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The relationship between renewable energy assets and crude oil prices : an empirical analysis with emphasis on the effects of the financial crisis

Grøm, Halvdan Alexander
Master thesis
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URI
http://hdl.handle.net/11250/170144
Date
2013
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  • Master Thesis [3258]
Abstract
In this thesis I have analysed the relationship between renewable energy stocks and the price of

crude oil. As a part of my analysis I have provided a basic economic overview of the research

period and how the value of renewable energy stocks and crude oil is determined. In order to

analyse this relationship I have utilized a Vector Autoregressive Model (VAR) in addition to a

Vector Error Correction Model (VECM). My findings indicate that the aforementioned assets

follow a similar growth path between 2000 and 2007, but after 2009 their trends deviate

significantly. A fundamental analysis reveal how GDP growth was responsible for the common

growth prior to the financial crisis and how it has contributed to their different trends post the

financial crisis. In addition I have analysed how the different sub sectors of renewable energy

relate to oil prices. My findings indicate that wind and solar energy stocks are unaffected by oil

prices, but biofuel commodities index is affected by changes in oil prices.

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