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Analyzing the Greek renewable energy sector: A Data Envelopment Analysis approach

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  • Halkos, George E.
  • Tzeremes, Nickolaos G.

Abstract

This paper applies a bootstrapped Data Envelopment Analysis (DEA) formulation aiming to evaluate the financial performance of the firms operating in the Greek renewable energy sector. With the use of financial ratios in a DEA setting, efficiency ratios are constructed in order to analyse firms’ financial performance. The results reveal that firms’ performances are positively influenced by the high levels of return on assets and equity and by lower levels of debt to equity. In addition it appears that there are not significant differences of firms’ efficiency levels indicating high competitiveness between firms. Finally, firms producing wind energy appear to perform better than firms producing hydropower energy. It emerges that the majority of firms are operating in the wind and hydropower energy production making the Greek market of solar energy production being an emerging segment of the Greek renewable energy sector.

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  • Halkos, George E. & Tzeremes, Nickolaos G., 2012. "Analyzing the Greek renewable energy sector: A Data Envelopment Analysis approach," Renewable and Sustainable Energy Reviews, Elsevier, vol. 16(5), pages 2884-2893.
  • Handle: RePEc:eee:rensus:v:16:y:2012:i:5:p:2884-2893
    DOI: 10.1016/j.rser.2012.02.003
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    2. Tomas Baležentis & Irena Kriščiukaitienė & Alvydas Baležentis, 2014. "A nonparametric analysis of the determinants of family farm efficiency dynamics in Lithuania," Agricultural Economics, International Association of Agricultural Economists, vol. 45(5), pages 589-599, September.
    3. Halkos, George & Tzeremes, Nickolaos, 2013. "Renewable energy consumption and economic efficiency: Evidence from European countries," MPRA Paper 44136, University Library of Munich, Germany.
    4. Menegaki, Angeliki N., 2014. "On energy consumption and GDP studies; A meta-analysis of the last two decades," Renewable and Sustainable Energy Reviews, Elsevier, vol. 29(C), pages 31-36.
    5. repec:eee:ejores:v:262:y:2017:i:1:p:347-360 is not listed on IDEAS
    6. Menegaki, Angeliki N., 2013. "Growth and renewable energy in Europe: Benchmarking with data envelopment analysis," Renewable Energy, Elsevier, vol. 60(C), pages 363-369.
    7. Lin, Boqiang & Yang, Lisha, 2014. "Efficiency effect of changing investment structure on China׳s power industry," Renewable and Sustainable Energy Reviews, Elsevier, vol. 39(C), pages 403-411.
    8. Manos, Basil & Partalidou, Maria & Fantozzi, Francesco & Arampatzis, Stratos & Papadopoulou, Olympia, 2014. "Agro-energy districts contributing to environmental and social sustainability in rural areas: Evaluation of a local public–private partnership scheme in Greece," Renewable and Sustainable Energy Reviews, Elsevier, vol. 29(C), pages 85-95.
    9. repec:eee:appene:v:202:y:2017:i:c:p:88-111 is not listed on IDEAS
    10. repec:eee:energy:v:134:y:2017:i:c:p:902-918 is not listed on IDEAS
    11. Kim, Kyung-Taek & Lee, Deok Joo & Park, Sung-Joon & Zhang, Yanshuai & Sultanov, Azamat, 2015. "Measuring the efficiency of the investment for renewable energy in Korea using data envelopment analysis," Renewable and Sustainable Energy Reviews, Elsevier, vol. 47(C), pages 694-702.
    12. Woo, Chungwon & Chung, Yanghon & Chun, Dongphil & Seo, Hangyeol & Hong, Sungjun, 2015. "The static and dynamic environmental efficiency of renewable energy: A Malmquist index analysis of OECD countries," Renewable and Sustainable Energy Reviews, Elsevier, vol. 47(C), pages 367-376.

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