• Energy Research

Abstract Using the nonparametric causality-in-quantiles approach, we investigate the causal effects of oil price uncertainty on the returns and volatility of clean energy metal stocks under different market conditions in China. The results suggest that there is a causal relationship between oil price uncertainty and the returns and volatility of Chinese clean energy metal stocks. The effect differs slightly between returns and volatility. Specifically, the causal effect of oil price uncertainty on returns is mainly observed for lower quantiles, whereas the effect on volatility exists for all quantiles. In addition, the effects of change of market environment in China on the causal relationship are tested. The results show that change in market environment has significantly weakened the causal relationship between oil price uncertainty and clean energy metal stocks, suggesting that the structure of the Chinese clean energy metal stock market has undergone major changes.

Abstract The development of new energy vehicles had a huge impact on lithium demand under the framework of the lithium supply chain, and geopolitical changes have increased the risk of lithium supply interruption. Does the lithium supply chain have the coping ability under the demand impact of new energy vehicles and the risk of supply interruption? Can some improvement measures improve the coping ability of the lithium supply chain? In this paper, the system dynamic modeling is used method to evaluate the supply-chain resilience; make the price, supply and demand systems be the three resilient mechanisms of the lithium supply chain; and set demand impact, supply interrupt, and three enhancement measures as the model scenes. The simulation results show that the lithium supply chain is less resilient under the impact of new energy vehicles. Furthermore, the resilience of the lithium supply chain is good under the risk of short-term supply interruption, but worse under long-term supply interruption. Finally, promoting a design for recycling has the most obvious improvement in coping ability with the lithium supply chain, with reserve stockpile and drawdown focused more on adjusting supply chain fluctuations and; material substitution has only a slight improvement in supply-chain resilience.

Abstract To examine the spillover effects of crude oil price and clean energy metal prices, we first explore the Granger causality between crude oil and clean energy metals prices. Then, we decompose crude oil price returns into a high frequency sequence (Oil_HF), a low frequency sequence (Oil_LF), and a trend residual (Oil_res) using the ensemble empirical mode decomposition model. Lastly, a VAR model is used to study the spillover effects of crude oil price on seven types of clean energy metal prices. The results show that crude oil price has non-linear Granger causality with lithium, cobalt, manganese, antimony, cadmium, molybdenum, and tellurium. And crude oil price has a significant positive spillover effect on seven types of clean energy metals at different time scales. Specifically, the crude oil original sequence, Oil_HF, Oil_LF, and Oil_res all have fluctuation effects on the cobalt and molybdenum markets. The spillover effects of the crude oil market on the lithium, manganese, antimony, and cadmium markets are caused by the low frequency sequence. The trend in crude oil price returns has a great effect on tellurium price, while the spillover effects of crude oil price, Oil_HF, and Oil_LF on tellurium are weak positive.