Marrero, Gustavo A.Puch González, Luis AntonioRamos-Real, Francisco J.2023-06-192023-06-192013-12https://hdl.handle.net/20.500.14352/41536Publicado también como artículo: Marrero, Gustavo A.; Puch, Luis A. y Ramos-Real, Francisco J. (2015) Mean-variance portfolio methods for energy policy risk management. International Review of Economics & Finance, 40. pp. 246-264. ISSN 1059-0560, https://doi.org/10.1016/j.iref.2015.02.013The risks associated with current and prospective costs of different energy technologies are crucial in assessing the efficiency of the energy mix. However, energy policy typically relies on the evolution of average costs, neglecting the covariances in the costs of the different energy technologies in the mix. Mean-Variance Portfolio Theory is implemented to evaluate jointly the average costs and the associated volatility of alternative energy combinations. In addition systematic and non-systematic risks associated with the energy technologies are computed based on a Capital Asset Pricing Model and considering time varying betas. It is shown that both electricity generation and fuel use imply risks that are idiosyncratic and with relevant implications for energy and environmental policy.engAtribución-NoComercial 3.0 Españahttps://creativecommons.org/licenses/by-nc/3.0/es/technical reporthttps://doi.org/10.1016/j.iref.2015.02.013open accessG11G12Q43Mean-varianceCAPM modelEnergy risksEnergy mixEnergy policyEconometría (Economía)5302 Econometría