Trends and Characterization of Primary Energy Sources by Energy and Food Prices

Christian Barika Igbeghe, Tamas Mizik, Zoltán Gabnai () and Attila Bai ()
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Christian Barika Igbeghe: Institute of Applied Economics, Faculty of Economics and Business, University of Debrecen, H-4032 Debrecen, Hungary
Zoltán Gabnai: Institute of Applied Economics, Faculty of Economics and Business, University of Debrecen, H-4032 Debrecen, Hungary
Attila Bai: Institute of Applied Economics, Faculty of Economics and Business, University of Debrecen, H-4032 Debrecen, Hungary

Energies, 2023, vol. 16, issue 7, 1-18

Abstract: This study introduces the most important energy trends and global food systems, as well as the relationship between the human development index (HDI) and energy supply and the relationship between energy prices and food prices. Based on seven important indicators as variables in 18 relevant countries worldwide, before and after the pandemic, with the help of cluster analysis and comparative analysis, five different primary energy clusters were created and analyzed. Our results prove the high volatility of the composition of these clusters within a short period. Another important finding is that renewable energy sources (RES) are probably not viable options for the largest (developed and developing) countries in the short term. The human development index and food production per capita are the lowest in the renewable energy cluster and the highest in countries dominated by nuclear energy and oil with typically the highest GDP, since they are able to finance the price hike in both food and energy markets. Generally, it can be stated that although there is a relationship between the measured indicators, it is not constant in all cases. Our results and methodology may be a good basis for further research to examine the relationship between the most important relevant indicators in different countries, as well as the effect of a global crisis on strengthening food and energy security.

Keywords: energy supply; comparative analysis; cluster analysis; price index; human development index (HDI); renewable energy sources (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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