The Efficiency of Offshore Wind Energy Companies in the European Countries: A DEA Approach

Dario Maradin (), Bojana Olgić Draženović and Saša Čegar
Additional contact information
Dario Maradin: Faculty of Economics and Business, University of Rijeka, Ivana Filipovića 4, 51000 Rijeka, Croatia
Bojana Olgić Draženović: Faculty of Economics and Business, University of Rijeka, Ivana Filipovića 4, 51000 Rijeka, Croatia
Saša Čegar: Faculty of Economics and Business, University of Rijeka, Ivana Filipovića 4, 51000 Rijeka, Croatia

Energies, 2023, vol. 16, issue 9, 1-16

Abstract: Considering environmental issues such as greenhouse gas emissions associated with climate change and the depletion of fossil fuels, one of the possible solutions is the use of renewable energy sources. Wind energy is one of the most competitive and resilient energy sources in the world, which can play an important role in accelerating the global transition to green energy. The purpose of this study is to evaluate the allocative efficiency of 47 offshore wind energy companies in 9 European countries using the input-oriented BCC DEA model. The basic hypothesis is that by evaluating the relative efficiency of offshore wind energy companies in European countries, it is possible to determine a correlation between the results of efficiency between the two observed periods with slight deviations. The empirical results show no significant correlation between the score of relative efficiency and the country where the offshore wind energy company is located. On the other hand, the results are consistent with the basic hypothesis of this study. From the management perspective, significant improvements in all financial variables, i.e., tangible fixed assets, cash and cash equivalents, and current assets, are required to achieve relative efficiency. The model variables refer to the economic characteristics of offshore wind energy companies, indicating that only allocative efficiency was analysed, which is in contrast to previous studies.

Keywords: 47 offshore wind energy companies; electricity generation; assessment of allocative efficiency; nine European countries; input-oriented BCC DEA model (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
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
https://www.mdpi.com/1996-1073/16/9/3709/pdf (application/pdf)
https://www.mdpi.com/1996-1073/16/9/3709/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jeners:v:16:y:2023:i:9:p:3709-:d:1133408

Access Statistics for this article

Energies is currently edited by Ms. Agatha Cao

More articles in Energies from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().