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- Strategies to make renewable energy sources compatible with economic growthPublication . Afonso, Tiago Lopes; Marques, António Cardoso; Fuinhas, José AlbertoThis paper focuses on the relationship between economic activity, and renewable and non-renewable energy consumption for the set of countries with the largest usage of each energy source. The dominance of one type of energy source could raise an unintentional barrier to a strategy of energy mix diversification. A panel of 28 countries was studied, using annual data for the time span 1995e2013. The ARDL approach was used to capture the short- and long-run effects. The Driscoll-Kraay estimator was used to attain robust results given the presence of the phenomena of heteroscedasticity, contemporaneous correlation, first order autocorrelation and cross-sectional dependence. Results suggest that renewable energy has not contributed to economic growth, while non-renewable energy has contributed. This finding should be incorporated in the definition of energy strategies, specifically by making renewable energy compatible with economic growth.
- Interactions between electricity generation sources and economic activity in two Nord Pool systemsPublication . Afonso, Tiago Lopes; Marques, António Cardoso; Fuinhas, José Alberto; Saldanha, Marco Aurélio ManoThe interactions between electricity sources and industrial production in Estonia and Sweden are analysed based on monthly data. The availability of data defines the time spans from January 2010 to September 2015 for Sweden and from April 2010 to December 2014 for Estonia. These countries are particularly interesting to study because of their dissimilar generation mix. Estonia’s generation mix is based on oil shale, while Sweden’s is based on nuclear plants and hydroelectricity. In short, both countries’ energy mixes are based on endogenous natural resources. The ARDL model was applied, allowing the long-run and short-run effects to be captured. The results prove that economic growth is sustained by natural endogenous resources. Estonia should continue to improve the usage of renewable energies, using fossil sources in support, in order to reduce emissions and to meet international environmental commitments. Sweden should promote the efficient usage of various renewable sources.
- Accommodating renewable energy sources in a small electricity market: An analysis considering the interactions of sources within Portugal and SpainPublication . Afonso, Tiago Lopes; Marques, António Cardoso; Fuinhas, José AlbertoThe Portuguese and the Spanish electricity generation systems are analysed in this paper. The Iberian market hasbeen isolated and has an increasing proportion of renewable sources. The main objective of this study is to un-derstand how electricity generation sources are interacting with electricity wholesale prices. The VAR approachwas used because of its high robustness to cope with the endogeneity detected by Granger block Exogeneity tests.To do this, workweek data recorded since the opening of the Iberian market (July 2, 2007) was used. Despite thegeographical proximity of the countries and their access to natural resources, the results provide empirical evi-dence of different modes of interaction in the market. This outcome could be due to the different sizes of thenational systems. The Portuguese electricity generating system does not have an extensive structure to share back-up with Spain via conventional sources. Spain's substantial generation structure could be used to provide inter-mittent back-up generation for Portugal. Considering the similar supply and demand patterns of the Iberiangeneration systems, their openness to the other markets with different consumption and generation patterns couldallow a more rational utilization of the renewables already deployed and, consequently, bring greater efficiency tothe Iberian electricity market.