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Geo-economic approach to energy security measurement – principal component analysis

Author

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  • Radovanović, Mirjana
  • Filipović, Sanja
  • Golušin, Vladimir
Abstract
Currently, there is no single accepted methodology for measuring energy security, while the prevailing scientific attitude is that energy security should be defined and quantified in a way to be able to follow rapid developments on the global economic and geopolitical scene. Considering the fact that the national economies represent an integral part of a dynamic international economy where external shocks (global financial and economic crisis, political conflicts, war, etc.) have the impact on energy prices and energy security in general, the paper proposes a new geo-economic concept of energy security. The new approach differs from the existing ones as regards the fact that, in addition to basic indicators, it takes into account sovereign credit rating as a measure of economic, financial and political stability - as one of the decisive factors which determines global energy trade and the ability of national economies to be stable and secure when it comes to energy. Determination and testing of Geo-economic Index of Energy Security was conducted by using the Principal Component Analysis in the European Union and in the selected countries of the world, over a period of ten years (2004–2013). The measured values of a newly proposed Geo-economic Index of Energy Security demonstrate significant deviations from the data obtained by using usual indicators of energy security. Observed individually, GDP per capita has the greatest impact on the change in final value of Geo-economic Index of Energy Security, while the impact of sovereign credit rating is slightly less. The study has shown that the least impact on energy security is exerted by energy dependence (which is traditionally used as a proxy indicator of energy security) and production of energy from renewable sources (which is defined by the EU policy as one of the methods for the improvement of energy security). Due to the results obtained, it is necessary to conduct further analysis of sovereign credit rating and to review the type and significance of the impact of Energy Dependence indicator as a measure of energy security in general.

Suggested Citation

  • Radovanović, Mirjana & Filipović, Sanja & Golušin, Vladimir, 2018. "Geo-economic approach to energy security measurement – principal component analysis," Renewable and Sustainable Energy Reviews, Elsevier, vol. 82(P2), pages 1691-1700.
    • Handle: RePEc:eee:rensus:v:82:y:2018:i:p2:p:1691-1700
    DOI: 10.1016/j.rser.2017.06.072
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    Citations

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    Cited by:

    1. Wang, Ke & Wang, Yi-Wei & Wang, Quan-Jing, 2022. "Will monetary policy affect energy security? Evidence from Asian countries," Journal of Asian Economics, Elsevier, vol. 81(C).
    2. Sandu, Suwin & Yang, Muyi & Phoumin, Han & Aghdam, Reza Fathollahzadeh & Shi, Xunpeng, 2021. "Assessment of accessible, clean and efficient energy systems: A statistical analysis of composite energy performance indices," Applied Energy, Elsevier, vol. 304(C).
    3. Huang, Shi-Wei & Chung, Yung-Fu & Wu, Tai-Hsi, 2021. "Analyzing the relationship between energy security performance and decoupling of economic growth from CO2 emissions for OECD countries," Renewable and Sustainable Energy Reviews, Elsevier, vol. 152(C).
    4. De Rosa, Mattia & Gainsford, Kenneth & Pallonetto, Fabiano & Finn, Donal P., 2022. "Diversification, concentration and renewability of the energy supply in the European Union," Energy, Elsevier, vol. 253(C).
    5. Lu, Hongfang & Xu, FengYing & Liu, Hongxiao & Wang, Jun & Campbell, Daniel E. & Ren, Hai, 2019. "Emergy-based analysis of the energy security of China," Energy, Elsevier, vol. 181(C), pages 123-135.
    6. Zaman, Kazi Arif Uz & Kalirajan, Kaliappa, 2019. "Strengthening of energy security & low-carbon growth in Asia: Role of regional energy cooperation through trade," Energy Policy, Elsevier, vol. 133(C).
    7. Zhao, Yabo & Liu, Xiaofeng & Wang, Shaojian & Ge, Yuejing, 2019. "Energy relations between China and the countries along the Belt and Road: An analysis of the distribution of energy resources and interdependence relationships," Renewable and Sustainable Energy Reviews, Elsevier, vol. 107(C), pages 133-144.
    8. Šprajc, Polona & Bjegović, Miroslav & Vasić, Bojana, 2019. "Energy security in decision making and governance - Methodological analysis of energy trilemma index," Renewable and Sustainable Energy Reviews, Elsevier, vol. 114(C), pages 1-1.
    9. Gong, Chengzhu & Gong, Nianjiao & Qi, Rui & Yu, Shiwei, 2020. "Assessment of natural gas supply security in Asia Pacific: Composite indicators with compromise Benefit-of-the-Doubt weights," Resources Policy, Elsevier, vol. 67(C).
    10. Vonsée, Bram & Crijns-Graus, Wina & Liu, Wen, 2019. "Energy technology dependence - A value chain analysis of geothermal power in the EU," Energy, Elsevier, vol. 178(C), pages 419-435.
    11. Zhang, Long & Bai, Wuliyasu & Xiao, Huijuan & Ren, Jingzheng, 2021. "Measuring and improving regional energy security: A methodological framework based on both quantitative and qualitative analysis," Energy, Elsevier, vol. 227(C).
    12. Le, Thai-Ha & Chang, Youngho & Taghizadeh-Hesary, Farhad & Yoshino, Naoyuki, 2019. "Energy insecurity in Asia: A multi-dimensional analysis," Economic Modelling, Elsevier, vol. 83(C), pages 84-95.
    13. Tutak, Magdalena & Brodny, Jarosław, 2022. "Analysis of the level of energy security in the three seas initiative countries," Applied Energy, Elsevier, vol. 311(C).
    14. Le, Thai-Ha & Han, Phoumin & Le, Ha-Chi & Bui, Manh-Tien, 2023. "Electricity market development in Vietnam: Historical trends and future outlooks," Utilities Policy, Elsevier, vol. 81(C).

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