Abstract
Many factors influence the prices of energy commodities and the value of energy and fuel companies. Among them there are the following factors: economic, social, environmental and political, and recently also the COVID-19 pandemic. The aim of the paper is to examine what the probability and intensity of a decrease in the prices of shares of energy and fuel companies listed on the Warsaw Stock Exchange (Poland) was during the first wave of the pandemic in the first quarter of 2020. The study used the survival analysis methods: the Kaplan-Meier estimator, the test of equality of duration curves and the Cox non-proportional hazards model. The analysis showed that the probability and intensity of price decline of energy and fuel companies in the initial period was the same as that of other companies. The differences become apparent only after 50 days from the established maximum of their value. The risk of price declines in energy and fuel companies increased significantly. This situation was related both to a temporary reduction in demand for energy and fuels, pandemic restrictions introduced in individual countries and the behaviour of stock market investors.
Highlights
Access to energy is a key element in economic and social development
We organise the manuscript as follows: in Section 2 (Literature Review), we present the current research on the impact of COVID-19 on the energy sector and on the capital markets
During the COVID-19 pandemic, the findings suggest the absence of significant causal relationships between the oil price and the renewable energy stocks
Summary
Access to energy is a key element in economic and social development. It contributes to improving the quality of life of the population. The energy sector is considered an essential factor in the economic development of the country. Energy as a force for sustainable development—economically viable, need-oriented, self-reliant and environmentallyfriendly—is gaining importance [1]. The energy and fuel sector is constantly transforming and must be adapted to changing economic conditions. Changes in energy affect the lives of people: agriculture, industry, transportation, weapons, communication, economics, urbanization, quality of life, politics, and the environment [2]
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