How Energy Sector Reacted to COVID-19 Pandemic? Empirical Evidence from an Emerging Market Economy

Table 12

The results of the variance decomposition.

Variance decomposition of BET-NG
Period	BET-NG	CNE	D(CNW)
4	98.29786	0.515906	1.186235
Variance decomposition of APX
Period	APX	CNE	D(CNW)
4	95.79962	0.579511	3.620871
Variance decomposition of EEX-B
Period	EEX-B	CNE	D(CNW)
4	98.26753	1.351639	0.380828
Variance decomposition of EEX-P
Period	EEX-P	CNE	D(CNW)
4	97.44553	1.829981	0.724489
Variance decomposition of LNGI
Period	LNGI	CNE	D(CNW)
4	97.0762	2.171236	0.75256
Variance decomposition of EL
Period	EL	CNE	D(CNW)
4	97.45433	1.630974	0.914701
Variance decomposition of SNG
Period	SNG	CNE	D(CNW)
4	96.26766	2.22723	1.505114
Variance decomposition of TEL
Period	TEL	CNE	D(CNW)
4	98.29561	0.720873	0.983517
Variance decomposition of TGN
Period	TGN	CNE	D(CNW)
4	91.5325	5.388915	3.078584

Source: author’s own work. Notes: null hypothesis: no long-run relationships exist. Notes: for the definition of variables, please see Table 2.