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1 |
Managing the risks of energy efficiency insurances in a portfolio context: An actuarial diversification approach
مدیریت ریسک بیمه های بهره وری انرژی در یک زمینه پرتفوی: یک رویکرد متنوع سازی مجذوب-2020 To achieve ambitious international climate goals, an increase of energy efficiency investments is necessary and,
thus, a growing market potential arises. Concomitantly, the relevance of managing the risk of financing and
insuring energy efficiency measures increases continuously. Energy Efficiency Insurances encourage investors by
guaranteeing a predefined energy efficiency performance. However, literature on quantitative analysis of pricing
and diversification effects of such novel insurance solutions is scarce. This paper provides a first approach for the
analysis of diversification potential on three levels: collective risk diversification, cross product line diversification,
and financial hedging. Based on an extensive real-world data set for German residential buildings, the
analysis reveals that underwriting different Energy Efficiency Insurance types and constructing Markowitz
Minimum Variance Portfolios halves overall risk in terms of standard deviation. We evince that Energy Efficiency
Insurances can diversify property insurance portfolios and reduce regulatory capital for insurers under Solvency
II constraints. Moreover, we show that Energy Efficiency Insurances potentially supersede financial market instruments
such as weather derivatives in diversifying property insurance portfolios. In summary, these three
levels of diversification effects constitute an additional benefit for the introduction of Energy Efficiency
Insurances and may positively impact their market development. Keywords: Energy efficiency investment | Energy efficiency insurance | Energy portfolio risk management | Energy portfolio optimization | Risk diversification |
مقاله انگلیسی |
2 |
Industrial Energy Demand and Energy Efficiency - Evidence from Sweden
تقاضای انرژی صنعتی و بهره وری انرژی - شواهدی از سوئد-2016 This paper estimates firm level energy demand and energy efficiency for 14 sectors in
Swedish manufacturing using stochastic frontier analysis (SFA). We derive sector level
energy demand frontiers that account for firm specific heterogeneity. Results show that there
is potential to improve energy efficiency for fuel and electricity use in all sectors; energy
intensity is not an appropriate proxy for energy efficiency; the EU ETS had a modest or no
effect on Swedish firms’ efficient use of energy during the first trading phase and the
beginning of the second, indicating that the carbon permit price was too low to generate the
necessary incentives for energy efficiency investments.
Keywords: energy demand | energy efficiency | manufacturing industry | stochastic frontier analysis | true random effects |
مقاله انگلیسی |