Abstrakt
The aim of this article is to verify the hypothesis of the occurrence of increased profit margins in the electricity, gas, steam and air conditioning supply industry in an environment of increased CPI inflation rates in selected countries in the European Union. The study was based on the selected quantitative methods, including: the categorisation of companies by mean and standard deviation, and the Kruskal-Wallis test for non-parametric independent variables. The analysis showed that a clear increase in margins was observed in France and Italy during the 2021 and 2022 periods analysed. The largest increase was found in France, where the median gross profit margin increased from 18.9 per cent between 2015 and 2020 to 25.6 and 26.9 per cent respectively between 2021 and 2022. The study contributes to the assessment of the adaptability of the European Union energy sector and the problematic nature of the phenomenon of increased margins.
Bibliografia
Abadie, L. M. (2021). Energy market prices in times of covid-19: The case of electricity and natural gas in Spain. Energies, 14(6). https://doi.org/10.3390/en14061632
Amaglobeli, D., Gu, M., Hanedar, E., Hong, G.H., & Thévenot, C. (2023). Policy Responses to High Energy and Food Prices. IMF Working Paper, 23/74(July), 1–70.
Ball, L., & Mazumder, S. (2021). A Phillips curve for the euro area. International Finance, 24(1). https://doi.org/10.1111/infi.12381
Belaïd, F. (2022). Implications of poorly designed climate policy on energy poverty: Global reflections on the current surge in energy prices. Energy Research and Social Science, 92. https://doi.org/10.1016/j.erss.2022.102790
Benton, T. G., Froggatt, A., Wellesley, L., Grafham, O., King, R., Morisetti, N., Nixey, J., & Schröder, P. (2022). The Ukraine war and threats to food and energy security Cascading risks from rising prices and supply disruptions. Environment and Society Programme, April.
Caporale, G. M., Infante, J., Gil-Alana, L. A., & Ayestaran, R. (2022). Inflation Persistence in Europe: The Effects of the COVID-19 Pandemic and of the Russia-Ukraine War. In SSRN Electronic Journal (Issue 10071). https://doi.org/10.2139/ssrn.4273445
Čiegis, R., Jurgaitytė, R., Rakickas, A., & Kareivaitė, R. (2008). The Analysis of Socio-Economic Progress and Future Perspectives in the New EU Members. Transformations in Business & Economics, 7(2), 34–54.
Colonna, F., Torrini, R., & Viviano, E. (2023). The profit share and firm mark-up: how to interpret them? Questioni Di Economia e Finanza, 770, 1–17. https://doi.org/10.32057/0.QEF.2023.0770
De Loecker, J., Eeckhout, J., & Unger, G. (2020). The rise of market power and the macroeconomic implications. In Quarterly Journal of Economics (Vol. 135, Issue 2). https://doi.org/10.1093/qje/qjz041
Dekimpe, M. G., & van Heerde, H. J. (2023). Retailing in times of soaring inflation: What we know, what we don’t know, and a research agenda. Journal of Retailing. https://doi.org/10.1016/J.JRETAI.2023.07.002
Dergiades, T., Martinopoulos, G., & Tsoulfidis, L. (2013). Energy consumption and economic growth: Parametric and non-parametric causality testing for the case of Greece. Energy Economics, 36. https://doi.org/10.1016/j.eneco.2012.11.017
Eroğlu, H. (2021). Effects of Covid-19 outbreak on environment and renewable energy sector. In Environment, Development and Sustainability (Vol. 23, Issue 4). https://doi.org/10.1007/s10668-020-00837-4
Fedeli, S., Forte, F., & Ricchi, O. (2015). The Long Term Negative Relationship Between Public Deficit and Structural Unemployment: An Empirical Study of OECD Countries (1980–2009). Atlantic Economic Journal, 43(1). https://doi.org/10.1007/s11293-014-9437-z
Fuinhas, J. A., & Marques, A. C. (2012). Energy consumption and economic growth nexus in Portugal, Italy, Greece, Spain and Turkey: An ARDL bounds test approach (1965-2009). Energy Economics, 34(2). https://doi.org/10.1016/j.eneco.2011.10.003
Ghiani, E., Galici, M., Mureddu, M., & Pilo, F. (2020). Impact on electricity consumption and market pricing of energy and ancillary services during pandemic of COVID-19 in Italy. Energies, 13(13). https://doi.org/10.3390/en13133357
Glover, A., Mustre-del-Río, J., & von Ende-Becker, A. (2023). How Much Have Record Corporate Profits Contributed to Recent Inflation? The Federal Reserve Bank of Kansas City Economic Review. https://doi.org/10.18651/er/v108n1glovermustredelriovonendebecker
Gozgor, G., Lau, C. K. M., & Lu, Z. (2018). Energy consumption and economic growth: New evidence from the OECD countries. Energy, 153. https://doi.org/10.1016/j.energy.2018.03.158
Haan, M., S. M. P. (2023). Energy Price Ceilings with Partial Cover: A Dutch Master? Journal of the European Court of Auditors.
Hauser, P., Schönheit, D., Scharf, H., Anke, C. P., & Möst, D. (2021). Covid-19’s impact on european power sectors: An econometric analysis. Energies, 14(6). https://doi.org/10.3390/en14061639
Janik, A., Ryszko, A., & Szafraniec, M. (2020). Greenhouse gases and circular economy issues in sustainability reports from the energy sector in the European union. Energies, 13(22). https://doi.org/10.3390/en13225993
Jestl, S., & Stehrer, R. (2021). EU Employment Dynamics: The Pandemic Years and Beyond. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3935804
Joaqui-Barandica, O., & Manotas-Duque, D. F. (2023). How do Climate and Macroeconomic Factors Affect the Profitability of the Energy Sector? International Journal of Energy Economics and Policy, 13(4), 444–454. https://doi.org/10.32479/ijeep.14303
Karpinska, L., & Śmiech, S. (2020). Invisible energy poverty? Analysing housing costs in Central and Eastern Europe. Energy Research and Social Science, 70. https://doi.org/10.1016/j.erss.2020.101670
Karpinska, L., & Śmiech, S. (2021). Breaking the cycle of energy poverty. Will Poland make it? Energy Economics, 94. https://doi.org/10.1016/j.eneco.2020.105063
Kivimaa, P., Brisbois, M. C., Jayaram, D., Hakala, E., & Siddi, M. (2022). A socio-technical lens on security in sustainability transitions: Future expectations for positive and negative security. Futures, 141. https://doi.org/10.1016/j.futures.2022.102971
Kulkarni, S. S., Wang, L., & Venetsanos, D. (2022). Managing Technology Transfer Challenges in the Renewable Energy Sector within the European Union. Wind, 2(1). https://doi.org/10.3390/wind2010009
Kuzemko, C., Blondeel, M., Dupont, C., & Brisbois, M. C. (2022). Russia’s war on Ukraine, European energy policy responses & implications for sustainable transformations. Energy Research & Social Science, 93. https://doi.org/10.1016/j.erss.2022.102842
Lu, H. fang, Ma, X., & Ma, M. da. (2021). Impacts of the COVID-19 pandemic on the energy sector. In Journal of Zhejiang University: Science A (Vol. 22, Issue 12). https://doi.org/10.1631/jzus.A2100205
Mão-de-Ferro, A., & Ramelli, S. (2022). Inflation, the Corporate Greed Narrative, and the Value of Corporate Social Responsibility. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4308164
Narayan, P. K., & Smyth, R. (2005). Electricity consumption, employment and real income in Australia evidence from multivariate Granger causality tests. Energy Policy, 33(9). https://doi.org/10.1016/j.enpol.2003.11.010
Orbis Internet User Guide, Bureau Van Dijk, A Moody’s Analytics Company. (n.d.). Retrieved July 17, 2023, from www.%0Abib.uni-mannheim.de/fileadmin/ub/pdf/Fachref/BWL/OrbisInternetUserGuide.pdf%0A
Ozcan, B., & Ozturk, I. (2019). Renewable energy consumption-economic growth nexus in emerging countries: A bootstrap panel causality test. Renewable and Sustainable Energy Reviews, 104, 30–37. https://doi.org/10.1016/J.RSER.2019.01.020
Papież, M., Śmiech, S., & Frodyma, K. (2019). Effects of renewable energy sector development on electricity consumption – Growth nexus in the European Union. Renewable and Sustainable Energy Reviews, 113, 109276. https://doi.org/10.1016/J.RSER.2019.109276
Pinto, E. S., Gronier, T., Franquet, E., & Serra, L. M. (2023). Opportunities and economic assessment for a third-party delivering electricity, heat and cold to residential buildings. Energy, 272. https://doi.org/10.1016/j.energy.2023.127019
Plane, M.; Vermersch, G. (2022). Inflation and counter-inflationary policy measures: The case of France (Issue 83).
Ragnitz, J. (2022). Gewinninflation und Inflationsgewinner. Ifo Dresden Berichtet, 29(5), 24–28. https://www.ifo.de/publikationen/2022/aufsatz-zeitschrift/gewinninflation-und-inflationsgewinner
Ruiz Estrada, M. A. (2022). How Much Inflation and Unemployment Worldwide Can Generate the Russo-Ukrainian War Crisis? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4131388
Sgaravatti, G., Tagliapietra, S., & Zachmann, G. (2023). Adjusting to the energy shock: the right policies for European industry. Policy Brief, 11/23. https://www.bruegel.org/sites/default/files/2023-05/PB 11 2023_1.pdf
Siksnelyte-Butkiene, I. (2021). Impact of the COVID-19 pandemic to the sustainability of the energy sector. In Sustainability (Switzerland) (Vol. 13, Issue 23). https://doi.org/10.3390/su132312973
Siksnelyte-Butkiene, I. (2022). Combating Energy Poverty in the Face of the COVID-19 Pandemic and the Global Economic Uncertainty. Energies, 15(10). https://doi.org/10.3390/en15103649
Solarin, S. A., & Shahbaz, M. (2013). Trivariate causality between economic growth, urbanisation and electricity consumption in Angola: Cointegration and causality analysis. Energy Policy, 60. https://doi.org/10.1016/j.enpol.2013.05.058
Su, W., Zhang, D., Zhang, C., & Streimikiene, D. (2020). Sustainability assessment of energy sector development in China and European Union. Sustainable Development, 28(5). https://doi.org/10.1002/sd.2056
Thalassinos, E., Uǧurlu, E., & Muratoǧlu, Y. (2012). Income inequality and inflation in the EU. European Research Studies Journal, 15(1). https://doi.org/10.35808/ersj/347
Topalova, P., Baba, C., Duval, R., & Lan, T. (2023). The 2020-2022 Inflation Surge Across Europe: A Phillips-Curve-Based Dissection. IMF Working Papers, 2023(030). https://doi.org/10.5089/9798400234385.001
Umar, M., Riaz, Y., & Yousaf, I. (2022). Impact of Russian-Ukraine war on clean energy, conventional energy, and metal markets: Evidence from event study approach. Resources Policy, 79. https://doi.org/10.1016/j.resourpol.2022.102966
Weber, I. M., & Wasner, E. (2023). Sellers’ inflation, profits and conflict: why can large firms hike prices in an emergency? Review of Keynesian Economics, 11(2), 183–213. https://doi.org/10.4337/roke.2023.02.05
Yong, E. L. (2019). Unemployment and the European Union, 2000–2017: structural exploration of distant past economic experience and future prosperity. Journal of Economic Structures, 8(1). https://doi.org/10.1186/s40008-019-0165-z
Zakeri, B., Paulavets, K., Barreto-Gomez, L., Echeverri, L. G., Pachauri, S., Boza-Kiss, B., Zimm, C., Rogelj, J., Creutzig, F., Ürge-Vorsatz, D., Victor, D. G., Bazilian, M. D., Fritz, S., Gielen, D., McCollum, D. L., Srivastava, L., Hunt, J. D., & Pouya, S. (2022). Pandemic, War, and Global Energy Transitions. In Energies (Vol. 15, Issue 17). https://doi.org/10.3390/en15176114
Utwór dostępny jest na licencji Creative Commons Uznanie autorstwa – Użycie niekomercyjne 4.0 Międzynarodowe.
Prawa autorskie (c) 2024 Mateusz Mierzejewski, Justyna Tomala