Country's Energy Security Research Articles

Charting Sustainable Future on Energy Security, Financial Development, Natural Resources and Economic Output for Turkey

ABSTRACTThe achievement of 16 out of the 123 sustainable development goals (SDGs) indicates the vast task ahead for Turkey. Addressing the aspects of ecological sustainability via the trend of the ratio of biocapacity to ecological footprint, this study seeks to examine whether energy security, financial development, natural resources and economic expansion drive Turkey's load capacity factor. By implementing quantile‐on‐quantile and its Granger causality dimension, the results largely affirm the statistically significant effect of energy security on the load capacity factor in all quantiles. Although this impact is weak, it is significantly positive, thus indicating that the country's energy security profile is advancing its ecological sustainability. Similarly, globalization positively impacts the load capacity factor by a strong dimension. Conversely, financial development and economic growth exert a significant but negative effect on the load capacity factor in most quantiles, which reflects the undesirability of these indicators on the country's environmental sustainability drive. Specifically, the negative effects of financial development and economic output on the load capacity factor are mainly in the middle to higher quantiles (0.4–0.95) and lowest quantiles (0.05–0.3), respectively. The results of this study can guide the development of intuitive and robust energy efficiency and energy security‐related policies.

Spatial and Temporal Variations in Offshore Crude Oil Transportation: Insights From China's Coastal Ports

ABSTRACTAnalyzing the spatial and temporal variations of offshore crude oil transportation at China's coastal ports is critical for the country's energy security. The automatic identification system provides high‐resolution real‐time data on China's offshore crude oil transportation, offering more precise spatial and temporal insights than existing statistical studies. In this study, we propose a novel method for calculating offshore crude oil transportation volumes by considering the operational status of crude oil tankers as “empty” or “full.” This approach enhances reliability and provides detailed port‐level transport data. Our findings reveal notable similarities between the centrality measures of maritime oil transportation and oil tanker networks, but significant differences in community divisions. Specifically, in the tanker networks, Chinese ports are categorized into three regions, with one region being dominant and the other two regions containing only four ports. In contrast, the oil flow networks show China divided into two major regions and two minor ones. This study offers valuable contributions to strengthening energy security in China and supports informed policy development and implementation.

Geopolitical risks and energy uncertainty: Implications for global and domestic energy prices

This paper investigates the interaction between global geopolitical risks and global energy uncertainty by focusing on their implications for global and domestic energy prices of 157 countries. The empirical investigation is based on a structural vector autoregression model covering the monthly sample period between 1996 m1-2022m10, where global real economic activity is controlled for. The results show that a unit shock to global geopolitical risk (normalized to one standard deviation) results in about 1.13 units of an increase in global energy uncertainty (normalized to one standard deviation) in the long run (after two years), whereas the corresponding effects on global energy prices are statistically insignificant. In contrast, a unit shock to global energy uncertainty results in about 52 % (57 %) of a reduction in global energy prices (global economic activity), acting like negative global demand shocks. When statistically significant country-specific results are considered in the long run, a positive shock to the global geopolitical risk affects domestic energy prices positively (negatively) in 10 % (10 %) of oil producing countries, 32.1 % (19.7 %) of non-oil producing countries, 47.2 % (0 %) of advanced economies, 55 % (0 %) of euro area countries, 25 % (22.4 %) of emerging markets, and 22.2 % (26.7 %) of developing countries. In comparison, a positive shock to the global energy uncertainty affects domestic energy prices positively (negatively) in 5 % (40 %) of oil producing countries, 3.6 % (54 %) of non-oil producing countries, 0 % (61.1 %) of advanced economies, 0 % (50 %) of euro area countries, 3.9 % (56.6 %) of emerging markets, and 6.7 % (37.8 %) of developing countries. Important policy implications follow regarding the energy security of countries.

Pengaruh Profitabilitas, Nilai Tukar dan Tingkat Suku Bunga terhadap Harga Saham Perusahaan Sub Sektor Batubara

The coal sector is the main producer in Indonesia, which is the largest exporter in Asia and Europe. The coal sub-sector has high prospects because most of the energy sources for power plants use coal as an energy source. Indonesia has abundant potential resources, especially mining which plays an important role in driving the country's economy. This creates jobs, guarantees the country's energy security and increases the country's foreign exchange earnings. This research was conducted to examine the effect of Profitability, Exchange Rates and Interest Rates in the coal sub-sector companies on the IDX. There are 20 populations of coal mining companies listed on the IDX. The sample of this research is 8 companies' financial reports obtained by using purposive sampling method. The analytical method used is panel data regression analysis . The results showed that Return on Equity has a positive effect on stock prices, while the exchange rate and interest rates have no effect on stock prices. Simultaneously Return On Equity, Exchange Rates and Interest Rates have a joint effect on Stock Prices.

МЕТОДИКА ВЫБОРА ОПТИМАЛЬНОГО МЕСТА РАСПОЛОЖЕНИЯ СОЛНЕЧНОЙ ЭЛЕКТРОСТАНЦИИ

Relevance Justification for the location of a solar power plant, presented in this article, is a current and promising task for the design of a solar power plant intended for hydrogen production, as part of the decarbonization strategy and transition to a low-carbon economy. Aim of research The aim of research is the selection and justification for the location of a solar power plant intended for hydrogen production as part of the decarbonization strategy in Russia. Research methods During the research, various analysis and modeling methods were used, including the SAM consultation system and other software tools. Results The article discusses the issues of choosing the optimal location for installing a power plant, determining its configuration and energy management. The practical significance of the work is to create a basis for the design and implementation of efficient and sustainable solar power plants for hydrogen production, which can help achieve decarbonization goals in Russia and improve the country's energy security. Acknowledgments: The research was carried out using a grant from the President of the Russian Federation in 2022–2024 for young scientists and graduate students carrying out promising scientific research and development in priority areas of modernization of the Russian economy. Grant recipient is Regina Tagirovna Khazieva. The priority direction of modernization of the Russian economy (direction of competition No. SP-2022 of the Grant Council of the President of the Russian Federation) is «Energy Efficiency and Energy Saving, Including Issues of Developing New Types of Fuel». Research topic: «Development and Research of a Filter Compensating Device to Improve the Quality of Electricity».

Xinjiang on the New Silk Road: Kyrgyzstan's Energy and China's Manufacturing Foreign Trade

Located in the northwest of China, Xinjiang plays a key role as an important node of the New Silk Road. The purpose of this study is to explore the influence of Xinjiang's geographical position, economic development, infrastructure construction, cultural exchange and energy resources in this initiative. First of all, Xinjiang's geographical advantages make it a key link between China and Central Asia, Europe and other places, providing a convenient channel for promoting international trade and logistics. Secondly, large-scale infrastructure investment, such as high-speed railway, highway and port construction, has improved Xinjiang's trade and logistics capabilities, and also brought economic growth and employment opportunities. In addition, Xinjiang's multi-culture and ethnic characteristics promote cross-border cultural exchanges and create opportunities for understanding and cooperation between different cultures. Finally, Xinjiang's abundant energy resources are of strategic significance to China's energy economy and help to ensure the country's energy security. This study emphasizes the key position of Xinjiang in the Silk Road, and its positive role in regional economic integration and cooperation, which provides useful insights for further discussion on this issue.

Gas Diversification as a Way of Strengthening the National Security of the Republic of Serbia

The increasing importance of energy supply, particularly gas, has transformed it from solely an energy and political concern to national security. This shift has been particularly evident following the Russian Federation's military aggression against Ukraine in recent years. This paper supports the hypothesis that gas diversification in the Republic of Serbia is crucial for enhancing the country's energy security index and strengthening its national security and state sovereignty. Serbia can safeguard its interests by reducing the political influence exerted by the Russian Federation, which is a direct result of its dominant position in the gas and oil market. To substantiate this hypothesis, the article will utilise well-established and widely used indices for calculating energy security, such as the Shannon-Wiener and Energy Security Index. Moreover, it will demonstrate the interdependence between non-compliance with sanctions imposed on the Russian Federation due to energy dependence and the hindrance of Serbia's European integration progress, explicitly concerning the non-opening negotiation chapters relating to foreign and security policy. The data used in the paper will be derived from the Law on the Availability of Data of Public Importance and official documents of the Republic of Serbia, ensuring a reliable and evidence-based analysis.

On the Feasibility of Building Mini-Thermal Power Plant Using Local Fuels in the Conditions of the Republic of Belarus. Part 2. Role of Mini-Thermal Power Plant in Heat Supply Systems of Cities and Settlements in Belarus

. Within the framework of ensuring the country's energy security and pursuing a policy of decarbonization of the economy in the Republic of Belarus, it is assumed to maximize the use of its own fuel and energy resources (TER). However, the question of choosing the type of heat source in centralized heat supply systems when using local fuels (LF) remains open. The commissioning of the Belarusian Nuclear Power Plant and the relatively high unit cost of power generation capacities running on LF inclines the scales to use boiler houses as heat sources. Based on the world experience in the development and application of heating as the most energy-efficient solution in the field of heat supply, this problem has been studied in the conditions of Belarus. It is shown that the electric capacity of mini-thermal power plants using traditional LF connected to the unified system of the country is less than 100 MW, and the main technologies implemented at mini-thermal power plants using LF in the Republic of Belarus are traditional steam power plants with water steam as the working fluid (11 power plants) and steam power plant with organic Rankine cycle (ORC) (3 power plants). Geographically, mini- thermal power plants operating on LF are located evenly throughout the entire territory of the Republic of Belarus. The number of hours of use of the installed capacity of renewable energy sources (RES) of the Republic of Belarus has been determined. Energy sources based on organic waste and biomass (over 4,000 hours per year) and on hydro resources (about 3,500 hours per year) have a clear advantage, for which indicator of the number of hours of installed capacity use is much higher than for solar and wind power installations. In addition, biomass generating capacities have the lowest coefficient of electricity supply to the combined energy system. Based on the analysis of modern trends in the development of energy, technical and economic “attractiveness factors” for the construction of heating systems for heat supply on LF in the conditions of Belarus have been formulated, which, in addition to traditional factors (substitution of imported fuel – natural gas and oil), include improvement of the quality and reliability of energy supply to consumers in remote locations, development of polygeneration, reduction of losses of electric energy for its transport, participation in covering the electric load schedule of the unified power system, and also indicated the possibility of creating an energy hub on the basis of a mini-thermal power plant, structured for the integration of energy sub-sectors, distributed generation sources and the option of generating “green” energy carriers.

On the Feasibility of Building Mini-Thermal Power Plant Using Local Fuels in the Conditions of the Republic of Belarus. Part 1. State of Use of Local Fuels in Heat Supply Systems

As part of ensuring the country's energy security and pursuing a policy of decarbonization of the economy in the Republic of Belarus, the maximum use of its own fuel and energy resources (FER) is expected. However, the question of choosing the type of heat source in centralized heat supply systems when using local fuels (LF) remains open. The commissioning of the Belarusian Nuclear Power Plant and the relatively high specific cost of electricity generating capacities using local fuels tip the scales to the use of boiler houses as heat sources. However, world experience in the development and application of heating, as the most energy-efficient solution in the field of heat supply, requires a more thorough study of this problem. The paper presents an overview of the use of local fuels in Belarus and a number of European countries with developed centralized heat supply. Based on the analysis of open source data, the paper provides information on the state of use of local fuels in district heating systems of the Republic of Belarus and a number of European countries that have experience in the widespread use of solid biomass and where it constitutes a significant share in the structure of thermal and electrical energy production in relation to other fuel and energy resources. The main aspects of the energy programs of a number of European countries with the largest share of thermal and electrical energy generation using local fuels are presented. It has been revealed that the energy program of Finland is of the greatest interest for Belarus, where the share of nuclear energy in the structure of electrical energy production, just like in the Republic of Belarus, is approaching to 40 % and the energy strategy assumes an increase in the share of thermal power plants using local fuels in the structure of heat and electricity generation.

Обзор солнечной энергетики Германии и Казахстана: политика, текущее состояние и перспектива

Every year, the development of the solar industry is accelerating due to lower technology prices and industry decarbonizing issues. The article discusses the experience of deploying the solar industry in Germany and Kazakhstan. The article based on an analytical study of the current state and policy in the field of solar energy. Data for analysis taken from official reports of the International Energy Agency (IEA), the German Federal Ministry for Economics and Climate Protection (BMWK), the Ministry of Energy of the Republic of Kazakhstan and peer-reviewed literature. According to the analysis, the potential of solar energy around the world is huge. Due to the constant development of technology and cheaper prices, in the future, solar energy may become the primary source of electricity for many countries. For Germany, solar energy, as well as whole RES, are not only a source of electricity, but also a mechanism that ensures the country's energy security. For Kazakhstan, solar energy is a tool for the decarbonizing of energy sector. In order to reduce carbon emissions and introduce renewable sources to the level of Germany, Kazakhstan now needs to take transformative measures: modernize electrical networks and equipment, develop legislative regulation and incentives that allow the deployment of all types of solar technologies, ensure flexible capacities and create its own production of solar panels.

CHALLENGES OF IMPLEMENTING THE UNDERGROUND GAS STORAGE PROJECT IN GEORGIA

The launch of the Southern European Gas Corridor, the real prospect of increasing gas transit volumes for Georgia, has made even more critical the need to build an underground gas storage facility in Georgia. The technical and economic evaluation of gas storage in different prospective locations has already been done, there is also a gas storage project. The prospects for the construction of a gas storage facility in Georgia, and the need for the existence of a gas storage facility as an important tool for the country's energy security are discussed in the article.

The influence of geopolitical factors on the internationalization strategies of Chinese State-owned oil and gas companies

Subject. The article addresses strategies of internationalization of Chinese State-owned oil and gas companies. Objectives. The purpose is to investigate the influence of geopolitical factors on the internationalization strategies of Chinese State-owned oil and gas companies. Methods. The study rests on general scientific research methods. Results. The study revealed that Chinese State-owned oil and gas companies are actively expanding in various macro-regions of the world. This enables China to provide its dynamically growing economy with energy resources, diversify risks, reduce dependence on individual countries and, as a result, increase the country's energy security. The internationalization strategy implemented at the State level in the oil and gas sector meets the modern geopolitical realities, which for China are characterized primarily by the tough opposition of the United States in the international arena. This struggle is going on using various economic, political, social and information tools. Conclusions. The geopolitical confrontation forces China to develop and implement comprehensive strategies for international expansion, concentrate significant resources on the most important areas, make efforts to establish long-term partnerships with foreign countries in various regions of the world. In this confrontation, the current political and economic model in China, in which control over strategic energy assets is in the hands of the State, plays an important role.

ЭНЕРГОПЕРЕХОД И ЦИФРОВИЗАЦИЯ ЭКОНОМИКИ: СОВРЕМЕННАЯ ПОВЕСТКА И КОНКУРЕНЦИЯ СТРАН

Aspects of the study of the relationship between the development of digital technologies and their increasing impact on the environment and the assessment of the elimination of contradictions in the development of energy transfer in the digital economy on the basis of state regulation are considered. The conclusion is made about the spread of “green” protectionism as a tool for ensuring information, environmental and energy security of countries with increasing energy consumption.

ОСОБЛИВОСТІ АВТОМАТИЗАЦІЇ РОЗРАХУНКІВ ЗАРОБІТНОЇ ПЛАТИ ТА СОЦІАЛЬНИХ ВИПЛАТ НА ПІДПРИЄМСТВІ ЕНЕРГЕТИЧНОЇ СФЕРИ

The energy sector in Ukraine plays a strategic role in ensuring the country's energy security and supporting sustainable economic growth. Changes in this sector can have an impact on the lives of citizens and the economic sustainability of the country as a whole. In large energy companies, a separate service centre is responsible for payroll and payment processing, tax advice, IT and automation advice, and other services. It provides services to the corporate centre, operating companies and production enterprises within the holding. Therefore, the issue of automating payroll and social benefits is relevant for enterprises with a large number of separate divisions. In addition to the mandatory accruals and payments, energy companies may have special types of tangible and intangible remuneration, such as a grading system of remuneration, bonuses for innovation, social packages, etc., which should be reflected in the automated payroll and social benefits system. The article discusses two approaches to the automation of payroll and social benefits calculations using corporate systems SAP Payroll, SAP HCM, SAP ERP in combination with Microsoft Power BI, robotic business process automation tools and Visual Basic for Applications (VBA) macros. Automating payroll with SAP HCM and SAP ERP and using Visual Basic for Applications macros provides businesses with significant benefits, including increased efficiency and productivity; reduced risk of errors; improved data quality; and improved control and visibility. The combination of SAP ERP, robotic business process automation, and Microsoft Power BI analytics and visualisation tools allows for a visual assessment and analysis of deviations and errors in the available payroll data at energy companies. The proposed approaches were used to implement the payroll processing process, the sick leave management process, and the payroll verification process. The use of payroll and social benefits automation tools helps businesses identify any discrepancies in tax payments between different locations and cities. The visual map in Power BI gives an idea of changes in tax payments over time. Identifying inconsistencies in tax obligations helps energy companies correct errors, improve processes, and avoid financial risks.

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Objective. To analyse the trends and opportunities for the development of information and communication technologies, digitalisation of the economy and the use of renewable energy sources as one of the main elements of the basis for innovative development of the national economy and society. Results. The article considers the essence of the concept of ?innovation?, analyses the trends in the development of information and communication and digital technologies, the level of use of renewable energy sources as a basis for the growth of economic security of the country and social development of society. Prospects for growth in the use of solar, wind, hydropower, thermal water, and biological energy resources are investigated. Scientific novelty. Many scientists have been and are still studying the problems of innovative development of the national economy and society. This research topic is extremely relevant, as it makes it possible to address energy and resource conservation issues and guides the state towards Ukraine's integration into the EU. The introduction of innovative, information, digital, production and other technologies opens the way to closer interstate cooperation in the development of renewable energy sources, which in the future will definitely have an impact not only on the country's energy security but also on improving the environmental situation. Given that renewable energy sources are inexhaustible and environmentally friendly, and that digitalisation of the economy is a tool for obtaining and transmitting information on the development of innovative technologies using non-fossil energy sources, they are together one of the main components of the basis for innovative development of the national economy and society. One of the most important areas of innovative development of the country's society and economy is the technical and technological development of the resource potential of renewable energy sources. In addressing the issue of energy independence, the state is focusing its efforts on obtaining energy from such sources as solar, wind, household and industrial waste, hydro- and geothermal energy, and biofuels and gas. Practical significance. The essence of the economic category ?innovation? is revealed and the relationship of this concept with the innovative development of the economy and society in Ukraine is established. The use of innovative information and communication technologies and digitalisation of the economy are analysed. An assessment of the innovative development of energy in Ukraine and the use of renewable energy sources is made, which indicates a gradual transition of the country's public economy to innovative ways of development. The use of non-fossil energy resources as a way out of the energy crisis, economic growth, and improvement of living standards is substantiated. Keywords: innovation, information and communication technologies, digitalisation, society, economy, renewable energy sources.

China's hydrogen development strategy in the context of double carbon targets

As a clean, low-carbon, efficient and renewable energy source, hydrogen has gradually become an important energy carrier to combat climate change and achieve sustainable development in the world. China is now facing the stress of realizing the carbon peak and carbon neutrality goals, where hydrogen will play a significant role. Against this backdrop, to develop China's hydrogen strategy under the carbon peak and carbon neutrality goals, this paper explores the hydrogen resource endowment in China, presents the concepts such as Hydrogen Ethics and the Hu's Hydrogen Line, and discusses the status quo and existing advantages in hydrogen production, storage, transport and utilization in China. Six major obstacles and challenges that China's hydrogen energy industry is facing are pointed out, i.e. cost problem, inadequate hydrogen infrastructures, low energy efficiency mismatching the development progress of renewable energy, insufficient market demand, shortcomings in technology, and imperfect policy system. Finally, five policy suggestions for the future development of China's hydrogen energy industry are proposed as follows: (1) make an action plan as a response to the national hydrogen development plan; (2) build an international and domestic double-cycle hydrogen economic system; (3) incorporate hydrogen into the establishment of a clean, low-carbon, safe and efficient energy system; (4) accelerate the technological innovation to form advanced hydrogen technologies; and (5) construct hydrogen-oriented industrial clusters/parks to expand the hydrogen utilization market. It is concluded that for meeting the carbon peak and carbon neutrality goals, China should leverage the dual advantages of hydrogen as an energy carrier and an industrial raw material, allowing the hydrogen industry to play a synergistic role in ensuring the country's energy security, promoting the socio-economic transformation and upgrading, and protecting the ecological environment, thereby providing a technical option and support for China to achieve the ultimate goal of carbon neutrality.

RUSSIA’S ENERGY POLICY AS A TOOL OF HYBRID DESTRUCTION OF THE DEMOCRATIC WORLD

Authoritarian players, who take advantage of the fundamental principles of liberal democracy in their own interests, can use energy as an effective tool for destroying democratic and market-oriented societies. Russia has perfected its means of influence and a toolkit for the practical implementation of its interests on the EU energy market, utilizing energy to the fullest extent to achieve its foreign policy goals. Involving the establishments of EU countries in energy cooperation projects with the Russian Federation turned out to be the most efficient method. The willingness to lobby for Russia's interests has been stimulated, in particular, by ensuring special terms of supply contracts, access for companies from certain countries to the extraction of energy resources in Russia, and the employment of officials from certain countries in Russian energy companies.
 The exploitation of energy as a weapon effectively neutralizes the ability of liberal democracies to oppose the aggressive behavior of authoritarian energy suppliers. Moreover, individual countries become informal allies of authoritarian leaders under certain conditions.
 The author argues that certain indicators can be used to formalize the assessment of the level of influence of energy resource suppliers on the ability of the leaders of consumer countries to resist pressure. This formalization makes it possible to reasonably approach the assessment of the level of the country's energy security and overall national security based on the influence of external threats, especially dependence on an external supplier.

Does Renminbi internationalization matter for petroleum security in China? Evidence from a disaggregate analysis

AbstractAs the largest oil consumer and sixth largest oil producer in the world, China's growing oil import is a premise to its energy security concerns. For China, petroleum security means supply security. The paper disaggregates petroleum security into three dimensions (domestic petroleum price—DOP, petroleum supply—PS and petroleum reserve—PR) and examines the impact of Renminbi internationalization (RMBI) on these dimensions based on linear auto regressive distributed lag (ARDL) procedure, and monthly data spanning from 2011M01 to 2022M03. The empirical results reveal evidence of long run equilibrium relationship between PR, PS and RMBI. On the long run and short run dynamics, RMBI is inversely related to DOP both in the short run and long run, but the impact is less than proportionately. However, RMBI and PS co‐move in the short run with 0.24% margin. In the same vein, RMBI and PR co‐move both in the short run and long run significantly. The impact of international oil price is positive on DOP but negative on PS and PR at least in the short run. Our finding signalled to the fact that increasing acceptance of the RMB in trade settlements and crude oil invoicing serve as a comparative advantage for China to engage in oil trade and complement the oil demand growth threatening the country's energy security drive. Therefore, we suggest diversification of crude oil import sources especially to regions/countries where RMB has been widely accepted. Prominence should be given to government controlled Strategic Petroleum Reserves (SPRs) and large oil companies should be compelled to raise the level of mandatory oil reserve for sustainable supply that keep pace with the growing demand for oil.

СОВРЕМЕННЫЕ ВЫЗОВЫ, УГРОЗЫ И РИСКИ ТОПЛИВНО-ЭНЕРГЕТИЧЕСКОГО КОМПЛЕКСА

The article is devoted to the study of the fuel and energy complex (fuel and energy complex) of Russia in the context of the sanctions policy of a number of states. The main challenges, threats and risks of the energy industry from the point of view of the country's energy security are analyzed, including such as: decarbonization, changes in demand for energy resources from European trading partners, preservation of the trend for the introduction of energy generation facilities based on renewable energy sources. The measures carried out on the territory of Russia have been established within the framework of international obligations to curb global climate warming, as well as in order to ensure sustainable economic development under the influence of sanctions: a regulatory framework is being developed regulating the implementation of measures to reduce greenhouse gas emissions; greenhouse gas emissions reporting is being carried out; particular attention is paid to the introduction of technologies that allow for the capture, transportation, storage of carbon dioxide, an important role in solving environmental problems is played by new technologies for the utilization of associated petroleum gas; modernization of fuel and energy facilities is underway; the issue of substitution of imported products in the fuel and energy sector is urgent. The conclusion is made about the relative stability in the energy sector of the Russian Federation, despite unfavorable political and economic circumstances.

Which clean energy contributes better for growth? – dynamic panel analysis of heterogeneous impacts of individual renewable sources on economic growth

The impact of renewable energy on economic growth has been controversial and the possible reason for this is that renewable energy is aggregation of sources with heterogeneous characteristics and different countries have different portfolio of renewable sources depending on their climate condition and technology maturity. This study examines the relationship between renewable energy sources such as solar, wind and bio energy and economic growth in 89 countries. For methodology, this paper adopted Islam's growth equation and performed Dynamic Panel Analysis based on Arellano-Bond GMM methodology. In addition to whole sample analysis, a sub-group analysis is performed between OECD and non-OECD countries, and between energy-importing and energy-exporting countries to examine how the relationship is affected by country's capital accumulation, technology maturity, energy cost, and energy security. The result shows that individual sources have the U-shaped relationships with growth, but the turning points where negative relationship changes to positive vary for different sources. For sub-group analysis, the U-shaped relationship was significant only in OECD countries and energy-importing countries. This shows that high technology development and capital accumulation of OECD countries and high energy cost and vulnerability to international energy market of energy-importing countries makes renewable sources more beneficial to economic growth.