The Demand for Energy Imports from Non-Renewable Resources in EU-27 Economy

Ioana-Ancuta Iancu, Patrick Hendrick, Dan Doru Micu and Stefan Dragos Cirstea

ULB Institutional Repository from ULB -- Universite Libre de Bruxelles

Abstract: Energy imports and the transition to renewable energy sources are of critical importance in the current geopolitical context, which necessitates concrete actions to tackle the energy crisis at the European Union level. This study aimed to explore the impact of imported non-renewable energy resources on the EU-27 economy. It examined the correlations and causal relationships between the GDP, the GVA, R&D investments, and energy imports from 2000 to 2021. Data normality was assessed using the Shapiro–Wilk test, while Pearson’s test identified correlations between variables. Linear and multiple regression analyses were conducted to determine the effects of changes in independent variables on dependent variables. The study found a strong association between natural gas imports and the GDP, with increases in GDP leading to a more-than-fourfold rise in imports. Furthermore, a multiple regression analysis indicated that a 1% increase in R&D investments results in a 2.21% decrease in fossil fuel imports in 91.7% of cases. This suggests that R&D investments contribute to improved efficiency and the use of renewable energy sources.

Keywords: energy imports; European Union; gross domestic product; gross value added; renewable energy; research and development investments (search for similar items in EconPapers)
Date: 2023-07-01
New Economics Papers: this item is included in nep-eec, nep-ene, nep-env, nep-ger and nep-int
Note: SCOPUS: ar.j
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Published in: Energies (2023) v.16 n° 13,p.5177

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