Διερεύνηση προσδιοριστικών παραγόντων για πηγές ενέργειας

Ροκάκης, Νικόλαος

Empirical investigation for factors of energy sources

Master Thesis

Author

Ροκάκης, Νικόλαος

Date

2022-10

Abstract

It is no false statement that energy is the foundation for the smooth functioning of a modern era society. The adequacy of consumable energy resources is an issue of such importance that the improvement of the efficiency of use of the existing resources is constantly raised as a critical issue by international organizations and associations. Consequently, understanding the factors which influence the consumption of these resources and assessing the extent of their impact is deemed particularly important. The purpose of this research is to investigate the factors that affect the consumption of two fossil fuels: oil and natural gas. Traditional methods of estimating static Panel Data models are used. The factors used as explanatory variables were selected based on literature and economic theory. These are the Real Gross Domestic Product, the corresponding price of each resource, the production of energy from renewables and the average temperature. The annual data used in this study concern 23 EU, EFTA and ENP countries for the time period 1992-2019. First, the data are presented and the process of extracting the data set, as well as its configuration, are described. Subsequently, cross-sectional dependence and unit root tests are carried out. Models for oil and natural gas consumption are then estimated with the Fixed-effects and First-differences estimators, using Driscoll-Kraay standard errors, and diagnostic test results are additionally presented. The results show that income has a positive impact on the consumption of both resources, though demand is income-inelastic. An increase in production from renewable sources and the temperature have a negative effect on the consumption of said resources. The effect of price on oil consumption is very small and insignificant according to one estimator. As for natural gas, the price has a positive impact, which is attributed to the common course of both resource prices.

Postgraduate Studies Programme

Εφαρμοσμένη Στατιστική

Department

Σχολή Χρηματοοικονομικής και Στατιστικής. Τμήμα Στατιστικής και Ασφαλιστικής Επιστήμης

Number of pages

170

Language

Greek

URI

https://dione.lib.unipi.gr/xmlui/handle/unipi/14704
http://dx.doi.org/10.26267/unipi_dione/2126

Collections

Τμήμα Στατιστικής και Ασφαλιστικής Επιστήμης

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Except where otherwise noted, this item's license is described as
Αναφορά Δημιουργού-Μη Εμπορική Χρήση-Όχι Παράγωγα Έργα 3.0 Ελλάδα