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

Author

Listed:
  • Marcos Perroni

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

  • Luciano Luiz Dalazen

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

  • Wesley Vieira da Silva

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

  • Sergio Eduardo Gouvêa da Costa

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

  • Claudimar Pereira da Veiga

    (Brazil, 5Department of Business Management Graduate Program (PPAD), Pontifical Catholic University of Paraná, PUCPR, Curitiba, 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.

Suggested Citation

  • Marcos Perroni & Luciano Luiz Dalazen & Wesley Vieira da Silva & Sergio Eduardo Gouvêa da Costa & Claudimar Pereira da Veiga, 2015. "Evolution of Risks for Energy Companies from the Energy Efficiency Perspective: The Brazilian Case," International Journal of Energy Economics and Policy, Econjournals, vol. 5(2), pages 612-623.
  • Handle: RePEc:eco:journ2:2015-02-26
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    References listed on IDEAS

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    More about this item

    Keywords

    Capital Asset Pricing Model; PROCEL; Energy Conservation Programs;

    JEL classification:

    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law
    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation
    • Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy

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