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Renewable energy technologies play a crucial role in solving global energy and environmental issues, and the pace of the energy transition directly depends on improving their efficiency. Presently, the development and implementation of renewable energy systems are ensured mainly through state funding, the possibilities of which are limited. The potential of attracting private investments depends directly on their impact on companies' profitability indicators, and the uncertainty regarding the return on investments is one of the main barriers affecting investors' decision-making. Based on a vector autoregressive model for analysing the stationary time series, the paper explores the impact of long-term investments and research and development costs in renewable energy technologies on the financial performance of ten of the largest companies operating in this field. The study's results showed that investments and spending on research and development positively affect such companies' profitability indicators as earnings before interest, taxes, depreciation and amortisation, earnings before interest and tax, net income, and return on investment. The obtained results can be used to substantiate the economic effectiveness of investments in developing and improving renewable energy technologies when forming the companies' financial policies to support them. [ABSTRACT FROM AUTHOR]

There is much research about the determinants of investments, but there is a shortage of similar studies for Poland. Therefore, the overall goal of the paper is to analyze the determinants of investments made by enterprises from the energy sector as well as their delays in Poland in the years 2000–2019. In this period, a strong growth of investments in energy was observed in the country. In connection to this, the authors set four hypotheses and verified them with the following statistical methods: canonical analysis, linear and causality correlation, autocorrelation and cointegration tests. The paper found that there is a relationship between public consumption and investment spending of small enterprises in Poland. That means that only some macroeconomic parameters are connected with investments. Moreover, the changes in the value of past investments has a negative influence in current investments. [ABSTRACT FROM AUTHOR]

Nowadays, energy policymakers are asked to develop strategies to ensure an affordable clean energy supply as well as minimizing investment risks. In addition, the rise of several community engagement schemes and the uptake of user-scale technologies introduce uncertainties that may result in a disruptive factor for energy systems evolution. This paper introduces a novel scenario analysis approach for local energy planning that supports policymakers and investors in prioritizing new renewable power plant investments, addressing the risks deriving from citizens' choices. Specifically, a combined analysis is performed on the adoption trends of distributed photovoltaic systems and electric vehicles that are expected to heavily influence the evolution of energy systems. For this reason, an energy model is developed for Pantelleria island, and its transition from an oil-based energy supply to a renewable one up to 2050 is investigated. It is demonstrated how optimal-cost renewable-based scenarios can assure a 45% to 52% CO2 emissions reduction and a 6% to 15% overall cost reduction with respect to the diesel-based business-as-usual scenario. The analyzed scenarios disclose the recommended investments in each renewable technology, considering their learning curves and the unpredictability of user-scale technology adoption. Consequently, priorities in the installation of renewable power plants are stressed, starting with the most resilient to future uncertainties, as well as promoting specific incentive measures for citizens' commitment at a local scale. [ABSTRACT FROM AUTHOR]

So far, little is known about the Business Model Canvas development in the energy sector. In this paper, we fill this knowledge gap and modify the Business Model Canvas. Based on the cause–effect analysis combined with the literature searching method, we suggest that Osterwalder's Canvas for energy enterprise should be modified because the available Canvas adaptations cannot fully capture the energy enterprise's business model or realise its business operations combined with the public interest. We propose a new original Canvas adaptation by adding two crucial blocks representing the mission, energy accountability, and impact on stakeholders in the Business Model Canvas. The findings make two main contributions. First, they contribute to developing entrepreneurship theory. We formulate an original definition of a business model, first showing the limitations of current definitions. We verify Chesbrough's functions of business models. Second, compared to earlier business model frameworks, the new model clearly points out that accountability in firms' everyday businesses is at the core of business development. Moreover, this article formulates future research avenues in the energy sector and provides a helpful planning tool for practitioners. [ABSTRACT FROM AUTHOR]

The global trend is constantly increasing investments in strategic sectors of the economy, for example the electric power industry, which, in many countries, is becoming diversified and dispersed due to the multitude of entities investing in energy production and renewable resources, which leads to an increase in the heterogeneity of investment decisions. There is an urgent need to control the movement of investments, budget funds, as well as their development in the process of implementing investment programs of energy companies. The control of the movement of investments is the most promising direction of studying the subject of finance and audit. The increasing volume of public and private targeted investments in the energy sector and the lack of control over the effectiveness of investment projects (since each program contains several thousand lists of projects) necessitated the introduction of additional regulation of budget spending. The development of a mathematical apparatus for such regulation led to the creation in the Russian Federation of an institute of an independent public technological and price audit (TPA). The TPA is seen as a mechanism to ensure an effective project evaluation and selection process. This article describes methodological improvements using power system optimization models. The Integrated MARKAL-EFOM System (TIMES) was developed as part of the Energy Technology Systems Analysis Program of the IEA-ETSAP, an international community that uses long-term energy scenarios to conduct in-depth energy and environmental analyzes. This approach includes two different but complementary systematic approaches to energy modeling: an engineering approach and an economic approach. The same approach is used when conducting a TSA, when an investment object is evaluated as a set of technological and price parameters. The article considers a model of resource allocation in the energy sector and a mechanism for using TPA for investment projects with state participation in a natural monopoly. An approach to the financial and long-term distribution of investments of electric power companies based on the search for a balance of interests of the supplier and consumer and available energy sources is proposed. A model has been developed to find the optimal plan of technical solutions, taking into account the balance of the possibilities of the electric power industry and the needs of the economy. The relevance of the article is due to the requirements of investment efficiency, since the prevailing share in the costs is occupied by the costs of equipment and the construction of power plants. [ABSTRACT FROM AUTHOR]

The aim of the work is to develop a mechanism for cross-border carbon regulation for countries importing products to the EU, which will equally allow importing countries to fulfill the conditions of the Carbon Border Adjustment Mechanism (CBAM), encourage manufacturers to reduce CO2 emissions, and also provide importing countries with opportunities to replenish their budget by introducing paid emission quotas greenhouse gases. The work makes a significant contribution to stimulating the reduction of CO2 emissions by producers due to the proposed tax mechanism and preventing the leakage of greenhouse gases on the territory of third countries according to the CBAM policy. The EU evaluates double taxation, so if a carbon tax has been withdrawn in the territory of the exporting country, then such a tax will not be levied again in the EU. All this involves stimulating exporting countries by creating their own taxation systems, which will have international qualifications and be recognized by countries around the world. When choosing a taxation mechanism, it is important to choose the specifics for visiting group gases. The study was conducted on the basis of methods of comparison, modeling, analysis and deduction. [ABSTRACT FROM AUTHOR]

There are many promising renewable energy (RE) technologies that could help increase the contribution of RE in energy supply but which are not yet commercially available. The development rate of new RE technologies depends on many factors, such as Research and Development (R&D) efforts and policies. This study focuses on comparing China's efforts regarding the development of new RE technologies (e.g., wave and tidal, binary geothermal power, floating solar, micro hydro, osmotic energy, floating offshore wind and vertical axis wind turbines) with those of the European Union (EU). For this purpose, we collected data from publications and databases and analysed several indicators: e.g., the development of renewable electricity generation and capacity, demonstration projects, investments in R&D and patent applications. The results show that China has become a big player globally for mainstream renewable electricity (hydropower, wind and solar PV). This development is due to China's industrial policy and prioritization of effectiveness over cost efficiency. The main developments in China occurred in the 2010s, while the EU was a frontrunner in the 2000s. For the newer or less mainstream technologies, the application in China is still low, compared to the EU, except for floating solar, where China is a lead player. Regarding patent applications, China has shown a higher application amount compared to the EU since 2006. However, only a small share of China's patents are valid internationally. We conclude that China has emerged as a big player in mainstream renewable energy technologies over the last decade. In regard to new renewable energy technologies, China is predominantly involved in solar energy and, in comparison to the EU, less in other new technologies (e.g., binary geothermal systems and ocean energy). [ABSTRACT FROM AUTHOR]

The relevance of this article is due, on the one hand, to the importance of the oil and gas industry in the development of Iraq and, on the other hand, the inability to enhance the existing capacities of the gas industry due to both serious systemic internal causes and external problems. The objective of this article is to study the prospects of the gas industry in conjunction with the oil industry, and develop a strategy for their development based on the forecasting of future scenarios. In the article, the research methods used included a systematic analysis of economic, social and cultural conditions, considering the history of Iraq, including a review of statistical data and a variety of sources. The article proposes a method for choosing the industry development strategy on the basis of an analytical hierarchy process, based on an algorithm of iterative processes using an analysis of hierarchies. To clarify the actors' policies and strategic goals and to find the optimal solution, repeated iterations of the choice of strategy have been proposed. The strategies were divided into alternative strategies for future scenarios, which were evaluated in actions as able to achieve the goals by determining the consistency ratio and the consistency index. As a result of the study, we can highlight the analysis of the centralized system of oil and gas resources' management that has developed in Iraq, which has a complicated "top-down" delegation of decisions and responsibility, with decisions made at the political level and resources distributed from above, which precludes individual industries from performing their functions, and also limits the effective implementation of strategic development priorities. The development factors for the gas industry in Iraq were identified and systematized with a rationale for the direction of the industry's strategic development. Groups of factors were identified: market-affecting determinants of the development of the gas industry, as well as other considerations that may, to a lesser extent, affect the development of Iraq's gas industry and the oil and gas complex as a whole. The results, assessing the significance of the actors' goals, can be taken as a basis for development strategies for the oil and gas industry, to improve the contract system of the gas industry in conjunction with the oil industry. [ABSTRACT FROM AUTHOR]

The development of energy infrastructure is crucial for the fulfilment of multifaceted European Union (EU) policy objectives in the energy field. The EU's support to projects is financial, technical, and political, and explicated through a series of legislative acts. This opinion aims to provide an overview of the main energy policy initiatives introduced in recent years (or soon to be introduced) and their impact on European energy infrastructure development. Examples include the revision of the Trans-European Networks for Energy, funding mechanisms to foster sustainable investments in renewable energies, and the EU taxonomy on sustainable activities. We also discuss possible future improvements of EU policy and regulatory frameworks on energy with the aim of supporting an efficient achievement of the European Green Deal objectives. [ABSTRACT FROM AUTHOR]

Due to the substantial amounts of money involved and the complex interactions of a number of different factors, managers of oil and gas companies are faced with significant challenges when making investment decisions that will increase business efficiency and achieve competitive advantages, especially through cost control. Due to the various uncertainties of the current period, optimal investment strategies are difficult to determine. Thus, through an economic analysis that includes data analysis, quantitative risk analysis scenarios, modelling and simulations, a work framework, in the form of a generic algorithm, is proposed with the aim of generating a complex procedure for optimizing investment decisions in oil field development. A complex set of elements is considered in the analysis: costs (operational expenditures (OPEX) and capital expenditures (CAPEX), daily drilling rig costs), prices (oil, gas, separation and water injection preparation), production profiles, different types of taxes and discount factors. Above all, oil price volatility plays an essential role and creates uncertainty in relation to profitability and the strategic investment decisions made by oil exploration and production companies. [ABSTRACT FROM AUTHOR]

In the oil and gas industry, which is the basis of the Russian energy market, a significant and urgent question arises: How to distribute companies according to their investment attractiveness? Accordingly, quantitative indicators are needed. Lacking extensive experience in the practical implementation of fundamental rating tools, work is needed to develop methodologies of weighting coefficients and lists, built on the experience of the "big three" rating agencies. The article proposes an algorithm for forming an integral rating of companies based on financial reporting indicators and the author's rules of fuzzy logic based on the principle of "circular convolution", from the best to the slave, deepening the analysis to the center, when all companies are exhausted and places in the rating are distributed. The problem of assessing and integrally indexing the indicators of large companies in leading sectors of the economy (e.g., oil and gas, banks, electricity) is becoming manifest, while it is obvious that there is competition between large companies of the country's leading industries for state investment resources. The nature of the leading industries is such that it is necessary to assess the quality of the company's functioning based on the formation of rating groups. Based on the rating, investments are distributed among the companies under consideration. The author has developed a portfolio model that is analogous to the Harry Max Markowitz model, which does not contradict this model but allows consideration of a broader range of risk assessments used in the model (for example, the rating of companies). The optimal portfolio is built, taking into account the resulting index and the initial grouping in the hierarchical data correction mode. The logically sequential method of circular convolution of four important indicators to an integral index and a mathematically substantiated method for optimizing the minimax portfolio presented in the work will allow the investor to develop optimal (from the point of view of the transparency of the apparatus used, mathematical feasibility and time spent on the implementation of the software package) tools for investing and enlarging his capital. [ABSTRACT FROM AUTHOR]

This research investigates how biomass supply chains (BSChs) for bioenergy within the broader bioeconomy could contribute to the post-COVID-19 recovery in three dimensions: boosting economic growth, creating jobs, and building more resilient and cleaner energy systems in four future scenarios, in the short term (by 2023) and long term (by 2030). A SWOT analysis on BSChs was used for generating a questionnaire for foresight by a two-round Delphi study. To interpret the results properly, a short survey and literature review is executed to record BSChs behavior during the pandemic. In total, 23 (55% response rate) and 28 (46% response rate) biomass experts from three continents participated in the Delphi and the short survey, respectively. The strongest impact from investment in BSChs would be on economic growth, followed by a contribution to the resilient and cleaner energy systems and job creation. The effects would be more visible in the long- than in the short-term period. Investments with the most impact on recovery are those that improve biomass material efficiency and circularity. Refurbishment of current policies to enhance the supply of biomass as a renewable resource to the future economy is a must. [ABSTRACT FROM AUTHOR]

Investment in renewable energy sources by logistics companies has become commonplace. Organizations decide to invest in renewable energy sources not only for economic or environmental reasons, but because it is also prestigious for them. The aim of this article is to present the possible risk factors for a logistics company that uses or wants to implement renewable energy sources. This study identified individual risk factors and control mechanisms to reduce the likelihood of a particular risk factor occurring. In this article, the research methodology used is risk management through implementing a diagram of the risk-related decision-making processes of logistics companies around renewable energy sources. The analysis of the risk factors of renewable energy sources is an important element in assessing their effectiveness. By implementing the procedure of selecting an appropriate renewable energy source by logistic entities and implementing an element of risk management, there will be a significant positive impact on the optimal selection of a renewable energy source by enterprises. [ABSTRACT FROM AUTHOR]

The main goal of setting energy efficiency priorities is to find ways to reduce energy consumption without harming consumers and the environment. The renovation of buildings can be considered one of the main aspects of energy efficiency in the European Union (EU). In the EU, only 5% of the renovation projects have been able to yield energy-saving at the deep renovation level. No other study has thus far ranked the EU member states according to achieved results in terms of increased usage in renewable sources, a decrease in energy usage and import, and reduction in harmful gas emissions due to energy usage. The main purpose of this article is to perform a comparative analysis of EU economies according to selected indicators related to the usage of renewable resources, energy efficiency, and emissions of harmful gasses as a result of energy usage. The methodological contribution of our study is related to developing a complex and robust research method for investment efficiency assessment allowing the study of three groups of indicators related to the usage of renewable energy sources, energy efficiency, and ecological aspects of energy. It was based on the PROMETHEE II method and allows testing it in other time periods, as well as modifying it for research purposes. The EU member states were categorized by such criteria as energy from renewables and biofuels, final energy consumption from renewables and biofuels, gross electricity generation from renewables and biofuels and import dependency, and usage of renewables and biofuels for heating and cooling. The results of energy per unit of Gross Domestic Product (GDP), Greenhouse gasses (GHG) emissions per million inhabitants (ECO2), energy per capita, the share of CO2 emissions from public electricity, and heat production from total CO2 emissions revealed that Latvia, Sweden, Portugal, Croatia, Austria, Lithuania, Romania, Denmark, and Finland are the nine most advanced countries in the area under consideration. In the group of the most advanced countries, energy consumption from renewables and biofuels is higher than the EU average. [ABSTRACT FROM AUTHOR]