Financial Risk Management in Energy Markets

A special issue of Risks (ISSN 2227-9091).

Deadline for manuscript submissions: closed (20 August 2025) | Viewed by 589

Special Issue Editor


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Guest Editor
Faculty of Business, University of New Brunswick, Fredericton, NB E3B 5A3, Canada
Interests: energy finance; oil price uncertainty; investment; financial markets; volatility

Special Issue Information

Dear Colleagues,

Energy markets are experiencing unprecedented times, riddled with geopolitical, geoeconomic, and climate change-related issues. Amidst growing investor awareness of environmental, social, and governance (ESG) principles and the insatiable energy demand for data centers powering generative artificial intelligence (AI), armed conflicts, election uncertainty, impending economic slowdown, and cryptocurrencies, it has become imperative to understand financial risk management, especially in the context of energy markets. This Special Issue aims to collect research contributions on topics including, but not limited to, the following:

  1. Armed conflicts and financial risk management in energy markets;
  2. Sustainable finance and green versus non-green energy risk management;
  3. Energy markets and election uncertainty;
  4. Gen AI, energy demand, and financial risk management in energy markets;
  5. Interactions between economic growth, green, and non-green energy risk management;
  6. Cryptocurrencies, energy demand, and financial risk management in energy markets.

Dr. Amanjot Singh
Guest Editor

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Keywords

  • energy markets
  • green energy
  • sustainable finance
  • risk management
  • gen AI
  • geopolitical conflicts
  • economic growth
  • cryptocurrencies

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Published Papers (1 paper)

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Research

18 pages, 1360 KB  
Article
Quantile-Based Safe Haven Analysis and Risk Interactions Between Green and Dirty Energy Futures
by Erginbay Uğurlu
Risks 2025, 13(8), 159; https://doi.org/10.3390/risks13080159 - 20 Aug 2025
Viewed by 251
Abstract
This study investigates whether green assets can serve as safe havens for dirty assets in the context of carbon and energy futures markets. Using daily data from April 2021 to June 2025, the analysis focuses on four key instruments: carbon emissions futures and [...] Read more.
This study investigates whether green assets can serve as safe havens for dirty assets in the context of carbon and energy futures markets. Using daily data from April 2021 to June 2025, the analysis focuses on four key instruments: carbon emissions futures and crude oil futures, EUA futures, and natural gas futures. The study applies two main approaches—a conditional value-at-risk (CVaR)-based relative risk ratio (RRR) analysis and dynamic conditional correlation (DCC-GARCH) modeling—to assess tail risk mitigation and time-varying correlations. The results show that while green assets do not consistently act as safe havens during extreme market downturns, they can reduce the portfolio tail risk beyond certain allocation thresholds. Natural gas futures demonstrate significant volatility but offer diversification benefits when their portfolio weight exceeds 40%. EUA futures, although highly correlated with carbon emissions futures, show limited safe haven behavior. The findings challenge the assumption that green assets inherently provide downside protection and highlight the importance of strategic allocation. This research contributes to the literature by extending safe haven theory to environmental futures and offering empirical insights into the risk dynamics between green and dirty assets. Full article
(This article belongs to the Special Issue Financial Risk Management in Energy Markets)
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