. JEL Classifications: Q4, R0, R1 DOI: https://doi.org/10.32479/ijeep.7031

Description: This study examined the validity of efficiency market hypothesis for the oil market by employing a novel Fourier unit root test that accounts for sharp shifts and smooth breaks based on daily data. Our results established the existence of structural shifts and nonlinearity in the oil market indices suggesting that oil market is inefficient when structural breaks is calibrated into the model. Unlike results obtained from existing traditional unit root test, results from sharp shifts and smooth breaks unit root test suggests the rejection of unit root null for each of the oil indices. The study has some practical and policy implications based on our findings.      Keywords: Oil prices; Market Efficiency; Fourier analysis; Unit root tests; Energy. JEL Classifications: C22, C50, G10, G12 DOI: https://doi.org/10.32479/ijeep.6980

Description: The lingering electricity energy crisis in Nigeria which is beyond the control of most households necessitates making decision and choice on alternative energy pathways for households’ sustenance and welfare. This study assessed households’ energy situation with respect to choice of cooking fuel and cooking energy poverty status in Nigeria. Further investigation was sought to isolate the main factors influencing households’ choice of individual fuels as main cooking fuels using data from Nigeria’s Malaria Indicator Survey of 2015 with the application of descriptive and multivariate probit analyses. Findings revealed that wood and kerosene fuels remain the major fuels utilized by most households in Nigeria for cooking purposes. Meanwhile, level of education, household size, wealth status and regional factors are significant predictors driving choices of fuels among households, though the impact of these factors differs across the highlighted choices. Based on these findings, mass enlightenment campaign on the safe use of clean energy is recommended while the need for economic diversification by rural households to aid their wealth status is also emphasized. Also, there is need to gear up corporate social responsibilities by the available private establishments in ensuring rural accessibility, availability and affordability of modern and cleaner fuel (such as LPG). Keywords: Cooking Energy Choice, Multivariate Probit Model, Nigeria JEL Classifications: D10, I30, Q40 DOI: https://doi.org/10.32479/ijeep.6913

Description: An upward trend in conventional energy consumption and the exhaustibility of its resources, volatility of the prices for hydrocarbons in the global energy market update the development of scientific approaches to justification of the commercial efficiency of alternative energy in the Russian Federation. Integrated economic performance and environmental safety coefficients for generating companies in Russia were calculated through taxonomic analysis. Trends in the expenditure level for energy production in the context of alternative and conventional energy resources were forecasted by means of neural modeling technologies. Using an integrated assessment method, global priorities for the use of energy resources in Russia that would enhance the national energy system operation efficiency were identified. A forecasting integrated model of the Russian energy system development was elaborated, taking into account the commercial efficiency of alternative energy. Measures to stimulate energy production based on the use of alternative energy sources were proposed. Practical implementation of the research findings would contribute to Russia’s energy system restructuring and meeting the energy needs of the national economy to the fullest extent possible. Keywords: Alternative Energy Sources, Alternative Energy, Energy System, Economic Performance of Energy Production, Energy Resources, Conventional Energy JEL Classifications: L98; L16; O25 DOI: https://doi.org/10.32479/ijeep.7025

Description: This paper examines the relationship between GHG emissions, energy consumption and economic growth with panel data of the six Gulf Cooperation Council (GCC) countries—Saudi Arabia, Kuwait, United Arab Emirates, Qatar, Bahrain, and Oman over the period 1996-2017. This study empirical results show that exists of bidirectional causal relationship between energy consumption and economic growth. However, the results support the occurrence of unidirectional causality from energy consumption to GHG emissions without any feedback effects, and there exists bidirectional causal relationship between economic growth and GHG emissions for the region as a whole. The study suggests that environmental and energy policies should recognize the differences in the relationship between energy consumption and economic growth in order to maintain sustainable economic growth in GCC region. Keywords: Environmental Kuznets Curve, Environmental degradation, energy consumption, economic growth JEL Classifications: N50, Q00, O13, O47 DOI: https://doi.org/10.32479/ijeep.7269

Description: Nuclear power plays an important role in Europe's energy mix today. Considering the manifold environmental and health hazards related to all phases of nuclear power production, which may cause considerable negative externalities, it is remarkable that the whole issue of using taxes as instruments to internalise the externalities associated with nuclear power is completely neglected in the literature. The paper provides a rationale for taxing nuclear power which is based on an analysis of its social costs and of potential windfall profits for the nuclear industry generated by EU policies. After giving an overview over existing nuclear taxes in the nuclear power generating EU Member States, we elaborate the case for channeling revenues from a nuclear power tax into the EU budget as sustainability-oriented tax-based own resource. We also estimate the potential revenues from an EU-wide nuclear power tax. Keywords: nuclear power tax; sustainability-oriented taxation; EU system of own resources JEL Classifications: H23, H87, Q58 DOI: https://doi.org/10.32479/ijeep.7064

Description: The study assesses the effect of energy use on social, economic and environmental sustainability in Africa. The energy sources considered in the study comprises four prominent sources in Africa, including: fossil fuel, solid fuel, electricity and natural gas consumption. The finding suggests that fossil fuel consumption and solid fuel constitute about 75 percent of energy use in the region and contributively worsen social and environmental conditions. The predominant consumption of these dirty energies has severely hampered child and adult survival and efficient delivery of services. Also, the time wasted in fetching biomass has constituted an impediment to learning capacities in children and women’s mobility. In the same manner, frequent exposure to fumes from the dirty energy sources had resulted in severe indoor air pollution and rising incidence of pneumonia, lung cancer and chronic obstructive pulmonary diseases in women and children. On the other hand, the empirical and conceptual analysis shows that access to clean and reliable energy sources (such as electricity) reduce time poverty, enhance gender empowerment and reduce environmental degradation. The study recommends structural policy reforms and transformation towards decentralizing energy provisions and adopting off-grid power solution to rural areas. Furthermore, African governments need to develop a sustainable energy financing mechanism through an affordable pricing template; this can be achieved by increasing local contents in energy provision and increasing the share of abundant domestic resource in energy mix. Keywords : Energy Access, Structural transformation, Sustainable Development, Africa JEL Classifications: Q43, K32, Q01 DOI: https://doi.org/10.32479/ijeep.7213

Description: The paper proposes modification of auto-regressive integrated moving average model for finding the parameters of estimation and forecasts using exponential smoothing. The study use data Brent crude oil price and gas prices in the period from January 1991 to December 2016. The result of the study showed an improvement in the accuracy of the predicted values, while the emissions occurred near the end of the time series. It have minimal or no effect on other emissions of this data series. The study suggests that investors can predict prices analyzing the possible risks in oil futures markets. Keywords: Auto-regressive Integrated Moving Average Model; Econometric Model; Oil Price Forecast JEL Classifications: C51, C58, F31, G12, G15 DOI: https://doi.org/10.32479/ijeep.6812

Description: The article is devoted to the issues of determining the structure and type of the industrial market of the Russian electric power industry. A comprehensive analysis of competition was conducted based on empirical data on installed capacities, production volumes and economic results of Russian power generating companies for 2016. The most common indices and coefficients for assessing the concentration of the industry market are critically evaluated taking into account the criteria of consistency, efficiency, intuitivity and the power of behavioral response. Based on them, a ranking approach of an integrated market type definition is proposed. The obtained results show that the Russian electricity market is classified as a diffused oligopoly with a tendency to monopolistic competition. The market is dominated by 9 significant players, who control more than 70% of electricity generation collectively. An important feature of the market is the absence of participants independent of the state and not affiliated with large industrial groups. The unclear type of the market indicates a possible change in the medium term subject to a number of conditions. This is facilitated by a stable long-term trend towards a reduction in market concentration by the Herfindahl-Hirschman index. At the same time, the probability of a significant redistribution of market shares is low until the structural problems of the industry are resolved. The revealed specificity of the industry is the existence of a significant market potential, even with a small amount of the player's market share (less than 10% sometimes). These circumstances point to the prospect of comparing the RSI residual supply indices between players in the regional market and between zones of free electricity flow in Russia. The results of the research open wide heuristic opportunities in the development of practical recommendations on the organization of corporate management and state regulation in the industry. Keywords: Market concentration, Electric power industry, Competition, Market structure. JEL Classifications: L94, D40 DOI: https://doi.org/10.32479/ijeep.7169

Description: The Niger Delta region, which is the hydrocarbon basket of Nigeria, appears to be sitting on an environmental time bomb due to degradation from widespread hydrocarbon pollution. The major sources of environmental degradation in the Niger Delta are oil spillage, gas flaring and improper disposal of wastes from oil drilling operations. Presently, it is estimated that there are over 5,000 massively polluted sites in the Niger Delta. Drawing data from secondary sources, this paper finds that despite the enormity of environmental pollution and its deleterious effects on the socio-economic wellbeing of the Niger Delta region, there is no implementable blueprint or policy for remediation. The paper links the economic cost of environmental pollution to the pervasive poverty and other socio-ecological crises that envelope the region in a smoke of underdevelopment. The paper therefore advocates a clear national remediation policy to sustainably deal with the degraded environment of the region.   Keywords: Environmental degradation, hydrocarbon pollution, remediation policy JEL Classifications: O13, P48, Q35, Q52, Q56 DOI: https://doi.org/10.32479/ijeep.7058

Description: Macroeconomic fluctuations observed in real economies are results of identifiable shocks in form of technology, monetary, fiscal, trade, energy or a combination of these shocks. The adverse effects of energy price shocks, in recent decades, have made the call for renewable energy source important. This call is most appropriate in a mono-cultural economy where the fluctuations in crude oil pricing are easily transmitted into the economy. Therefore, this paper seeks to investigate the consequences of technology, and energy shocks on key macroeconomic variables including output and consumption using an energy augmented Small Open Economy Dynamic Stochastic General Equilibrium (SOEDSGE) model. The model is estimated using Bayesian techniques under different scenarios in order to show the various ramifications of the shocks to the Nigerian economy. The findings show that shocks to the renewable energy sector have more impact of the Nigerian economy compared to shocks to the fossil fuel sector. Keywords: fossil fuels, technology shocks, demand shocks, renewable energy, SOEDSGE JEL Classifications : E32, K32, P18 DOI: https://doi.org/10.32479/ijeep.6953

Description: Turkey is a large, populated and dynamically developing state with growing energy demand. Yet it faces several issues concerning the development of the national energy sector, i.e. energy supply diversity and CO 2 emissions reduction. Natural gas may be a suitable kind of fuel to ensure better development for the Turkish energy sector. Moreover, Turkey plays an important role as a transit country for natural gas supplies and in the future, it can become one of the key gas hubs in the south-eastern part of Europe, as it occupies a strategically advantageous geographical position at the junction of Europe and Asia. However, the existing Turkish natural gas pipeline transmission and storage system have a relatively low capacity, insufficient for natural gas large volumes transit. In addition, natural gas supplies from Azerbaijan and Iran are not reliable enough. This paper reviews the main economic development and energy sector indicators of Turkey, along with current and future natural gas supply and transit projects. The recommendations for natural gas sector development and further energy cooperation with Russia are provided. Keywords: Natural Gas, Turkey, Russia, Europe, Energy Supply, Energy Cooperation, Natural Gas Pipelines, Blue Stream, Turkish Stream, TANAP JEL Classifications: Q4, Q41 DOI: https://doi.org/10.32479/ijeep.7344

Description: This present study examines the role of technology innovation in testing the environmental Kuznets Curve in Indonesia by taking the annual time series data over the time period of 1980 to 2017. The study used high technology exports as a proxy of technology innovation to examine the long run relationship between economic development, technology innovation and carbon dioxide emission in Indonesia. The author applied the advance econometrics to serve the purpose of investigation and therefore used the FMOLS and DOLS for assessing the presence of long-run relationship between the variables. Utilizing the framework of Kuznets Curve, the results of FMOLS and DOLS approaches confirm the valid long run relationship between technology innovation and environmental degradation in Indonesia. The empirical results indicate that technology innovation has negative and significant impact on carbon dioxide emission long run. Therefore, the findings of the study recommended that technology innovation does not only benefit for the economic development but also helps to reduce the environmental degradation in Indonesia. Keywords: Environmental Kuznets Curve, Technology Innovation, Innovation, Indonesia. JEL Classifications: Q5, Q55, Q56, DOI: https://doi.org/10.32479/ijeep.7230

Description: The paper aims to analyze the economic efficiency of investments in renewable energy in remote areas of the Russian Arctic. Despite the proximity to oil and gas wells, the development of renewable energy sources (RES) is most promising in these locations. The paper presents a feasibility study of two investment options based on RES with a calculation of electricity costs which ensure an expected return to potential investors. The estimation is given in comparison to the existing electricity rates in some communities of the Russian Arctic. The investigation revealed that the investment in RES is feasible but requires a proper technical and financial estimation. The estimation of undiscounted future cash flows may not be sufficient in case of long-term investments; high initial capital investments in RES are not always covered by lower operating costs. As a conclusion, the investment option of the wind-power plant with the system of accumulation and use of energy in the form of hydrogen, bound in a liquid organic carrier is less financially attractive due to high capital investments in comparison with the variant of wind-diesel deployment. The given calculations can provide an economic feasibility approach in finding the best option for RES deployment in remote Arctic areas. Keywords: Renewable energy, wind turbine, hydrogen energy carriers, diesel generation, the Russian Arctic. JEL Classification: Q4 DOI: https://doi.org/10.32479/ijeep.7343

Description: Recognizing the limitations in corporate environmental accounting systems, the present study examines the critical issues in the usefulness of Environmental Accounting Information Systems (EAIS). In this regard, the study investigates the impact of perceived environmental uncertainty (PEU), sophistication of information technology (ITS) and measuring errors in environmental cost (EEC) on EAIS alignment in Indonesian SMEs. The findings of Confirmatory Factor Analysis (CFA) lead to conclude that the conceptual model fulfills the goodness of fit criteria. Furthermore, the results of Structural Equation Modeling establish that sophistication of IT, measuring errors in environmental cost and perceived environmental uncertainty have significant impact in influencing the Alignment of Environment Accounting Information System in Indonesia. Keywords: Environmental Accounting Information Systems, Environmental Cost, IT sophistication, Environmental Uncertainty JEL Classifications: Q34, Q56, M00 DOI: https://doi.org/10.32479/ijeep.7231

Description: To develop the programs to supply crude oil to North European refineries, it is necessary to take into account refineries’ location, oil refining capabilities and transportation infrastructure capacity. The paper envisages the geographic allocation of refineries and contains the evaluation of refineries’ capacities. Sustainable operations of the refineries are determined by transportation system. The assessment of capacity of crude oil transportation to the refineries is conducted. Change in the refineries’ capacities and the utilization of the refineries’ in the Northern European region was studied. Research is performed for the period of 2005/2015. The study yielded the trend towards increase in crude oil output and refining in the region. If this trend persists, the cargo flow of imported crude oil and the utilization of logistics infrastructure may increase. According to the study, the existing transport and refining infrastructure in the region is able to handle the increasing imported crude oil flow. Keywords : Oil Logistics, Oil Production, Oil Refining. JEL Classifications: F23, L71, L95, O52, R12

Description: This paper examines the dynamic relationship between energy consumption and economic growth in Sudan covering period 1984-2014. Using the autoregressive distributed lag model (ARDL) cointegration approach. Gross fixed capital formation (K), Trade Openness (OP), and Urban population (URP) were included as control variables. The cointegration results provide evidence on the existence of long-run equilibrium relationship among the variables. In the long run energy consumption has negative impact on economic growth. In contrast, in the short run energy consumption shows different impacts at the level and first difference on economic growth this attributed to fluctuations in oil production and Secession of southern Sudan, which is consider the main source of petroleum resources. The implications of the study is that, energy conservation policy regarding oil and gas would lead to improve in economic growth in Sudan, the short run and long run plans of low-priced energy generation domestically to meet increasing energy demand is highly needed policy as well. Keywords: energy consumption, economic growth, autoregressive distributed lag model. JEL Classifications : Q43,  F43, C19

Description: This study examines the factors effect on corporate cash holdings of the energy enterprises listed on Vietnam’s stock market. Our data set includes 28 energy companies on Vietnam stock markets (HNX and HOSE) in the period from 2010 to 2016, with a total of 196 firm-year observations being collected. We used GMM estimator to test our hypotheses. The results show a negative association between leverage, return on assets, operating cash flow and corporate cash holdings while a tangible asset has a positive relationship. Keywords : corporate cash holdings, energy enterprises, Vietnam. JEL Classifications: G33 G31

Description: This paper aims to investigate the problems of energy market in Ukrainian economy. The empirical research of various energy sources in Ukraine showed the existence of significant relationships between coal, gas, diesel fuel, gasoline and oil consumption. We estimated the vector error correction model that combined evaluation of long-term interrelations between different fuels indexes and the dynamic description of their short-term behaviour. The modelling showed that in the long-run there were two equilibrium relationships that determined the dynamics of fuel consumption in Ukraine. We estimated the adjustment speeds and described the correlation between short-run changes in fuel usage and deviations from long-run equilibrium. The gas consumption was the most valuable kind of energy that had a great impact on functioning of Ukrainian energy market and the whole economy. The diversification of energy consumption types can give an opportunity to improve the economic situation. Keywords: energy market, fuel consumption, vector autoregressive model. JEL Classifications: O13, С 32.

Description: Covering the energy demands for the future generation under Algerian climate became a strong debate in the last three years, especially after oil crisis. One of the solutions is exploiting solar energy due to the solar irradiation availability in the country. Application of this renewable energy resource is used to produce electricity through photovoltaic panels in different zones of Algeria. However, exploiting thermal solar energy is considered one of the most important existing technologies to produce green energy sources such as hydrogen. This paper is focusing in coupling between solar parabolic trough collector systems, with H2SO4 thermo-chemical cycle to produce Hydrogen. Both seasonally and annually, of solar irradiation have been taken from different positions in city of Tamanrasset which is located in south of Algeria. The obtained results explain the possibility to produce hydrogen from H2SO4 thermo-chemical cycle through thermal solar energy, with considerable efficiency instead using nuclear energy. Keywords: solar energy, hydrogen production, H2SO4 cycle, Tamenrraset. JEL Classifications: Q42, Q43

Description: Due to the nature of electricity, prices in the wholesale electricity market show great variation according to the hours of the day. Thus, it is important for market participants to forecast hourly prices to give accurate orders. This study covers the analysis of hourly electricity prices by referring to the relationship between spot and forward prices and volume in the Turkish market over two sub-periods of dual pricing: December 2011-May 2016 and June 2016-December 2017. The latter period is characterized by the implementation of a new trading algorithm in the market. The results reveal that forward prices behave as unbiased predictors of spot prices, most of the time. Remarkably, evolution of the difference between spot and forward prices, namely risk premium, depicts that the spot price supports the arbitrage opportunities in the electricity market. The introduction of the new trading algorithm does not depict significant effect on the risk premium. Keywords : Electricity Market Efficiency, Day-Ahead Market, Forward Prices, Risk Premium JEL Classifications : G10, G13, Q40, Q49