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The impact of energy security risks on energy consumption

The impact of energy security risks on energy consumption This study assesses the impact of energy security risks on energy consumption by analysing a panel of data from 64 countries from 1980 to 2014. We find that rising energy security risk increases oil, natural gas, nuclear power, and wind power consumption and decreases hydroelectric power consumption. We also find that countries with greater energy security risks have increased the relative share of wind energy in their total energy consumption. These results suggest that energy security risk leads to diversified energy consumption through the adoption of renewable energy technologies. Furthermore, gross domestic product and population growth also result in overall increases in the energy consumption levels. This result is consistent with the results found in the existing literature. However, when we analyse the consumption of specific energy sources, solar and wind power consumption levels are shown to decrease in response to population growth. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Innovation and Sustainable Development Inderscience Publishers

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Publisher
Inderscience Publishers
Copyright
Copyright © Inderscience Enterprises Ltd
ISSN
1740-8822
eISSN
1740-8830
DOI
10.1504/IJISD.2018.091522
Publisher site
See Article on Publisher Site

Abstract

This study assesses the impact of energy security risks on energy consumption by analysing a panel of data from 64 countries from 1980 to 2014. We find that rising energy security risk increases oil, natural gas, nuclear power, and wind power consumption and decreases hydroelectric power consumption. We also find that countries with greater energy security risks have increased the relative share of wind energy in their total energy consumption. These results suggest that energy security risk leads to diversified energy consumption through the adoption of renewable energy technologies. Furthermore, gross domestic product and population growth also result in overall increases in the energy consumption levels. This result is consistent with the results found in the existing literature. However, when we analyse the consumption of specific energy sources, solar and wind power consumption levels are shown to decrease in response to population growth.

Journal

International Journal of Innovation and Sustainable DevelopmentInderscience Publishers

Published: Jan 1, 2018

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