A Review on Solar Energy Policy and Current Status: Top 5 Countries and Kazakhstan

The article describes the world's experience in developing the solar industry. It discusses the mechanisms of state support for developing renewable energy sources in the cases of five countries that are the most successful in this area—China, the United States, Japan, India, and Germany. Furthermore, it contains a brief review of state policy in producing electricity by renewable energy facilities in Kazakhstan. This paper uses statistical information from the International Renewable Energy Agency (IRENA), the International Energy Agency (IEA), British Petroleum (BP), and the Renewable Energy Network (REN21), and peer-reviewed sources. The research methodology includes analytical research and evaluation methods to examine the current state of solar energy policy, its motivators and incentives, as well as the prospects for its development in Kazakhstan and in the world. Research shows that solar energy has a huge development potential worldwide and is sure to take its place in gross electricity production. This paper focuses on the selected economic policies of the top five countries and Kazakhstan, in what may be considered a specific research limitation. Future research suggestions for the expansion of Renewable Energy (RE) in Kazakhstan could include analysing the impact of introducing dedicated policies and incentives for solar systems and exploring the benefits and challenges of implementing large RE zones with government–business collaboration.

Pandemic restrictions in 2020 highlight the significance of non-road NOx sources in central London

Fluxes of nitrogen oxides (NOx=NO+NO2) and carbon dioxide (CO2) were measured using eddy covariance at the British Telecommunications (BT) Tower in central London during the coronavirus pandemic. Comparing fluxes to those measured in 2017 prior to the pandemic restrictions and the introduction of the Ultra-Low Emissions Zone (ULEZ) highlighted a 73 % reduction in NOx emissions between the two periods but only a 20 % reduction in CO2 emissions and a 32 % reduction in traffic load. Use of a footprint model and the London Atmospheric Emissions Inventory (LAEI) identified transport and heat and power generation to be the two dominant sources of NOx and CO2 but with significantly different relative contributions for each species. Application of external constraints on NOx and CO2 emissions allowed the reductions in the different sources to be untangled, identifying that transport NOx emissions had reduced by >73 % since 2017. This was attributed in part to the success of air quality policy in central London but crucially due to the substantial reduction in congestion that resulted from pandemic-reduced mobility. Spatial mapping of the fluxes suggests that central London was dominated by point source heat and power generation emissions during the period of reduced mobility. This will have important implications on future air quality policy for NO2 which, until now, has been primarily focused on the emissions from diesel exhausts.

Energy Demand Trends during COVID-19 Pandemic

COVID-19 pandemic lock-downs have led to the biggest fall in energy demand in over 70 years while also having an immense effect on the current energy mix. This study overviews the impacts of COVID-19 pandemic on the UK energy demand by analysing the associated electricity generation mix before and during COVID-19 pandemic. This analysis uses open-access data that is publicly available on the Official Carbon Intensity API for Great Britain. The scope of this paper is two-fold: first, to provide an overview of the lock-down measures in electricity demand and generation across the world, and second to identify the impact of lock-down restrictions on the British energy generation mix. It can be seen from the results that electricity generation by fossil fuels and renewable energy sources has shown opposite trends while the share of the later increased significantly during the lockdown period. © 2022 EUROSIS-ETI.

Forecasting of monthly electricity generation from the conventional and renewable resources following the corona virus pandemic in Türkiye

In the present paper, a forecasting study on the monthly electricity generation of Türkiye from the conventional and renewable resources is performed. The effect of the CoVid-19 pandemic on the sector has been considered. For this aim, the trend before the pandemic has been initially considered and later the post-pandemic situation has been handled. It has been observed that the electricity generation supply/demand mechanism changes drastically compared to the pre- and post-pandemic cases. The rate of the generation from the renewable resources especially shows a sharp variation compared to the rates from the fossil fuels. According to the forecasting scenario, in 2021, the electricity generation shows different attitudes with regard to the resources used. In 2022, especially increasing trends are expected for wind, biogas, natural gas, imported coal and fuel oil, whereas diesel and mineral coal are expected to be decreased in Türkiye. © 2022 Published by peer-reviewed open access scientific journal, JES at DergiPark.

Affordable and Clean Energy for all: Challenges in Balkan Countries

The paper analyses SDG7 indicators of sustainable development in Balkan Countries. Slovenia, Croatia and Montenegro, Serbia, North Macedonia and Bosnia Herzegovina are selected for case study aiming to define the progress towards SDG7 goal- Affordable and clean energy by applying the main indicators set for analysis of situation in terms of affordable and clean energy for all in selected neighbouring countries of former Yugoslavia. The paper also provides policy recommendations based on analysis performed and allows to share good practices in energy policies among neighbouring countries which as different economic development level and Slovenia is EU Member State since 2004 and Croatia since 2013. Other Balkan states are just planning to join EU in the future.

CSES Satellite Observations of 50 Hz Power Line Radiation Over Mainland China and Its Response to COVID‐19

We present a low‐altitude satellite survey of power line harmonic radiation (PLHR) at 50 Hz over Mainland China. We analyzed the month‐to‐month variation pattern in PLHR occurrence rate and further analyzed its correlation with some influencing factors (i.e., solar radiation, lightning flashes, and electricity consumption) using CSES satellite electric field data from 2019 to 2021. We also investigate the response of PLHR occurrence rate to COVID‐19. The statistical results show the dayside PLHR occurrence rate decreasing from winter to summer solstice and increasing from summer to winter solstice, which indicates it is controlled by the solar radiation. The nightside variation is more complex, which may be due to many sources that could influence the nightside lower ionosphere. The PLHR occurrence rate significantly decreased over Mainland China in February 2020, which is because of the significant decrease in electricity consumption due to the suspension of industrial production caused by COVID‐19.Alternate :Plain Language SummaryPower line harmonic radiation (PLHR) is the electromagnetic waves radiated by electric power systems at harmonic frequencies of 50 or 60 Hz, depending on the frequency of the system on the ground. Previous research mainly focuses on identification of individual PLHR events and their subsequent analysis. However, the number of base‐frequency PLHR signal events is the most abundant, which is suitable for the statistical study of PLHR occurrence rate and its variation pattern, and further study of the factors affecting its variation pattern. In this paper, we use 3 years of electric field data from the China Seismo‐Electromagnetic Satellite (CSES) which is an LEO satellite launched into orbit in February 2018 to investigate the month‐to‐month variation pattern of PLHR occurrence rate over Mainland China and its correlation with the influencing factors. The response of PLHR occurrence rate to COVID‐19 are also investigated.

Stock returns, oil prices and leverage: evidence from US firms

Purpose>This paper aims to investigate how the relation between stock returns of US firms and West Texas Intermediate (WTI) oil prices is affected by leverage from 1990 to 2020.Design/methodology/approach>This paper examines how the relationship between stock returns of US firms and WTI oil prices is affected by leverage from 1990 to 2020 using a fixed-effect model estimation framework.Findings>Results from the fixed-effect regression models suggest that leverage effects on stock returns are pervasive both in aggregate and cross-industry levels, while the mining industry is more sensitive. In addition to the positive oil price effects attenuated by leverage at the aggregate level, the authors observe stronger marginal effects of leverage only for the mining sector. Being more exposed to commodity prices, the positive effects of oil prices on stock returns in the mining sector are offset by large debt ratios. Asymmetries, effects of debt maturity structure and implications are also discussed.Research limitations/implications>This study is grounded on the contemporary cash flow claim of leverage NOT on the long-run effect of leverage considering cash flow constraints. The oil price increase is assumed to represent an advancement of the overall economy. This study does not capture the oil prices response to some other economic forces and vice-versa.Practical implications>Mining companies should therefore reduce the stock of debt with respect to their assets to make possible the “pass-through” from oil prices to the stock market.Originality/value>Previously undocumented and the authors show that leverage reduces the total effect of oil prices on stock returns, consistent with the hypothesis. Asymmetric and debt maturity structures effects are also discussed.

Life-Cycle Assessment of Power-to-Liquid Kerosene Produced from Renewable Electricity and CO2 from Direct Air Capture in Germany

Decarbonization of the aviation sector is crucial to reaching the global climate targets. We quantified the environmental impacts of Power-to-Liquid kerosene produced via Fischer-Tropsch Synthesis from electricity and carbon dioxide from air as one broadly discussed alternative liquid jet fuel. We applied a life-cycle assessment considering a well-to-wake boundary for five impact categories including climate change and two inventory indicators. Three different electricity production mixes and four different kerosene production pathways in Germany were analyzed, including two Direct Air Capture technologies, and compared to fossil jet fuel. The environmental impacts of Power-to-Liquid kerosene varied significantly across the production pathways. E.g., when electricity from wind power was used, the reduction in CO2-eq. compared to fossil jet fuel varied between 27.6–46.2% (with non-CO2 effects) and between 52.6–88.9% (without non-CO2 effects). The reduction potential regarding CO2-eq. of the layout using low-temperature electrolysis and high-temperature Direct Air Capture was lower compared to the high-temperature electrolysis and low-temperature Direct Air Capture. Overall, the layout causing the lowest environmental impacts uses high-temperature electrolysis, low-temperature Direct Air Capture and electricity from wind power. This paper showed that PtL-kerosene produced with renewable energy could play an important role in decarbonizing the aviation sector.

Environmental and Energy Conditions in Sustainable Regional Development

Climate change is taking place on a global scale and it is substantially affected by human activity, including increasing greenhouse gas emissions. One of the thematic objectives of EU’s new financial objective is a more environmentally friendly low-emission Europe that promotes clean and fair energy transformation, green investments, and a circular economy, among others. The Polish economy is mainly based on energy production from conventional sources (fossil fuels). Considering that the demand for electricity in Poland is predicted to increase by as much as 50% until 2040, it is necessary to take action aimed at increasing the share of renewable energy sources. The subject of analysis is the Opolskie Voivodeship (a NUTS 2 type region), the capital of which features the biggest Polish coal power plant. In 2014–2019, it was expanded by two units with 1800 MW in total capacity, thereby indicating that investments in energy obtained from conventional sources are still implemented and to a large extent at that (the expansion has been the biggest infrastructural investment in Poland since 1989). The Opolskie region is characterised by substantial excess in acceptable environmental burden (dust pollution, among others). The aim of the paper is to evaluate the key environmental conditions for the Opolskie region’s development in terms of the assumptions of the domestic and EU energy policies. The Opolskie region’s developmental challenges in the environmental area were determined on the basis of selected indicator estimations up to 2030. The research hypothesis assumes that the environmental conditions for the Opolskie region’s development are unfavourable. The methodological part features an analysis of the cause and effect dependencies in the “environment” area, which enabled an assessment of the Opolskie Voivodeship’s current situation as well as an analysis of the dependencies relevant to the region’s development. This was followed by an estimation of selected indicators in the “environment” area until 2030, which allowed for an assessment of their probable levels and thereby a specification of the region’s development conditions. The estimation was conducted using the data available in public statistics, i.e., Statistics Poland’s data. The indicators estimated for 2030 were presented using three forecasting methods: (a) the monotonic trend, (b) the yearly average change rate, and (c) the logarithmic trend.

Bulgaria ∙ The Annual Priorities List and Activities of the Bulgarian Competition Protection Commission in the First Half of 2022

According to the CPC this requires an examination of the rules and principles of the internal energy market in the context of sustainable development, in particular with regard to the environment. [...]the CPC considers it necessary to continue the close observation of the food sector for anticompetitive practices. According to the CPC, these agreements should not take the form of cartels or other anticompetitive practices. According to the CPC, these events provided it with a good reason to review whether some of the main market players (ie, Lukoil Bulgaria, NIS Bulgaria, Shell Bulgaria, Eco Bulgaria, OMV Bulgaria and Petrol), which were subject to a cartel investigation in 2016 – 2017, fulfil the commitments they undertook at the end of that investigation.

Electricity Production and Consumption Perspectives in the Opinion of the Youth of South-Eastern Poland

In Poland, in 2021, an increase in demand for electricity was recorded, and hard coal and lignite power plants still had a dominant share in its production. Another source of electricity was renewable energy sources (RES), mainly wind farms. Young people in Poland are aware that electricity is not only its production, but also consumption in households. Therefore, it is also essential to properly educate young people, aiming at a cost-effective, sustainable lifestyle, in relation to electricity consumption. The article presents the current state of the electricity generation sector in Poland along with the proposed changes in this respect, in particular in terms of the development prospects for the use of renewable energy sources and the influence of government administration on the production and consumption of electricity. The aim of this research was to broaden the knowledge of young people’s opinions on energy production and consumption. The research results can be used to create long-term directions of energy policy and to build a social attitude of sustainable energy consumption in Poland. The research was non-probabilistic, based on questionnaires, using the CAWI (Computer Assisted Web Interview) technique. The questionnaire was conducted in 2021, and the analysis was made on the basis of 741 correctly completed research questionnaires. The results of the research confirmed the research hypotheses—that the surveyed youth see the need to reduce consumption as a way to counteract climate change and excessive energy consumption. They also expect government support in the energy transformation in Poland, based on a diversified scenario, using both renewable energy sources (RES) and nuclear energy.

Do global factors drive the interconnectedness among green, Islamic and conventional financial markets?

Purpose>This study aims to examine the connectedness among green, Islamic and conventional financial markets from December 2008 to May 2021. Moreover, the impact of global factors on the connectedness of given financial markets is also observed.Design/methodology/approach>This study first employed the time-varying parameter vector autoregressions (TVP-VAR) technique to explore the connectedness of markets. Second, This study utilized the wavelet coherence analysis to test the time-frequency impact of global factors in terms of implied volatilities of stock, oil, gold, currency and bond on the connectedness across financial markets.Findings>This study finds Islamic stocks, sustainability index and S&P500 composite index are the net transmitters, whereas Sukuk, commodity index, bond market, clean energy and green bonds are the net recipient of spillovers. Time-varying features of green, Islamic and conventional financial markets are evident in system-wide connectedness. This study further evidenced that global factors drive the connectedness of financial markets, particularly during stressful times.Practical implications>The findings of this study furnish significant implications for policymakers, regulatory authorities, investors, financial market participants and portfolio managers in terms of carefully assessing the unique characteristics offered by each financial market in terms of risk mitigation and diversifying the portfolios.Originality/value>Using a portfolio of green, Islamic and conventional financial markets, the uniqueness of this study lies in the examination of the connectedness of these markets by deploying the TVP-VAR technique. In addition, wavelet analysis offers a significant contribution in terms of global factors driving the connectedness of green, Islamic and conventional markets.

Optimization and Integration of Renewable Energy Sources with Regional Tourism Potentials to Improve the Welfare of Local Communities

Indonesia is a country with a tropical climate and has tens of thousands of islands. One of the challenges is that archipelagic countries generally have limited local resources and high energy import costs. Renewable energy technologies in most islands are often not running and are unsustainable due to the many problems involved, one of which is the lack of clarity on management and generating assets. As a result, power plants generally only run for a short time and do not provide electrical energy for the community. In addition to the unavailability of electricity, the COVID-19 virus certainly also affects activities, especially people who rely heavily on the tourism sector as their main livelihood. Therefore, it is necessary to explore how an island could survive in this force majeure situation, both from the sustainability of renewable energy and the tourism sector. This research aims to explain what factors affect the sustainability of renewable energy in supplying electricity to the community in the long term and will present the interrelation between the tourism sector and the presence of renewable energy technology. The method used is an in-depth interview and questionnaire with a Likert scale. The research was conducted on the island of Mecan and the obtained data were simulated in the form of CLD (Causal Loop Diagram). The results indicate that renewable energy sustainability on Mecan Island has made access to electricity available throughout the day and has improved the welfare of residents.

A Literature Review of the Kalina Cycle and Trends

The demand for electricity and power has been increasing with the increase of the population of the world. The Covid-19 Pandemic has affected the way of life of human beings starting last year. The pandemic and economic downturn also affected the electricity demand of the world, but this is only short-term. Once the lockdowns around the world ease and back to normal situation begin, demand for power and electricity shall continue to grow. The century-old Rankine cycle has been the basis for power plants widely used today. However, a modified Rankine cycle known as the Kalina cycle has been proving more efficient than the standard Rankine cycle and might be able to provide the additional power needed in medium and low-temperature sources and waste heat recovery. This paper look into the development of the Kalina cycle and the trends that might be of use for the global electricity requirement.

Harnessing Offshore Wind Energy along the Mexican Coastline in the Gulf of Mexico—An Exploratory Study including Sustainability Criteria

Mexico has more than 40 years of researching, investing, and obtaining electric power through wind energy. Within the country, there are highly windy areas, such as the Isthmus of Tehuantepec or the state of Tamaulipas, and there are about 2500 MW installed and 70,000 MW tested, all onshore. There are still no offshore wind farms in Mexico, despite having two main coasts, the East and the West, with the Gulf of Mexico and the Pacific Ocean, respectively. Although the Mexican coastal states of the Gulf of Mexico are Tamaulipas, Veracruz, Tabasco, Campeche, and Yucatán, this work focuses on the study and feasibility of offshore wind energy use on the coasts of the states of Tabasco, Campeche, and Yucatán. This is because of the availability of data in that region;however, sustainability criteria that can be used in other regions are also presented. MN1 -https://media.proquest.com/media/hms/PFT/1/QWW6N?_a=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%3D%3D&_s=bqizVgXfGC1ulIdNL9ljg0AkJAU%3D ERRA-2 and ERA5 data were used employing WAsP and Windographer software. It was found that the capacity factor in the area of Tabasco, Campeche, and Yucatán is 32%, 37%, and 46%. It can be noted that, in the WF100% scenario, each of the wind farms could contribute more than 35% of the region’s electricity consumption;those of Campeche and Yucatán stand out with contributions of more than 70%.

Energy Transition in France

To address the climate emergency, France is committed to achieving carbon neutrality by 2050. It plans to significantly increase the contribution of renewable energy in its energy mix. The share of renewable energy in its electricity production, which amounts to 25.5% in 2020, should reach at least 40% in 2030. This growth poses several new challenges that require policy makers and regulators to act on the technological changes and expanding need for flexibility in power systems. This document presents the main strategies and projects developed in France as well as various recommendations to accompany and support its energy transition policy.

Feasibility of rooftop solar PV program for 9 tourism villages towards green village development in Bali

Electricity in Bali majorly is supplied by power plants in Java which use fossil-fuelled. With petroleum and coal reserves to run out by 2025, Bali Government has issued Governor Ordinance No. 45/2019 concerning clean energy in encouraging Balinese to use rooftop solar photovoltaic (PV). As backboned tourism industry, Bali has drastically been declining due to COVID-19 causing most hotels and their supporting industries closed, the government then has changed the orientation from urban tourism to rural tourism. This paper proposes rooftop solar PV power plant program in the tourism village representing all 8 regencies and 1 municipality (Sudaji in Buleleng, Catur and others in Bangli, Tenganan in Karangasem, Kerta in Gianyar, Blimbingsari in Jembrana, Paksebali in Klungkung, Bongan in Tabanan, Bongkasa in Badung, and Sanur Kauh in Denpasar). Recent studies show huge potential for solar energy in Bali and the program is aligned with Sustainable Development Goals (Bali SDGs). The study elaborates problems in implementing the program since solar PV is still new and traditions could hinder the people in the tourism village to utilize it. Behaviour approach must be explored to make the program can be successfully done.

Covid-19 Impact on Uttarakhand State Electricity Load Consumption and Generation

Due to the effect of Covid-19 the pattern of energy consumption of Uttarakhand State has affected during lockdown. Since the inception of Covid-19 in Uttarakhand there has drastic change in electricity consumption in thirteen districts of the State including Dehradun which is also a Smart City. It has reported that there is decrease in electricity consumption in the year 2020-21. In this study the long-term load forecasting using Artificial Neural Network is used as per the information released by Uttarakhand Electricity Regulatory Commission (UERC) in their tariff order for Financial Year 2021-22. There is eleven million population in Uttarakhand at present. During economic shutdown in Uttarakhand State the power utilities has faced the challenge of electricity generation, transmission, and distribution. It has been observed that during Covid-19 there is 939.97 million units generated energy loss has faced by power utilities companies in Uttarakhand. Uttarakhand is a emerging State where lots of new Technologies are in pipeline. In this Study the forecasted results is for nine years (2022-2030) which represents that there will be sudden rise in electricity consumption after 2025 to 2030 in Uttarakhand due to the intervention of electric vehicles. In Uttarakhand Dehradun is also a smart city where lots of IoT devices have been deployed across city which are are also consuming electricity. This study has reduced the forecast error upto 7.17 % so that there would be minimum revenue loss in future to the power utilities in Uttarakhand. © 2021 IEEE.

Financial development and natural resources nexus in Egypt: the role of clean energy sources and foreign direct investment

Purpose>Achieving the goals of the sustainable development strategy and Egypt’s vision 2030 depends mainly on the existence of sources of funds. And since Egypt faces a great challenge in obtaining finance, then analyzing the drivers of financial development is a vital issue and there is a persistent need to shed light on the key obstacles for it. Thus, this paper aims to empirically assess the impact of natural resources, foreign direct investment (FDI) net inflows, education and clean energy sources on financial development in Egypt using the data of the 1971–2014 period.Design/methodology/approach>The paper uses auto-regressive distributed lag and Toda-Yamomoto approaches to fulfill the purpose.Findings>Empirical results signify that all variables except natural endowments stimulate financial development which can suggest the presence of the natural resources curse in Egypt. Moreover, the feedback effect between financial development and FDI is recognized. Clean energy sources cause financial development and natural endowments. Financial development causes natural endowments and FDI leads to the deployment of more clean energy resources.Practical implications>Several crucial policy implications are suggested based upon these results as improving the quality and quantity of education and encouraging both domestic and foreign investors by providing several incentives. Moreover, the government has to enhance green finance through financing solar energy projects and other environmentally friendly projects.Originality/value>It is the first research for Egypt that explores natural resource-financial development nexus using time series analysis according to our information, and two important variables are included in the model which is clean energy sources and FDI. Then, although several studies examined the impact of financial development on clean energy no empirical study before assessed the impact of clean energy on financial development.

Dynamic frequency relationships between bitcoin, oil, gold and economic policy uncertainty index

Purpose>This paper aims to examine the frequency of co-movements and asymmetric dependencies between bitcoin (BTC), gold, Brent crude oil and the US economic policy uncertainty (EPU) index.Design/methodology/approach>The authors use a wavelet approach and a quantile-on-quantile regression (QQR) method.Findings>The results show a positive interdependence between BTC and commodity price returns at both medium and low frequencies over the sample period. In contrast, the dependence is negative between BTC and EPU index at both medium and low frequencies. Furthermore, the co-movements between markets are more pronounced during crises. The results show that strategic commodities and EPU index have the ability to predict BTC price returns at both medium- and long-terms. The QQR method reveals that higher gold returns tend to predict higher/lower BTC returns when the market is in a bullish/bearish state. Moreover, lower gold returns tend to predict lower (higher) BTC returns when the market is in a bearish (bullish) state (positive (negative) relationship). The lower Brent returns tend to predict higher/lower BTC returns when the market is in a bullish/bearish state. High Brent quantiles tend to predict the lower BTC returns in its extremely bearish states. Finally, higher and lower EPU changes tend to predict lower and higher BTC returns when the market is in a bearish/bullish state (negative relationship).Originality/value>There is generally a lack of understanding of the linkages between BTC, gold, oil and uncertainty index across multiple frequencies. This is, as far as the authors know, the first attempt to apply both the wavelet approach and a QQR method to examine the multiscale linkages among markets under study. The findings should encourage the relevant policymakers to consider these co-movements which vary over time and in duration when setting up regulations that deem to enhance the market efficiency.