Evolution of Risks for Energy Companies from the Energy Efficiency Perspective: The Brazilian Case

Authors

  • Marcos Perroni Pontifical Catholic University of Paraná - PUCPR, Brazil
  • Luciano Luiz Dalazen Pontifical Catholic University of Paraná - PUCPR, Brazil
  • Wesley Vieira Da Silva Pontifical Catholic University of Paraná - PUCPR, Brazil
  • Sergio Gouvêa Pontifical Catholic University of Paraná
  • Claudimar Pereira Da Veiga Pontifical Catholic University of Paraná - PUCPR, Brazil

Abstract

This study aims to evaluate whether energy savings from energy efficiency programs in Brazil affected the risks taken by energy companies during the period 2000–2013, based on the following research question: Can we assume that energy conservation programs affect return risks to electrical energy companies? The results obtained through risk assessment models, exponentially weighted moving averages, and the capital asset pricing model indicated that during periods of crisis, both volatility and required returns were higher, but during less difficult periods, risks taken were significantly reduced.  Further, as research contribution, this research suggests the elimination the affirmative hypothesis that a possible increase in energy efficiency affects the risks taken by electrical energy companies. Keywords: Capital Asset Pricing Model; PROCEL, Energy Conservation Programs. JEL Classifications: E30; G38; K23; M48; Q4

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Author Biographies

Marcos Perroni, Pontifical Catholic University of Paraná - PUCPR, Brazil

Industrial and Systems Engineering Graduate Program (PPGEPS), Pontifical Catholic University of Paraná, PUCPR, Curitiba, Brazil

Luciano Luiz Dalazen, Pontifical Catholic University of Paraná - PUCPR, Brazil

Department of Business Management Graduate Program (PPAD), Pontifical Catholic University of Paraná, PUCPR, Curitiba, Brazil

Wesley Vieira Da Silva, Pontifical Catholic University of Paraná - PUCPR, Brazil

Department of Business Management Graduate Program (PPAD), Pontifical Catholic University of Paraná, PUCPR, Curitiba, Brazil

Sergio Gouvêa, Pontifical Catholic University of Paraná

Industrial and Systems Engineering Graduate Program (PPGEPS), Pontifical Catholic University of Paraná, PUCPR, Curitiba, Brazil

Claudimar Pereira Da Veiga, Pontifical Catholic University of Paraná - PUCPR, Brazil

Department of Business Management Graduate Program (PPAD), Pontifical Catholic University of Paraná, PUCPR, Curitiba, Brazil

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Published

2015-04-20

How to Cite

Perroni, M., Dalazen, L. L., Da Silva, W. V., Gouvêa, S., & Da Veiga, C. P. (2015). Evolution of Risks for Energy Companies from the Energy Efficiency Perspective: The Brazilian Case. International Journal of Energy Economics and Policy, 5(2), 612–623. Retrieved from https://econjournals.com./index.php/ijeep/article/view/1058

Issue

Vol. 5 No. 2 (2015)

Section

Articles

License

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