The Balanced Energy Mix for Achieving Environmental and Economic Goals in the Long Run

Abstract

In this paper, we seek to find a balanced structure of energy sources that can simultaneously achieve two essential goals: (i) the environmental (degradation) goal and (ii) the economic (growth) goal. This study combines quantitative and qualitative methods to estimate and then rank each of the energy sources (including coal, gas, oil, hydropower, and renewable energy) to achieve the above two goals. This paper uses the weighted scoring method, the most popular method in multi-criteria decision-making techniques, to combine the rankings using five energy sources and two goals from panel data of 28 countries from Organization for Economic Co-operation and Development (OECD) countries for the period 1980–2017. Techniques for estimating the mean group long-run effect, including fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS), are used. The empirical findings of this paper reveal that, in the long term, in achieving both environmental goals and economic goals, the OECD countries should consider adopting a balanced energy mix in which the following structure is preferred: (i) hydropower, (ii) renewables and (iii) fossil fuels (oil, gas, coal).

Assessing industrialized countries’ environmental sustainability performances using an integrated multi-criteria model and software

“…As a result, Denmark, Sweden, and Germany obtained the highest rankings, while Latvia, Poland, and Lithuania received the lowest Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS), Multi-Objective Optimization by Ratio Analysis (MOORA) plus the Full Multiplicative Form (MULTIMOORA) 2020 To and Vo A study examined data from 28 OECD countries to determine an energy resource structure that may achieve both economic growth and environmental protection. The OECD countries were offered a combination of hydropower, renewable energy sources, and fossil fuels in that order Weighted Scoring Method, econometric models 2020 Tutak et al The assessment of European Union countries’ sustainable energy development was based on 13 energy, economic, and environmental indicators. It was stated that not all countries would be able to address their own problems with energy transition.…”

Short-Term Load Forecasting of the Greek Power System Using a Dynamic Block-Diagonal Fuzzy Neural Network

“…Power generation and the coordination of power plants have been gaining considerable attention in the economic policies of developed countries. Moreover, the impact of the recent war in the European continent and the fear for energy poverty exacerbate the need for effective operation of energy management systems [1][2][3][4]. Therefore, accurate forecasts in relation to power demands are a necessity for national operators and the power market.…”