Opportunities in clean energy equity markets: the compelling case for nuclear energy investments
Abstract
This study analyzes the post-pandemic dynamics and investment potential of diverse clean energy equities, including solar, wind, nuclear, and other renewable assets, highlighting nuanced differences and investment opportunities within this critical sector. The analysis reveals that nuclear energy portfolios (NLR) exhibit notable resilience, sustaining growth amidst significant market volatility. Within the mean-variance portfolio optimization (MVO) framework, this study identifies strategic investments that balance risk and return, underscoring NLR’s role as a stabilizing force and return enhancer, as evidenced by its predominant allocation in both Minimum Variance and Tangency Portfolios. Employing advanced stochastic modeling and simulation techniques, the research uses a uniform distribution to generate random portfolio weights, ensuring comprehensive and unbiased exploration of the feasible solution space, thereby enhancing the robustness of the portfolio optimization process. The findings also illustrate the diversification merits of integrating clean energy equities into broader portfolios comprising traditional stocks and bonds, with nuclear-focused equity significantly enhancing the efficient frontier. Results underscore the superiority of the nuclear energy exchange-traded fund (ETF) both as a standalone investment and as a crucial component of diversified portfolios, highlighting its contribution to investment performance and risk management. This approach offers insights for investors and policymakers navigating the intersection of finance, sustainability, and economic growth post-pandemic.
Keyword : clean energy equity markets, stochastic modelling, mean-variance optimization, drawdown, Monte Carlo simulation, optimization algorithms, diversification, Sharpe ratio
How to Cite
Tudor, C. (2024). Opportunities in clean energy equity markets: the compelling case for nuclear energy investments. Journal of Business Economics and Management, 25(5), 960–980. https://doi.org/10.3846/jbem.2024.22350
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Bumpus, A., & Comello, S. (2017). Emerging clean energy technology investment trends. Nature Climate Change, 7(6), 382–385. https://doi.org/10.1038/nclimate3306
Bürer, M. J., & Wüstenhagen, R. (2009). Which renewable energy policy is a venture capitalist’s best friend? Empirical evidence from a survey of international cleantech investors. Energy Policy, 37(12), 4997–5006. https://doi.org/10.1016/j.enpol.2009.06.071
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Cergibozan, R. (2022). Renewable energy sources as a solution for energy security risk: Empirical evidence from OECD countries. Renewable Energy, 183, 617–626. https://doi.org/10.1016/j.renene.2021.11.056
Chen, C., Pinar, M., & Stengos, T. (2020). Renewable energy consumption and economic growth nexus: Evidence from a threshold model. Energy Policy, 139, Article 111295. https://doi.org/10.1016/j.enpol.2020.111295
Cherp, A., Vinichenko, V., Jewell, J., Brutschin, E., & Sovacool, B. (2018). Integrating techno-economic, socio-technical and political perspectives on national energy transitions: A meta-theoretical framework. Energy Research & Social Science, 37, 175–190. https://doi.org/10.1016/j.erss.2017.09.015
Deka, A., Ozdeser, H., & Seraj, M. (2023). The impact of primary energy supply, effective capital and renewable energy on economic growth in the EU-27 countries: A dynamic panel GMM analysis. Renewable Energy, 219, Article 119450. https://doi.org/10.1016/j.renene.2023.119450
Dutta, A., Bouri, E., Das, D., & Roubaud, D. (2020a). Assessment and optimization of clean energy equity risks and commodity price volatility indexes: Implications for sustainability. Journal of Cleaner Production, 243, Article 118669. https://doi.org/10.1016/j.jclepro.2019.118669
Dutta, A., Bouri, E., Saeed, T., & Vo, X. V. (2020b). Impact of energy sector volatility on clean energy assets. Energy, 212, Article 118657. https://doi.org/10.1016/j.energy.2020.118657
Dutta, A., Bouri, E., Uddin, G. S., & Yahya, M. (2020c). Impact of COVID-19 on global energy markets. In IAEE energy forum COVID-19 issue (Vol. 2020, pp. 26–29). IAEE Cleveland, OH, USA.
Gielen, D., Boshell, F., Saygin, D., Bazilian, M. D., Wagner, N., & Gorini, R. (2019). The role of renewable energy in the global energy transformation. Energy Strategy Reviews, 24, 38–50. https://doi.org/10.1016/j.esr.2019.01.006
Gökgöz, F., & Güvercin, M. T. (2018). Energy security and renewable energy efficiency in EU. Renewable and Sustainable Energy Reviews, 96, 226–239. https://doi.org/10.1016/j.rser.2018.07.046
Guliyev, H. (2023). Nexus between renewable energy and economic growth in G7 countries: New insight from nonlinear time series and panel cointegration analysis. Journal of Cleaner Production, 424, Article 138853. https://doi.org/10.1016/j.jclepro.2023.138853
Hassan, A. (2022). Does clean energy financial market reflect carbon transition risks? Evidence from the NASDAQ clean energy stock volatility. Journal of Sustainable Finance & Investment. https://doi.org/10.1080/20430795.2022.2144108
Henriques, I., & Sadorsky, P. (2008). Oil prices and the stock prices of alternative energy companies. Energy Economics, 30(3), 998–1010. https://doi.org/10.1016/j.eneco.2007.11.001
Hieu, V. M., & Mai, N. H. (2023). Impact of renewable energy on economic growth? Novel evidence from developing countries through MMQR estimations. Environmental Science and Pollution Research, 30(1), 578–593. https://doi.org/10.1007/s11356-022-21956-7
Hoepner, A. G., Oikonomou, I., Sautner, Z., Starks, L. T., & Zhou, X. Y. (2019). ESG shareholder engagement and downside risk. Retrieved July 16, 2024, from https://www.ecgi.global/sites/default/files/ESG%20Shareholder%20Engagement%20and%20Downside%20Risk.pdf
Hore-Lacy, I. (2010). Nuclear energy in the 21st century: World Nuclear University Press. Elsevier.
Husain, A., Yii, K. J., & Lee, C. C. (2023). Are green cryptocurrencies really green? New evidence from wavelet analysis. Journal of Cleaner Production, 417, Article 137985. https://doi.org/10.1016/j.jclepro.2023.137985
Kan, X., Hedenus, F., & Reichenberg, L. (2020). The cost of a future low-carbon electricity system without nuclear power: The case of Sweden. Energy, 195, Article 117015. https://doi.org/10.1016/j.energy.2020.117015
Kittner, N., Lill, F., & Kammen, D. M. (2017). Energy storage deployment and innovation for the clean energy transition. Nature Energy, 2(9), 1–6. https://doi.org/10.1038/nenergy.2017.125
Kuang, W. (2021a). Which clean energy sectors are attractive? A portfolio diversification perspective. Energy Economics, 104, Article 105644. https://doi.org/10.1016/j.eneco.2021.105644
Kuang, W. (2021b). Are clean energy assets a safe haven for international equity markets?. Journal of Cleaner Production, 302, Article 127006. https://doi.org/10.1016/j.jclepro.2021.127006
La Monaca, S., Assereto, M., & Byrne, J. (2018). Clean energy investing in public capital markets: Portfolio benefits of yieldcos. Energy Policy, 121, 383–393. https://doi.org/10.1016/j.enpol.2018.06.028
Lamb, W. F., & Steinberger, J. K. (2017). Human well‐being and climate change mitigation. Wiley Interdisciplinary Reviews: Climate Change, 8(6), Article e485. https://doi.org/10.1002/wcc.485
Le, T. H., & Nguyen, C. P. (2019). Is energy security a driver for economic growth? Evidence from a global sample. Energy Policy, 129, 436–451. https://doi.org/10.1016/j.enpol.2019.02.038
Li, B. (2023). The role of financial markets in the energy transition: An analysis of investment trends and opportunities in renewable energy and clean technology. Environmental Science and Pollution Research, 30(43), 97948–97964. https://doi.org/10.1007/s11356-023-29014-6
Li, Z., Kuo, T. H., Siao-Yun, W., & Vinh, L. T. (2022). Role of green finance, volatility and risk in promoting the investments in renewable energy resources in the post-COVID-19. Resources Policy, 76, Article 102563. https://doi.org/10.1016/j.resourpol.2022.102563
Liu, N., Liu, C., Da, B., Zhang, T., & Guan, F. (2021). Dependence and risk spillovers between green bonds and clean energy markets. Journal of Cleaner Production, 279, Article 123595. https://doi.org/10.1016/j.jclepro.2020.123595
Madaleno, M., Dogan, E., & Taskin, D. (2022). A step forward on sustainability: The nexus of environmental responsibility, green technology, clean energy and green finance. Energy Economics, 109, Article 105945. https://doi.org/10.1016/j.eneco.2022.105945
Markowitz, H. (1952). Portfolio selection. The Journal of Finance, 12(7), 77–91. https://doi.org/10.1111/j.1540-6261.1952.tb01525.x
Naqvi, B., Rizvi, S. K. A., Hasnaoui, A., & Shao, X. (2022). Going beyond sustainability: The diversification benefits of green energy financial products. Energy Economics, 111, Article 106111. https://doi.org/10.1016/j.eneco.2022.106111
Nijsse, F. J., Mercure, J. F., Ameli, N., Larosa, F., Kothari, S., Rickman, J., Vercoulen, P., & Pollitt, H. (2023). The momentum of the solar energy transition. Nature Communications, 14(1), Article 6542. https://doi.org/10.1038/s41467-023-41971-7
Peterson, B. G., Carl, P., Boudt, K., Bennett, R., Ulrich, J., Zivot, E., Cornilly, D., Hung, E., Lestel, M., Balkissoon, K., Wuertz, D., Christidis, A. A., Martin, R. D., Zhou, Z., & Shea, J. M. (2020). Performance analytics: Econometric tools for performance and risk analysis (R package version 2.0.4). https://cran.r-project.org/web/packages/PerformanceAnalytics/PerformanceAnalytics.pdf
Pioro, I., & Duffey, R. (2015). Nuclear power as a basis for future electricity generation. Journal of Nuclear Engineering and Radiation Science, 1(1), Article 011001. https://doi.org/10.1115/1.4029420
Pospisil, L., & Vecer, J. (2008). PDE methods for the maximum drawdown. Journal of Computational Finance, 12(2), 59–76. https://doi.org/10.21314/JCF.2008.177
Pospisil, L., & Vecer, J. (2010). Portfolio sensitivity to changes in the maximum and the maximum drawdown. Quantitative Finance, 10(6), 617–627. https://doi.org/10.1080/14697680903008751
Rao, A., Lucey, B., Kumar, S., & Lim, W. M. (2023). Do green energy markets catch cold when conventional energy markets sneeze?. Energy Economics, 127, Article 107035. https://doi.org/10.1016/j.eneco.2023.107035
Shaikh, I. (2022). Impact of COVID-19 pandemic on the energy markets. Economic Change and Restructuring, 55(1), 433–484. https://doi.org/10.1007/s10644-021-09320-0
Sharpe, W. F. (1963). A simplified model for portfolio analysis. Management Science, 9(2), 277–293. https://doi.org/10.1287/mnsc.9.2.277
Sharpe, W. F. (1966). Mutual fund performance. The Journal of Business, 39(1), 119–138. https://doi.org/10.1086/294846
Sharpe, W. F. (1998). The Sharpe ratio. Streetwise – the Best of the Journal of Portfolio Management, 3, 169–185. https://doi.org/10.1515/9781400829408-022
Solomon, B. D., & Krishna, K. (2011). The coming sustainable energy transition: History, strategies, and outlook. Energy Policy, 39(11), 7422–7431. https://doi.org/10.1016/j.enpol.2011.09.009
Tolliver, C., Keeley, A. R., & Managi, S. (2020). Policy targets behind green bonds for renewable energy: Do climate commitments matter?. Technological Forecasting and Social Change, 157, Article 120051. https://doi.org/10.1016/j.techfore.2020.120051
Tudor, C. (2023). Enhancing sustainable finance through green hydrogen equity investments: A multifaceted risk-return analysis. Risks, 11(12), Article 212. https://doi.org/10.3390/risks11120212
Ullah, S. (2023). Impact of COVID-19 pandemic on financial markets: A global perspective. Journal of the Knowledge Economy, 14(2), 982–1003. https://doi.org/10.1007/s13132-022-00970-7
Verbruggen, A., & Yurchenko, Y. (2017). Positioning nuclear power in the low-carbon electricity transition. Sustainability, 9(1), Article 163. https://doi.org/10.3390/su9010163
Wagner, W. H., & Lau, S. C. (1971). The effect of diversification on risk. Financial Analysts Journal, 27(6), 48–53. https://doi.org/10.2469/faj.v27.n6.48
Wüstenhagen, R., & Menichetti, E. (2012). Strategic choices for renewable energy investment: Conceptual framework and opportunities for further research. Energy Policy, 40, 1–10. https://doi.org/10.1016/j.enpol.2011.06.050
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