Ukraine war’s impact on European conventional and renewable energy stocks

Fátima Sol Murta, Pedro Bação, António Portugal Duarte and Ana Carolina Moreira

Journal of Financial Economic Policy, 2025, vol. 17, issue 6, 818-835

Abstract: PurposeThis study aims to examine the impact of Russia’s invasion of Ukraine on stock prices in the energy sector. It analyzes the abnormal returns (ARs) in the energy sector in Europe.Design/methodology/approachThis study uses an event study methodology to analyze the ARs of conventional and renewable energy market indices and a large group of companies in both European market sectors.FindingsThe results show heterogeneous effects. There is a positive impact on the renewable energy index, which may be because of investors anticipating the need for clean energy.Research limitations/implicationsThe results suggest the importance of establishing diverse international relationships and diversifying the sources of raw materials. A limitation of this study is that other events within the estimation window may have caused stock prices to anticipate the invasion.Originality/valueThis paper aims to identify which European energy sector – the conventional or the renewable – was most affected by Russia’s invasion of Ukraine.

Keywords: Event study; Abnormal return; Energy; Russia–Ukraine war (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jfeppp:jfep-11-2023-0321

DOI: 10.1108/JFEP-11-2023-0321

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