Evolution of Risks for Energy Companies from the Energy Efficiency Perspective: The Brazilian Case

Marcos Perroni, Luciano Luiz Dalazen, Wesley Vieira da Silva, Sergio Eduardo Gouv a da Costa and Claudimar Pereira da Veiga
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Marcos Perroni: Industrial and Systems Engineering Graduate Program, Pontifical Catholic University of Paran , PUCPR, Curitiba, Brazil,
Luciano Luiz Dalazen: Department of Business Management Graduate Program, Pontifical Catholic University of Paran , PUCPR, Curitiba, Brazil,
Wesley Vieira da Silva: Department of Business Management Graduate Program, Pontifical Catholic University of Paran , PUCPR, Curitiba, Brazil,
Sergio Eduardo Gouv a da Costa: Industrial and Systems Engineering Graduate Program (PPGEPS), Pontifical Catholic University of Paran , PUCPR, Curitiba,
Claudimar Pereira da Veiga: Brazil, 5Department of Business Management Graduate Program (PPAD), Pontifical Catholic University of Paran , PUCPR, Curitiba, Brazil.

International Journal of Energy Economics and Policy, 2015, vol. 5, issue 2, 612-623

Abstract: This study aims to evaluate whether energy savings from energy efficiency programs in Brazil affected the risks taken by energy companies during the period 2000-2013, based on the following research question: can we assume that energy conservation programs affect return risks to electrical energy companies? The results obtained through risk assessment models, exponentially weighted moving averages, and the capital asset pricing model indicated that during periods of crisis, both volatility and required returns were higher, but during less difficult periods, risks taken were significantly reduced. Further, as research contribution, this research suggests the elimination the affirmative hypothesis that a possible increase in energy efficiency affects the risks taken by electrical energy companies.

Keywords: Capital Asset Pricing Model; PROCEL; Energy Conservation Programs (search for similar items in EconPapers)
JEL-codes: E30 G38 K23 M48 Q4 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:eco:journ2:2015-02-26

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