Impact of Russian-Ukraine war on clean energy, conventional energy, and metal markets: Evidence from event study approach

This article explores the impact of the Russian-Ukraine war on the metals, conventional energy, and renewable energy markets, by using an event research technique. The data collected demonstrates a significant increase in the anomalous returns that are associated with the renewable energy industry. Apart from the gas oil index, none of the conventional energy or metals markets tend to exhibit large abnormal returns on the event day. Moreover, Europe was one of the first clean energy markets to react to war. The impact was, likewise, highest on the t+1 day, which was not the case that showed replication in the other markets. War had a significant influence on gold, platinum, palladium, and nickel, among other metals.

Automated summary

This article discusses the impact of the Russian-Ukraine war on the metals, conventional energy, and renewable energy markets. The event research technique used in this study shows a significant increase in abnormal returns associated with the renewable energy industry. Other than the gas oil index, conventional energy and metals markets do not show large abnormal returns on the event day. Europe was one of the first clean energy markets to react to the war. The impact was highest on the t+1 day, unlike in other markets. War had a significant influence on gold, platinum, palladium, and nickel, among other metals.