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

Table 4

The outcomes of the augmented Dickey–Fuller unit root test.

Variables	Level		1st difference
	t-statistic	Prob.	t-statistic	Prob.
BET-NG	−10.96815	0.00000	−8.02504	0.00000
SNG	−9.79747	0.00000	−7.02206	0.00000
EL	−10.89207	0.00000	−8.21217	0.00000
TGN	−11.57374	0.00000	−8.25544	0.00000
TEL	−10.62924	0.00000	−7.73848	0.00000
EEX-B	−9.28420	0.00000	−10.03859	0.00000
EEX-P	−9.26251	0.00000	−7.88023	0.00000
APX	−3.85224	0.00330	−9.07506	0.00000
LNGI	−10.80412	0.00000	−6.78637	0.00000
D (CNW)	−1.05455	0.73150	−6.46469	0.00000
CNE	1.49212	0.99920	−3.17439	0.02410

Source: author’s own work. Notes: null hypothesis: each series has a unit root. Intercept included in test equation. Lag length: automatic selection based on Akaike info criterion. Test critical values: 1% level: −3.484198; 5% level: −2.885051; 10% level: −2.579386. For the definition of variables, please see Table 2.