An evaluation of the energy and environmental policy efficiency of the EU member states in a 25-year period from a Modern Portfolio Theory perspective
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An evaluation of the energy and environmental policy efficiency of the EU member states in a 25-year period from a Modern Portfolio Theory perspectiveDate
2020Citation
Martínez Fernández, P., De Llano Paz, F., Calvo Silvosa, A. & Soares, I. (2022). An evaluation of the energy and environmental policy efficiency of the EU member states in a 25-year period from a Modern Portfolio Theory perspective. International Journal of Sustainable Energy Planning and Management, 26, 19–32. https://doi.org/10.5278/ijsepm.3482
Abstract
[Abstract]: The European Union has been developing its energy and environmental policy for the last 30
years. Recent communications issued by the European Commission confirm the leadership of the
European Union on reducing pollutant gas emissions and technological change towards a climate
neutral economy. This work assesses the efficiency of European energy policy under a Modern
Portfolio Theory (MPT) approach. This proposal analyses the disaggregated European power
portfolio: to make a more exhaustive analysis, focusing individually on each European country
along the period 1990-2015. The efficiency of the energy and environmental policy of each
Member State is measured by their distance to the power generation efficient frontier. The
quadratic optimization model used by MPT is complemented by a cluster analysis in order to
identify different groups of EU member states according to their behaviour patterns regarding the
application of their energy and environmental policies without overlooking the efficiency of that
implementation. Results stand out that France, Slovakia and Sweden belong to the “leader”
efficient cluster for the analysed period. In turn, Denmark, Germany, Greece and Italy show a
high consistency in the application of their energy and environmental policies as they improved
their positions for the considered years.
Keywords
European Union
Power Mix Portfolio
Efficiency assessment
Energy policy assessment
Environmental policy assessment
Power Mix Portfolio
Efficiency assessment
Energy policy assessment
Environmental policy assessment
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Atribución-NoComercial-SinDerivadas 3.0
ISSN
2246-2929