The Efficiency of Offshore Wind Energy Companies in the European Countries: A DEA Approach

Abstract

Considering environmental issues such as greenhouse gas emissions associated with climate change and the depletion of fossil fuels, one of the possible solutions is the use of renewable energy sources. Wind energy is one of the most competitive and resilient energy sources in the world, which can play an important role in accelerating the global transition to green energy. The purpose of this study is to evaluate the allocative efficiency of 47 offshore wind energy companies in 9 European countries using the input-oriented BCC DEA model. The basic hypothesis is that by evaluating the relative efficiency of offshore wind energy companies in European countries, it is possible to determine a correlation between the results of efficiency between the two observed periods with slight deviations. The empirical results show no significant correlation between the score of relative efficiency and the country where the offshore wind energy company is located. On the other hand, the results are consistent with the basic hypothesis of this study. From the management perspective, significant improvements in all financial variables, i.e., tangible fixed assets, cash and cash equivalents, and current assets, are required to achieve relative efficiency. The model variables refer to the economic characteristics of offshore wind energy companies, indicating that only allocative efficiency was analysed, which is in contrast to previous studies.

The Role of State in Managing the Wind Energy Projects: Risk Assessment and Justification of the Economic Efficiency

“…The economic risks of a wind energy project need to be measured by taking into account such macroeconomic indicators as changes in exchange rates, the refinancing rate, lending rates, the cost of electricity [73,74], etc. Therefore, in our methodology, we propose adapting the principles of the theory of economic capital [75], which reflects the above indicators in the field of renewable energy.…”

Experimental Assessment of Electromagnetic Fields Inside a Vehicle for Different Wireless Communication Scenarios: A New Alternative Source of Energy

“…The search for new energy sources in the 21st century is a crucial topic with essential economic and societal meaning. Energy from renewable sources has been considered an additional form of energy that has the potential to provide energy services without increasing environmental pollution (i.e., energy services with zero or near-zero emissions) [1]. Solar and wind energy are the most widely used renewable energy sources in the world today [2].…”